Some describe it as a state of extreme mental fatigue, but it often affects more than just mental health. The symptoms are initially undetectable or easy to ignore — dangerous, people grow accustomed to the feeling and downplay its urgency.
A shocking share of finance professionals — close to 85% — suffer from burnout.
Yet how often does this conversation garner attention? Read on: I’ll share snippets from our whitepaper — How To Bridge Efficiency Gaps In FP&A Teams To Prevent Burnout.
Note: you can download the whitepaper right now, completely free.
What is burnout and how does it affect FP&A teams?
Burnout is a common term used to describe the feeling of exhaustion and a lack of motivation that can affect individual members of FP&A teams.
What causes it?
Reasons may differ, from pre-existing challenges faced by the employee — such as depression — to long-term stress caused by the job and work environment.
Burnout affects the team’s productivity, as well as their overall health and wellbeing. In fact, burned out employees are 23% more likely to visit the emergency room.
So how does burnout affect your FP&A team? Times are uncertain, and will continue to be uncertain in the near future. Your team is assigned the new responsibility of helping your organization navigate this uncertainty.
"The speed at which finance is expected to provide insights has accelerated greatly in being able to quickly react. What does a pandemic mean for our business? What do higher interest rates mean? I think this has fundamentally changed how finance teams are expected to operate and puts a lot more pressure on all of us." - Charly Kevers, CFO at Carta
In other words, the pressure is higher than ever before.
Improving FP&A team efficiency to prevent burnout
Here’s the solution to preventing burnout our whitepaper is proposing: by bridging efficiency gaps, FP&A teams create more value and job satisfaction, improving the quality of the work environment in the long-term.
But what exactly are those efficiency gaps? For starters:
- Lack of access to accurate, real-time data
- Poor tech infrastructure
- Excessive low value, manual tasks
- Absence of automation
- Unclear organizational and team priorities
You’ve heard me talk about these dangers to the FP&A community before, but this is where I go a step further and illustrate how they can actively harm your team’s wellbeing.
So what’s the step-by-step solution?
Read it in detail, along with tips to recognize burnout in your team:
Download the whitepaper, completely free — make sure to read to the end for a step-by-step checklist to bridging those efficiency gaps.