Many companies have trouble finding skilled workers for open positions on their finance and accounting (F&A) teams. But retaining existing staff also warrants attention. Unrealistic budget pressures and heavy workloads can lead to high, disruptive turnover. With stress levels mounting among F&A professionals in today’s transformative environment, your business may want to implement strategies to help reduce workloads and manage stress.
Recent survey findings
Accounts payable software provider Yooz recently surveyed 135 CFOs and 365 other U.S. F&A workers to evaluate their job satisfaction and emotional well-being. “2024 Yooz Survey: Beyond the Balance Sheet” reports the following:
- 88% of finance professionals have experienced stress due to shifting business priorities,
- 66% rated their stress levels as moderate to extreme,
- 74% have regularly worked overtime over the past six months,
- 67% think about work regularly during personal time, and
- 30% think about work “constantly.”
The survey identified budgetary constraints as the top reason for increased stress levels. Other challenges include high workloads, tight deadlines and communication breakdowns.
While 73% of CFOs feel that their organizations value their input, only 41% of other F&A members shared this sentiment. Employees who feel undervalued or disconnected from their company’s broader goals sometimes engage in “quiet quitting.” This happens when employees put in only the minimum effort that their jobs require.
The link between stress and turnover
Mounting stress has also caused some F&A professionals to leave their positions. For example, according to accounting software provider HighRadius, the average tenure for CFOs has fallen to a five-year low of 5.6 years in 2024. This trend can be attributed to various challenges at the executive level, including how to:
- Meet heightened performance expectations, including operational efficiency goals,
- Manage volatile market conditions and industry-specific challenges (for example, in the health care and technology sectors),
- Re-engage F&A subordinates who “quietly quit,” and
- Find skilled workers to fill job F&A openings. (See “Insights on the F&A talent shortage” below.)
Often departing CFOs transition to less stressful roles as angel investors or board members. More than half of those who left (54%) decided to retire, marking a five-year high.
Turnover troubles
CFOs help guide business strategy, and their teams provide financial data that owners and management teams need to evaluate performance and pivot as needed. Given the shortage of F&A talent today, it’s hard to replace employees who leave. Long-term F&A department vacancies can have adverse effects, including:
- Increased workloads and lower morale for remaining team members,
- Financial reporting delays and errors,
- Increased audit and compliance risks, and
- Mounting employee dissatisfaction and burnout.
It pays to hold on to high-performing F&A workers. While increasing compensation might help boost employee retention, reducing stress may be just as effective — and less costly. Start by surveying team members about their job satisfaction and emotional well-being. This will give you a baseline to gauge improvement measures that are implemented. Then consider implementing the following eight stress-management strategies in your company’s F&A department:
- Prioritize meeting efficiency. Communication and collaboration are important, but too many meetings can impair productivity. Before scheduling any meeting, assess whether the information could be shared via email, freeing up time for employees to focus on their daily tasks. Limit invitations to only those who truly need to be present; other workers can receive optional invitations or listen to recordings as time permits. A clear agenda also helps keep discussions focused and productive.
- Set realistic expectations. “Stretch” goals are only motivational to a point. If goals are set too high and workers consistently fall short, they may feel demoralized. Likewise, there’s a limit to how much team members can accomplish during the workweek. If a team member leaves, don’t just pile that person’s tasks onto the workloads of the remaining workers.
- Set a positive example. The CFO sets the tone for managing stress in the F&A department. If the boss sends emails over the weekend and works long hours, subordinates may feel compelled to follow suit. CFOs can set positive examples by stepping away from their computers occasionally during the workday and using vacation days. They should foster a “we’re all in this together” attitude, encourage employees to prioritize wellness, and take advantage of any company-provided benefits to help weather workplace stress. Team members should feel comfortable voicing their concerns and seeking help when needed.
- Use technology to enhance collaboration. Modern collaboration tools that streamline communication — including for staff in remote or hybrid work environments — can promote team cohesion. Instant messaging apps and AI tools can help your team share ideas, solve problems and develop innovative solutions to achieve business goals.
- Provide flexible work arrangements. There’s no one-size-fits-all strategy for working arrangements in the F&A department. While fully remote positions remain rare due to the collaborative nature of these positions, many companies offer hybrid or flexible scheduling options to help team members achieve better work-life balance. For example, you might require everyone to work in the office at least three days per week, with Wednesdays being a mandatory in-office day to facilitate face-to-face meetings.
- Automate manual tasks. Accounting software and AI can handle many lower-level tasks, such as bank reconciliations and invoicing, allowing employees to focus on more analytical, strategic tasks. You’ll need to research technology solutions to determine what’s right for your business, and then invest in software and training to implement automation initiatives.
- Explore outsourcing alternatives. Many F&A teams are staffed to handle only the daily responsibilities — so even one unexpected task can lead to work overload. Work may peak at certain times of the year, such as the year-end close, tax season or audit fieldwork. In addition, large projects, such as a merger or debt refinancing, may be time-consuming and require specialized skills. External contract professionals or project consultants may be hired to provide additional support in these situations. A flexible staffing approach allows continuity and quality of daily financial reporting and bookkeeping tasks. It also ensures that special projects receive the required diligence and expertise.
- Offer upskilling and career-path opportunities. Thanks to automation and data analytics, F&A roles are transforming. Team members are expected to be more analytical, predictive and strategic than before — and juggle more tasks. It’s critical for employers to offer training programs that keep employees on top of ever-changing rules and regulations and bring their financial skills to the next level. As employees’ skills advance, managers should also provide options for them to try new positions within the organization and navigate the next steps in their careers.
Start the New Year off right
The heightened demands on F&A professionals are ongoing. 2025 is expected to be a pivotal year for tax and regulatory changes to which your team must adapt. Taking proactive measures to help manage stress can help create a positive work environment and improve morale. There’s no universal solution that’s right for all companies. Contact your CPA to determine the optimal mix of stress management practices for your situation.
Sidebar: Insights on the F&A talent shortage
Robert Half’s “Demand for Skilled Talent” report found that 85% of finance and accounting (F&A) managers have difficulty finding skilled candidates, particularly for accounts payable, financial reporting and payroll positions. In recent years, the unemployment rate for F&A workers has been significantly below the national average. According to the U.S. Bureau of Labor Statistics data from the second quarter of 2024, the national unemployment rate was 4.1%, compared to:
- 6% for accountants and auditors,
- 8% for bookkeepers,
- 7% for financial analysts, and
- 0% for compliance officers.
The demand for F&A talent is growing. However, fewer college students are seeking degrees in accounting and earning certified public accountant (CPA) credentials. At the same time, roughly three-quarters of CPAs who serve in higher-level positions are nearing retirement age, according to a recent report from the AICPA.
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