The Role of the CFO In Making Hybrid Work
Whether you’re of the opinion that fully remote work is the way of the future, or that it’s a detriment to productivity, hybrid work is here to stay. Just a few years ago, if you had asked someone, “What is the purpose of your office?” they might have told you it’s where their hardware and supplies are housed, or it’s simply where they go to work. That has certainly changed. Now, the hardware is mobile, and work can be done from anywhere. Going forward, the focus should shift from how many days a week should we come to the office, to what types of work or tasks need to be done from an office, and what can be completed remotely? As companies continue to adapt to sustained levels of hybrid work, the role of the CFO becomes increasingly important in ensuring that financial operations, systems and job culture are optimized for this new way of life.
The obvious starting point is cash. CFOs can make certain they have allocated budgeting dollars to support a hybrid work structure and that the budgeting process is flexible enough to accommodate the needs of remote employees. This could involve earmarking spending towards new technology and increased communication expenses, and also include an allocation to make an employee’s home office a place where they can work comfortably and ergonomically.
According to a Staples Business Resource Center Survey, 86% of office workers say that they have experienced soreness or strain because of their office equipment or furniture. Proper ergonomics prioritizes a desk at the correct height, a right-fit chair, and appropriate hardware. Proper ergonomics nurtures a more efficient work process, and more efficiency is more productive. This need exists whether your staff is in the office or at home.
When the CFO partners with the IT team to identify and invest in the right remote work technology, they are enabling effective communication, collaboration, and power for a hybrid work environment. This may include investing in emerging technology to enhance your company’s video conferencing experience, sharing and presenting capabilities. Zoom, Microsoft Teams, and Google Meet are almost everywhere, but providers like Lucid Meetings and Logitech Scribe create ways to collaborate in the office for multiuser video calls, and among those working remotely. There should also be consideration of the latest cloud-based document management systems, such as Coda, project management software, such as Monday or Wrike, and communication software, such as Slack. To mitigate a possible technology challenge for remote workers, CFO’s should plan to budget to support their remote employees to upgrade their Wi-Fi as to ensure the productivity tools and software available to them aren’t stifled by poor connection speeds.
As the needs for maintaining an adequate office space have changed, CFOs must monitor expenses in a new way so that the company is balancing its spending to remote and office requirements. The amount and type of office space best suited for the business is likely different today than it was three years ago. Can total square footage be smaller? Should there be more collaborative stations? Is there an opportunity to renegotiate contracts with office vendors and service providers? Over time, as large office space leases come to an end, there are opportunities for great savings in downsizing the office footprint. Several companies, including Google, have reduced large offices and opened smaller, neighborhood-based workplaces designed to serve as hubs for team meetings, brainstorming sessions, and socializing.
Because the office of the CFO houses many of the tools and metrics necessary to gauge activity, volume and output against goals and deliverables, this position is well-equipped to measure productivity and accountability. By leaning in, the office of the CFO can support a hybrid work environment by building corporate reports and dashboards to help line managers communicate expectations, measure performance, and create the accountability necessary to have a successful, autonomous workforce. In the same vein, the CFO can turn to data to provide resources for the support and well-being of employees as well. Remote work can pose new challenges for staff including loneliness, isolation, time management and digital miscommunication. A CFO’s impact could entail instituting resources for mental health and professional development, offering flexible work hours, and allowing multiple channels for company communication. Opportunities for remote team-building and social interaction should not be ignored; team-building activities can foster a sense of community and can be done online, in person, or as a combination of the two.
Lastly, the office of the CFO should work with other company stakeholders to develop a contingency plan for unforeseen circumstances that could impact the hybrid work model. This could include natural disasters, cyber-attacks, or any events that could disrupt the company's operations. Taking the time to put a plan in place can help the company stay prepared and respond swiftly to minimize disruption to employees and customers.
The hybrid work environment is a promising concept to offer flexibility and improve work-life balance for employees, but it requires careful consideration and planning to ensure its success. It's critical for CFOs to weigh the potential benefits and challenges, develop a clear strategy to achieve goals, and provide the tools and resources necessary for employees, and the company, to thrive.
