Management Challenges to Avoid

Managing an accounting and finance team has its challenges. Among them are adequate communication with your team, performance levels meeting standards, and maintaining enough team members to handle workflows. Fortunately, there are ways to overcome these issues and continue to move forward.

Discover three challenges most accounting and finance managers face and how to avoid them. 

Low Communication with the Team  

Inadequate communication with your team members can lead to problems down the road. For instance, your employees may not understand their role in a project, what they should be focusing on at a given time, or when the work should be done by. To avoid these issues, talk with your employees on a frequent basis. Redefine your standards for reaching team goals and objectives. Ensure your employees understand their individual and team responsibilities and deadlines. Reinforce the importance of asking questions.

Performance Levels Below Expectations

Your employees will have times where they are less productive than usual. This can affect your other team members, especially if they need to take on additional tasks to maintain productivity. When this happens, you need to motivate your employees to get back to their typical performance level. For instance, schedule time to talk privately with your team member. Clarify what their work hours, targets, and goals are. Compare your expectations to actual performance. Ask what has been causing the employee’s decrease in performance and how you can help. Work together to create a plan to improve by a certain deadline. Provide constructive feedback until you get together for further discussion.

The Team Is Understaffed

Consistently having more work than your employees can handle can lead to burnout. This is why you should consider adding a permanent or temporary member to your team. The additional worker can take on tasks that team members had been adding to their plates. This division of responsibilities allows everyone to focus on what they do best while reducing stress levels.

Work with a Professional Recruiter

Managing an accounting and finance team poses significant challenges. Among them is lack of adequate communication with your team, employees not meeting performance expectations, and regularly having too much work for your team to handle. Fortunately, these issues can be worked on with clear planning and action.

When you need help finding qualified accounting and finance candidates who are a good fit for your company and department cultures, partner with a recruiter from Casey Accounting & Finance Resources. Find out more today.

How to Retain Your Best Talent: Employees Need to Be Connected to the Company

It has been said that it takes a lot more to maintain a happy workforce than it did years ago. This is supported by statistics, like the fact that nearly two-thirds of the workforce is actively disengaged from their jobs, and many others are using work time to search for other opportunities.

One of the better ways of keeping employees satisfied in their careers is to offer support for learning and development. Let’s face it, the convergence of personal and professional is happening more often in the workforce. People want support for their goals. How can your company develop enough programs to meet the unique needs of all its employees?

1. Make learning a core value in the workplace.

When learning is a value of the company, it becomes a normal aspect of the culture. This enables employees – who previously would be searching for new learning opportunities outside of work – to confidently pursue their professional development. Create a system to reimburse employees for continuing education. Send them to conferences. Purchase webinars if your budget is smaller. Encourage your staff to read articles throughout the day.

2. Identify learning and development programs that cater to employees at all levels.

Because learning styles can be so vastly different from one employee to the next, often driven by generational characteristics, learning and development programs need to be varied. Blend classroom learning programs with on-demand eLearning. Survey employees to find out what they want to learn and link this to their career goals. Not everyone wants to sit in front of a computer for a 60-minute webinar, and not everyone wants to go hear a local speaker.

3. Bring industry-leading programs and experts directly to employees.

Get your employees excited about learning and connect them deeper to the company by bringing learning to them. Set up brown bag lunch and learn sessions, offer special talks from industry leaders, and create a full learning environment that includes employees of all generations and interests. Taking that information from outside topics and relating it to your company’s processes provides a natural connection for your employees.

4. Promote and reward learning achievers.

To create a deep connection with employees, link their learning efforts to performance. If they participate, reward them for making this commitment to excellence. Set up promotions and bonuses based on learning initiatives. The incentives don’t have to be anything major. You can tie salaries to something like continuing education or certifications. A small gesture like a gift card to a movie theater will be appreciated, especially if you recognize employees publicly.

Work with a Leading Financial Recruiter in Chicago

When your financial group has an employment need for top financial talent, work with the award-winning financial recruiters at Casey Accounting & Finance Resources. Contact our great team today to get started!

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