Uncertainty drives need for resilient finance teams

The challenges facing UK businesses in the next five years, including the ongoing uncertainty over Brexit, have heightened the need for employee resilience, according to research from recruitment specialist Robert Half UK

A survey among 700 senior decision-makers in businesses in the UK found 94% CFOs think developing resilience amongst their employees will be important over the next two to five years, with 43% citing this as very important. This is critical to almost all (97%) CFOs from London-based businesses – the UK’s financial hub.

Ongoing economic and industry trends affecting the trajectory of many businesses have created a need for employees to be able to thrive successfully in times of continual change.

Nearly half (47%) of CFOs say Brexit-related transitional work is currently affecting their department. A similar proportion (51%) say digital transformation is impacting their department, as a result of automation and an increasing dependence on technology. Additionally, regulatory changes passed in the previous 12 months, including GDP and MiFID II, continue to create considerable pressures within organisations (49%).

 Just 7% of CFOs say they are currently not experiencing any change within their department.

Against this backdrop, business leaders are investing in measures to instil a sense of resilience amongst their staff, to prepare them for the transitional times that lie ahead and ensure they can adapt to any possible disruption.

A key element of this is specialist physical and mental health support, being offered by nearly half (43%) of businesses. A similar proportion are focusing on communication, transparency and honesty; providing clarity in goals and expectations (41%), offering an honest perspective (39%) and allowing for an open dialogue within the team (39%).

A quarter (25%) of CFOs say employees with a sense of resilience will be more challenging to find over the next three years, while a similar proportion say it will be more in demand (28%), with businesses taking steps to upskill their current employees.

Matt Weston, managing director, Robert Half UK, said: ‘Ongoing economic uncertainty and significant trends such as digitalisation means the business landscape is evolving at a rapid pace, bringing with it a raft of challenges for employers and employees alike.

‘The ability to successfully adapt and to keep up with this constant change has never been more important, especially as it shows no sign of slowing down. Businesses can reassure employees by investing in their people – in wellbeing strategies and cultural measures to improve their employees’ ability to “bounce back” from adversity and continue to prosper.’

Report by Pat Sweet

Pat Sweet |Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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