Ask any finance and accounting professional which aspect of their job is the most stressful, and end of year accounts are sure to top the list. When organisations reach their end of accounting year, staff are expected to maintain business-as-usual operations in a smooth and timely way while also racing to turn out reporting for the year-end deadline.
Although year end accounts are an integral part of the job, it’s important for business leaders to recognise the negative impact of stress on finance and accounting teams and provide support ahead of time. Our recruitment experts share advice on how to keep top-performing talent safely within your ranks using a blend of flexible recruitment and long-term support measures.
Burnout is a common concern in finance and accounting teams. It’s an issue that has long plagued the sector, with no sign of relief, even with hybrid work models in place. According to a recent study, 42% of finance professionals feel under pressure from a heavy workload and a third (33%) agree that a lighter workload would help reduce burnout.
Employee burnout isn’t ideal at the best of times, but it can be particularly detrimental during the year end accounting process. Burnout is known to decrease productivity, hurt engagement, and even cause physical and mental ailments.
Burnout is also the leading cause of staff turnover in finance and accounting teams — almost a third (31%) of finance professionals planned to leave their current role in 2022 due to the pressure they faced. The effects of burnout may be dire but there are plenty of preparatory measures you can take to help support staff.
Staggering the year end workload through a series of small, regular tasks can help avoid an end-of-financial-year rush. Try creating a timeline which lists HMRC milestones and builds in due dates with plenty of time to spare. This approach can help staff retain a sense of control and gives them clear deadlines for each stage of the process, allowing them to manage their time effectively.
Mental well-being resources and support have become popular remuneration benefits since the pandemic. Many employers now offer access to relaxation apps, discounts for meditation and yoga classes, and access to mental health professionals.
If your staff struggle to unwind or find it challenging to manage their stress levels, try to encourage them to use the mental health resources available. It may be worth bringing this up ahead of time, so staff are supported before the busy period hits.
The war for talent has been raging for years, with finance roles consistently proving some of the hardest permanent positions to fill. Temporary and interim hiring offers an easy way to mitigate team stress while helping to circumvent the war for talent by offering quick access to skilled individuals. Hire accounts assistants or a year end accountant to help distribute the workload or bring in assistants to help with BAU tasks while your team focuses on reporting.
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Flexible recruitment strategies aren’t just helpful for staff support at the end of the financial year — they can also be used to alleviate the long-term burnout finance and accounting professionals are prone to. Once you've established a good working relationship with your recruiter and their temp talent, you can hire staff to cover annual leave, help with large projects and end of year payroll, or take up the slack during unexpectedly busy periods.
Six in ten UK professionals didn’t take their full allocation of annual leave in 2022 because they felt pressured by management. This is not an effective leadership tactic if you want an engaged, rested, productive team. Instead, use annual leave to your advantage by encouraging staff to take time off ahead of year-end so they’re rested and ready for the challenge ahead. You could also put a freeze on leave during the busy period, so you’ve got all hands on deck.
Temporary hires are an excellent way to cover staff leave in the run-up to the end of the financial year. By bringing in expert help, employees are free to enjoy their leave without worrying about passing extra stress onto their colleagues during their absence.
Business leaders are essential allies in helping staff to maintain their work-life balance. Employees will likely get the rest they need when they feel safe to switch off properly.
Ensure you’re encouraging employees to leave on time and take lunch breaks away from their desks — don’t forget to lead by example and to check in with them regularly. You might like to encourage staff to switch off properly at the end of the day by asking colleagues to avoid emailing outside of working hours.
Would you like help preparing for the end of the financial year? Contact our interim and temp recruitment experts today and give your team the support they need. For more tips on team support, visit the Robert Half advice blog now.
