Team Building in a Hybrid World: Finance Edition 

Flexible working models are here to stay, and hybrid work has become the norm as employees prioritise work-life balance, and business leaders look for intuitive ways to reduce operational costs. In fact, according to Gartner, 74% of employees in the finance sector have increased their “work-from-home” time since the pandemic.  

Unfortunately, while enabling hybrid work can lead to numerous benefits, from increased employee satisfaction to improved productivity, financial teams face unique challenges in the hybrid environment. Maintaining strong levels of cross-functional collaboration, preserving data security, and sustaining efficiency can be difficult.  

So, how do you navigate the future of hybrid work without putting your business at risk? By taking a strategic approach to blending technology, fine-tuned communication, and team management. 

Essential Components for Empowering Hybrid Finance Teams 

Managing a team of hybrid employees in finance is complex for a few reasons. Workers need more than just a laptop and desk space to continue to excel in their roles outside of the office. Business leaders must tackle various challenges linked to technology, communication protocols, and security.   

Some of the key points to consider are: 

Critical Technology 

Technology is the backbone of an effective hybrid team. It’s the key to ensuring staff members can stay connected, complete critical tasks, and stay productive wherever they are. Unfortunately, according to recent reports, only around 28% of hybrid employees in the UK say they have the technology they need to thrive in their roles.   

Start by assessing the crucial cloud-based software and resources your team members will need based on their responsibilities. For instance, do they need cloud-based accounting tools, data analytics systems, e-signature apps, and file storage solutions?  

Next, consider collaboration. How will your team members interact with colleagues and clients? Do you have secure virtual meeting and chat platforms in place? Remember performance management, too. Tools like Asana or Monday.com can help team leaders track progress without micromanaging their teams. 

Communication Protocols 

It’s much easier for teams to communicate in real-time in the same office. When employees are working remotely, it’s easy for information silos and gaps to begin emerging. So, how can you ensure communication thrives?  

Think about both asynchronous and synchronous communication strategies. On an asynchronous level, how will team members securely share messages and information with other team members using channels like Slack or email? What meeting tools will they use to directly connect with other employees and clients?  

How can you ensure that people consistently communicate and share ideas? For instance, can you set up regular team meetings and check-ins? Weekly or monthly team syncs can make a huge difference in boosting workplace relationships. 

Security Considerations 

For finance teams, hybrid work introduces significant security risks. Remote employees can inadvertently expose sensitive data or leave systems vulnerable to cyber threats. That’s why it’s essential to have a security strategy in place.   

Think about how you can protect your data with secure file-sharing systems, encryption, and multi-factor authentication solutions. Ensure you can monitor whether your employees adhere to industry standards, like FCA and GDPR guidelines.   

Implement access management tools like Okta to help restrict sensitive data to authorised personnel. Remember to conduct regular risk assessments to identify new vulnerabilities and threats as they emerge. 

Managing the Hybrid Workforce: Step for Success 

Once you’ve considered the core elements you’ll need to implement for a successful hybrid work strategy, the next step is to figure out how to implement a new work process effectively. Achieving success in the age of hybrid work requires a multi-faceted approach to planning your new policies, connecting colleagues, and ensuring ongoing improvement.   

Here’s how you can help manage the future of work.   

Define your Hybrid Work Strategy 

First, it’s worth noting that there’s no one-size-fits-all approach to hybrid work in the financial sector. The nature of flexible work is constantly evolving, particularly as new governments emerge to introduce different workplace policies and guidelines. Therefore, think about developing a strategy that works for your team and your business and minimises potential challenges.  

Ask yourself which team members can thrive in a remote environment and which will need to be in the office more often based on their responsibilities.  

Based on your new strategy, consider how you can adapt your office space to accommodate flexibility. Create flexible rooms suitable for focus work and meetings, and use booking software to minimise overlaps.   

Remember to support work-life balance. Set boundaries around after-hours communications to prevent burnout and adhere to emerging workplace policies, like “the right to switch off.”   

Prepare a Change Management Plan 

Transitioning to a hybrid workplace does require preparation, and you’ll need to think carefully about how to implement your strategy. For instance, will you allow everyone to choose a flexible schedule at once or start slowly introducing the new concept with certain staff members? 

