• With furlough ended, new research reveals that over half (54%) of Finance Managers and Directors are applying for new roles or considering leaving their jobs
• Mental health also at all-time low with over a third (36%) experiencing burnout or exhaustion

The UK’s finance teams have perhaps been the unsung heroes of the workplace during the pandemic, with employees continually working hours and hours of overtime to help prop up the economy during the toughest of times for business. However, new research* Sweep has revealed that the pressures of the pandemic have led to serious levels of burnout, with the new report uncovering demotivated and diminished personnel within finance teams. 

The burdens of keeping the business afloat have made us sick!
Over the last 18 months, Finance Managers and Directors have been called upon to lead on some of the most business critical priorities and decisions for UK organisations including managing furlough, keeping redundancies at bay where possible and helping to stabilise the business. And, with furlough ending and we emerge from the COVID-19 crisis, they are now being asked to look to the next 12 months to create a plan that helps businesses recover from the crisis and build the resilience companies need to survive.

These ongoing pressures and long working hours have led to 1 in every 5 (19%) finance employees being signed off as medically sick since the pandemic began. Alongside this a quarter (25%) admitting they are regularly taking sick days as they admit the stresses are finally getting too much.

Inefficient processes are draining resources and ‘leaking money’ from the business

The research also saw Finance Managers and Directors calling for organisations to quickly make significant moves to try and alleviate some of these concerns, with technology being called out as an investment that companies must make to better support their teams. This was demonstrated by around 2 in 3 (62%) of respondents to the recent research stating that their company was leaking significant money due to inefficient finance processes. 

What does the finance team of the future need?

The last 18 months has meant that for over half (58%) COVID-19 has put the brakes on digital transformation plans for the finance teams. Alongside this, Financial Directors said that on average 24 hours (23.62 mean score) of time could be saved across the team each week if they used (better) technology to automate key financial processes. Almost three-quarters (71%) believed that automation technology was very important or critical to the finance team of the future.

A serious concern for UK business as finance teams play an integral role in economic recovery

Billel Ridelle, CEO at Sweep, commented on the research: “Given the critical role that Finance Managers and Directors are playing in the UK’s business recovery, it is concerning to hear about the impact of the pandemic on the stability of these roles.  The industry often discusses digital transformation as a critical move for strategic business growth, but it seems that finance teams have not been prioritised or the pandemic has put this on the back burner.”

He continued: “When we look to the future of the Office of the CFO in the next five years, it’s clear that technology is going to play an enormous role in attracting and retaining the most talented workforce. It should be a number one consideration for businesses as, in the upcoming months and years, both employees and customers will judge how efficient you are based on your tech stack and a lack of dynamic technology and automation will see people fast jump ship.”