4 Benefits of a Winning Finance Team

Claire Burke, CPA CFO and Treasurer, Dearborn Group
Creating Value for Your Company

If you’re like me, you’ve had the privilege of being on high-functioning (or winning) teams and the misfortune of being on poor-performing (or losing) teams—the impacts of each couldn’t be more different. Whether for good or bad, each type of team not only affects the organization as a whole but also every team member. Any corporate finance leader knows that a winning team is a good thing for their organization, but assembling a team that delivers exceptional results isn’t something that happens on its own—it takes intentional leadership and development. From my perspective, there are four main reasons corporate finance leaders must focus on building and nurturing high-functioning (or winning) finance teams.

1. HAPPIER EMPLOYEES

While employees value compensation, they also value their work environment and what they’re getting out of the time they spend on their jobs every day.

Being part of a high-functioning team provides an environment where employees can share honest feedback, build mutual respect, and create strong camaraderie with each other, which can all lead to greater emotional well-being. Being part of a strong team can also help fulfill our human desire for belonging and contributing to something greater than ourselves. When a team’s energy is positive, employees have fun together and feel less stressed in their day-to-day work. Happy employees won’t only spend less time complaining, they’ll also find better ways to work (and work together) and will be more willing to go the extra mile for their employers.

According to some studies, happy employees can be up to 20% more productive than unhappy employees. I can attest to this. When I’ve been on high-functioning teams, I looked forward to working with my teammates and helping the team, and I felt energized and inspired by those around me.

When I’ve been on not-so-great teams, I definitely felt more disengaged and dissatisfied with my work. I also felt more stressed and was more inclined to consider seeking other career opportunities. Supporting this point is the Illinois CPA Society’s 2023 Insight Special Feature, “Righting Retention,” which aimed to shed light on what’s driving the accounting profession’s higher-than-average turnover rates. The report’s findings indicated that about 36% of employees left an employer because of their “workplace culture” and about 16% said it was because of an “issue with their direct manager.”

2. A HIGHER LEVEL OF INNOVATION AND COLLABORATION

A team is more likely to generate new ideas and take more creative risks when they work well together. There’s generally more collaboration among the team, including sharing diverse thoughts and ideas. Additionally, in our more virtual and hybrid environments, employees on high-functioning teams tend to still be more collaborative with teammates even if they’re not having in-person interactions. This strong collaboration can lead to better decision-making and problem solving among the team.

Importantly, there’s security in knowing that you can take risks with the support of your team. Leaders should foster a culture where there’s less fear in asking a “dumb” question, which in turn creates an environment welcoming of more “radical” ideas and constructive feedback.

With finance and accounting teams facing more and more change driven by new technology, for example, having employees who are willing to embrace change by being innovative and supportive of one another is critical to the success of the organization. Effective collaboration can also lead to streamlining work processes, leading to more efficient and effective workflows, optimizing output, and reducing waste. A downstream benefit of this is that it can lead to opportunities for teammates to learn from one another. This enables them to expand their skill sets, enhance their expertise, and advance in their careers, which fosters a sense of personal growth and achievement.

3. MORE MOTIVATION, LESS BURNOUT

Personal accountability is the hallmark of a strong, high-functioning team, and it’s a great motivator. Members of a high-functioning team typically don’t want to just meet expectations—they want to exceed them. They’re motivated by their teammates and don’t want to let them down, so they’re more likely to embrace the “greater good.” They also stay more motivated because they suffer from less burnout (i.e., chronically feeling overwhelmed and unable to meet the demands of the job). A strong team is helpful in preventing burnout since the team supports one another in completing work, solving problems as they arise, and providing a network of social support. Team members are more apt to pick others up when they see a teammate struggling.

Considering about 49% of employee respondents from “Righting Retention” said “too many hours/burnout” was the reason they left an employer, organizations would be wise to nurture a high-functioning team.

4. STRONGER EMPLOYEE ENGAGEMENT

“Righting Retention” also highlights the importance of keeping employees engaged. The report found that about 25% of employees said they left an employer because of “lack of advancement opportunities” and about 21% left because “work is uninteresting/ mundane.” These stats further highlight the importance of a culture that prioritizes employee engagement. In doing so, organizations can expect fostering a high-functioning team to lead to higher employee engagement, which then leads to better retention and the ability to attract talent.

With the changes the profession has seen in the workplace over the past five years, and the struggle for many companies to attract and retain talent, making investments in building winning teams is a no-brainer. High employee turnover is costly for employers and places additional burdens on existing staff and management. In fact, according to “Righting Retention,” just over 67% of employers said they’ve seen workloads increase for staff at the leadership level due to their retention challenges, while 65% said workloads increased for remaining staff at similar levels. Therefore, building a winning team will likely yield financial benefits from lower turnover and greater productivity. Of course, a bonus is the ability to attract strong talent, which gives organizations a competitive advantage. After all, who doesn’t want to be part of a great team?

Most employees want to feel a greater sense of meaning and purpose in their work. Considering the amount of time that we spend working, having the benefit of being part of a high-functioning team can help bring meaning and purpose to life. So, while it takes intention to assemble and nurture a winning team, the effort will ultimately have advantages for employees and employers alike.

Related Content:

• The Cost of AI Resistance in Corporate Finance: New technology solutions are opening the door for accounting and finance professionals to become the analytical thinkers and problem-solvers of the future. Don’t get left behind.
• Healthier Bottom Lines Start With Lowering Turnover: If we want to create lasting value for our organizations, we’ll need to embrace new mindsets and models.