Liberate your CFO

Anita Szarek at Pleo explores a workplace hack that can help businesses navigate the economic downturn

 

Every day brings a new life hack. A handy little trick that brings productivity and efficiency to our everyday lives. The same is true for the world of business too, with business leaders increasingly looking to make what they have, work harder for them—whether that’s their team, tech stack, or working culture.

 

Today, workplace hacks are arguably even more important, with the triple-whammy of a cost of living crisis, inflation and an impending recession on its way to usher in a new era of belt-tightening for businesses.

 

This is why I’m here to make the case for the workplace hack to end all workplace hacks: how to spot if you’re making use of your CFO.

 

A role steeped in responsibility, yet one frequently misunderstood, the importance of the CFO is growing off the back of a rocky few years for businesses. In a study of 1900 finance leaders, Sage found that 83% believed the modern workplace needs a new breed of CFO.

 

The significance of this newly defined role grows even more in light of the Mercer Financial Wellbeing Index 2022 which reports that as little as 37% of companies had a financial well-being strategy in place in 2021.

 

The fact that this responsibility falls to the CFO may surprise a few business leaders, but as money becomes an increasing stress for workers in both their professional and personal lives, it is essential to have a figurehead to drive awareness, strategy, and even cultural change.

 

With this in mind, I pinpoint three questions business leaders should ask themselves to ascertain whether they’re making the most of their CFO.

 

Is your CFO your co-pilot?

How would you describe your CFO? Are they your business’s financial rock; drafted into most meetings to provide financial strategy? Or are they the go-to for business expense receipts and questions about tax codes?

 

If it’s the latter, then you need to re-address the setup of your business to ensure the CFO has a larger role to play. Really, CFOs should be one of the strategy-makers in your business, bringing accuracy and insight into what you do.

 

This can be a tricky balance when the day-to-day running of your business can’t just stop, but rather than spurn your CFO’s precious time on admin, you should look to move processes like payroll and expenses to a digitised system with automation, workflows and user friendliness so your CFO can focus on navigation and broader strategy.

 

Are your employees out-of-pocket?

We’re all familiar with the concept of workplace expenses. In fact, UK workers certainly are, with 7 million using their own money for business purposes.

 

Yet, what you might not know is the fact that because of expenses, 43% of employees have been unable to meet their personal financial obligations, such as paying household bills, rent and groceries. While 4% say this is a regular occurrence.

 

As businesses strive to build a supportive and trusting working culture, it’s a sucker punch to have that eroded away by processes, like expense management and long overdue digitisation. The Great British IOU is a real pain point for employees and employers alike, and sorely needs attention.

 

Or rather, your CFO’s attention. By making proper use of this role, businesses can ensure they have the proper financial system in place to keep their employees in the black, and an often-elusive process, transparent.

 

This not only means expenses are repaid quicker than before, but that you are encouraging trust and encouraging a conversation on money in and around the workplace.

 

Do you have a trusting working culture?

On the subject of trust, a worrying 74% of employees are concerned they won’t get the money they spend for business purposes back. With over half (53%) saying this has made them more anxious than ever to use it in the first place.

 

This problem might start with workplace expenses, but it certainly doesn’t end there and is just one example of how important trust and transparency is to a workplace; whether that comes down to workplace policies, business health, or forecasting.

 

If your business is suffering from a lack of trust, then it could be that your employees are being deafened by silence. When it comes to anything involving money, it’s down to your CFO to step up and communicate; to drive awareness and steady the ship.

 

This can prove vital in creating a more positive and inclusive culture, where workers feel valued and trusted, are aware of any potential problems, and recognised as a part of the eventual solution.

 

As we’ve explored, the role of the CFO is indeed changing. And while the circumstances that have made this happen might have been ones we’d have rather avoided, this change will ultimately deliver benefits to the workplace.

 

Money, as the song goes, makes the world go round—and even more so in the business world. It is therefore vital that businesses use their CFOs to ensure employees don’t go dizzy from the spinning.

 

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Anita Szarek is Global Chief Financial Officer at Pleo

 

Main image courtesy of iStockPhoto.com