Guide to Reducing Workplace Stress: Avoid Finance Team Burnout

Icy Canada Team
Icy Canada TeamMarch 21, 2022
Updated 2023/09/08 at 9:44 AM
stress level button with low, medium and high word, black and blue background. Source: Depositphotos

80% of employees say their job is stressful. Additionally, 25% of workers feel like shouting out due to overwhelming stress, according to the American Institute of Stress.

Stress-related to jobs is common across all industries. Your accounting and finance teams are also highly stressed out due to countless factors. Increased demand, mounting compliance, endless repetitive tasks- the list of triggers is infinite.

Stress not only hampers productivity at work but also affects personal lives, mental health, and well-being. Too much stress is even the cause of many diseases like obesity and depression. In fact, stress is related to 6 leading factors of death in the US.

As a result, you cannot overlook the well-being of your finance staff. Employers need to get proactive and adopt the steps below to avoid workers’ stress and burnout.

1. Plan Meetings Efficiently

Too many meetings can overwhelm your staff, according to Harvard Business Review. 71% of senior managers also feel meetings turn out to be inefficient and unproductive. Additionally, it can end up wasting everyone’s time.

The way ahead:

Make sure every meeting is absolutely necessary. In addition, involve only those who are required to make the meeting productive.

Moreover, set and communicate a clear agenda. Maintain your timings and call another meeting if things demand more time.

Also, ask direct questions to people whom you want to engage.

Peaceful millennial man worker meditating in lotus position sitting on the table in the office, calm distracted male employee practice yoga with eyes closed, breathing calm at the workplace. Stress-free concept. Source: Depositphotos

2. Tie Work and Well-being

We can deal with stress better when we are healthy. So, stop ordering pizza for lunch and get a salad for your accountants. You can also provide healthy snacks like fruits and nuts to fuel productive work throughout the day.

In addition:

  • Provide membership or discounts for gyms and sports
  • Build a gym at work
  • Go for an organization-wide wellness program
  • Give adequate breaks to relax and chill
  • Go innovative with stress busters like workplace nap pods
  • Arrange weekend hikes or physical activities

3. Put Repetitive Tasks on Auto Mode

Accountants and finance teams perform countless repetitive tasks like recording and sorting data. No wonder an average employee spends 30% of their workday just looking for data.

Needless to say, these tasks waste a lot of time, hamper productivity, and invite stress.

The way ahead:

Fortunately, you can automate 50% of all existing accounting tasks with the help of technology. Go for cloud-based accounting software to streamline workflow and boost productivity. You can even use standalone automation tools like receipt automation to cut employee stress.

Technology can empower your finance team to do what they are best at, guiding your business to save costs and optimize profits!

4. Set a Good Example

Your employees will follow your lead and work practices. So, if you stay late at work, your accountants can also pick up the habit.

Every employer should lead by example to help finance teams achieve optimum work-life balance. You should encourage your employees with the best examples like leaving work on time and making no work-related communication during weekends.

Also, go on vacations and let your accountants enjoy a few days on the beach too.

5. Make Commuting Easy

50% of employees feel traveling to work is stressful. Crowded buses, waiting at signals, and post-COVID safety concerns can make public transport a nightmare. 23% of employees even end up quitting their jobs because of a stressful commute.

The way ahead:

97% of employees never want to work full-time in the office again. Additionally, 61% of workers would like to work entirely remotely.

Provide remote working opportunities to your accounting staff to eliminate stressful commutes. You can also adopt a hybrid working model with a mix of in-office and remote work.

Additionally, you can consider carpooling for your employees for a better commuting experience. Employers can work with car rentals or travel agencies to provide the service.

6. Adopt Technology to Facilitate Collaboration

An open and friendly work culture goes a long way to promote well-being and reduce stress. Your employees will stay happy and productive if they can share their ideas and opinions. You, as the employer, need to empower your staff to facilitate cross-communication.

Thankfully, technology now provides the means for easy communication and collaboration. You can use tools like Slack or Zoom to exchange ideas and brainstorm with your finance team. These tools can create a feeling of working together for remote employees and boost morale.

You can also use project management tools like Trello to make work efficient and reduce burnout.

7. Hire Temporary Workforce

The average employee is spending more time at work, according to Harvard Business Review. At the same time, deaths due to working long hours have increased by 42% for heart diseases and 19% for strokes between 2000 and 2016.

Finance teams are known to work long hours, especially during year-ends or tax seasons. It can lead to burnout and even take a serious toll on your accountants’ health.

So, be prepared to hire temporary staff during peak seasons to reduce workload and stress for everyone.

8. Encourage Open Communication

Every employer should keep communication channels open for finance teams. Anyone should be able to approach the team leader or supervisor if they are in a problem. Employers will have to take an active part in overlooking the process and ensure everyone can speak their minds.

Stress is often harmless if you can address and resolve it as it arises.

9. Get a Spend Management Platform

We talked about the automation of repetitive accounting tasks to reduce burnout and stress. Therefore, a spend management solution can be the right choice to free up your accountants and boost productivity.

It can help you eliminate manual data entry, automate laborious workflows, and enjoy real-time visibility into your finances.

Additionally, your accountants and finance staff will get more motivation to put their hundred percent.

Final Thoughts

A bit of stress (short-term stress) can help your finance teams work productively. However, chronic stress can lead to burnout, diseases, and even death. Find out where the stress is coming from and stop it from overtaking your employees’ minds. Use the tips we provided to help your accountants lead a productive and happy life.

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