Consider the kinds of issues you’ll need to prepare for. Aside from thinking about security and compliance risks, how will you prepare for resistance from employees who aren’t happy with your new scheduling strategy or want more freedom than you can offer?  

A change management plan will help identify potential hurdles in advance and ensure you monitor the right performance metrics and KPIs when you implement your strategy. 

Develop a Foundation of Trust 

Trust is critical in the workplace, particularly if you want to increase employee motivation, engagement, and retention rates. It’s also essential when managing hybrid teams. It might be tempting to micromanage employees, particularly if you’re concerned about their productivity levels or security issues due to hybrid work.  

However, building a foundation of trust is crucial. Ensure you’re transparent about your employees’ expectations from day one. Let them know how you’ll monitor their performance and give them the guidance they need to maintain accountability.   

Invest in earning the trust of team members by consistently and transparently communicating with them about workplace changes, challenges, and updates. Source their feedback regularly.   

Rethink Performance Management 

How you measure your finance team’s performance in the hybrid workplace may need to change. Physically checking in on staff members to check progress on a specific task is not doable in this environment. Therefore, you need to find new ways to measure their output.  

Give your team leaders new strategies for assessing performance. For instance, implement goal-setting frameworks like OKRs to align individual efforts with company objectives and use task-tracking tools to monitor progress.   

Additionally, reconsider how you’ll recognise employees for their input. Pay attention to the contributions of employees who aren’t in the office every day. Implement a strategy for regularly celebrating every staff member when they achieve a specific goal. You could use digital leaderboards or virtual shout-outs to keep teams engaged. 

Optimise Company Culture  

Building and maintaining a solid company culture is often trickier with a hybrid team. It’s easy for staff to lose track of company values and priorities when they’re not constantly interacting with other team members or visiting the office.   

With that in mind, you must take a more proactive approach to nurturing your culture. Share your vision regularly with team members, and show them how their contributions and behaviours are helping your business to achieve its goals.   

Focus on ensuring everyone in your company has a voice and a place at the table. 

Explore Team Building Strategies 

Strong cross-functional collaboration is often critical for financial teams. Finance professionals regularly work closely with other team members from sales, product development, and the executive office, so it’s essential to cultivate good relationships.  

Unfortunately, hybrid work can lead to disconnected team members, making it harder for collaborative work to thrive. Invest in unique ways to bring your teams together, like regular strategy brainstorming sessions or gamified challenges.   

Host physical meet-ups, such as lunches and events, to bring people together. 

Preserve a Focus on Continuous Development 

Don’t let a hybrid working strategy overwhelm your focus on developing and training your team members. Financial professionals today need access to development programs to ensure they can adapt to new changes in sustainable finance, technology, and regulatory shifts.  

Ensure teams outside the office can access various learning opportunities, from online training programs to mentorship strategies to help them develop soft skills.   

Make sure you check in with your team members regularly. Work with them on personal development plans tailored to their personal goals and your business targets.   

Monitor the Impact of your Hybrid Strategy 

The only way to perfect a hybrid strategy is through iteration. Pay attention to the impact your strategy is having on your team. Be arware of how well employees adhere to deadlines, complete tasks, and maintain productivity when they’re working remotely.   

Track collaboration metrics and how often staff members communicate to ensure that some employees aren’t becoming isolated. Ask your team members directly for feedback about what they like and dislike about their new workplace schedule.  

Use these insights to make personalised and data-driven changes to your approach to hybrid working.   

Build a Resilient Hybrid Workforce  

Hybrid work is both a challenge and an opportunity for finance teams and companies. The key to success is proactively addressing the hurdles of hybrid work and collaboratively developing strategies that benefits the company and employees.   

With the tips above, help ensure your team members have the resources they need to thrive in any environment – even when they’re not in the office.   

Thanks 

Rachel Mitson

About Rebus Financial Recruitment 

Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs. 

We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs, and, in doing so, we match the two perfectly. 

To learn more, contact one of our team members today or call us at 01282 930930.