For most businesses around the world, labor represents the largest portion of company spending. Consequently, worker productivity and pay raises tend to get a CFO’s immediate attention. Not surprisingly, when workers transitioned to remote work, CFOs anticipated inefficiencies and big losses. However, the hybrid operating model coupled with best practices proved to be incredibly beneficial.
What Is the Hybrid Operating Model?
This model is the foundation for the hybrid workforce. It involves operations that take place on-site or in the office as well as job functions performed remotely. In some cases, it might also include some job functions completed both in the office and remotely. Hybrid operations, therefore, prompts a hybrid workforce. This might even include a remote CFO.
When companies switch to hybrid operations, they improve agility. They can continue to power through shutdowns and workers adjust more easily as they move in and out of the office. Over the past year, technology has innovated rapidly to keep up with these new demands. Economists believe the hybrid workforce is here to say.
What Are Some Benefits of Hybrid Work?
On paper, the hybrid work model looks like a disaster to many people. The idea of workers coming and going from the office sounds like an impossible flow of human assets to keep track of. While hybrid work does have its challenges, companies cannot ignore the benefits:
- Hybrid work improves business agility because of worker flexibility.
- Workers around the world are looking for companies that offer remote and hybrid work opportunities, so it helps to make the business an employer of choice.
- Hybrid and remote work makes it possible for companies to hold on to workers who would have otherwise exited the workforce for health reasons or to care for dependents.
- Hybrid and remote work makes it even easier to make ADA accommodations for workers with disabilities.
- Once they have mastered remote and hybrid work, companies can expand their reach to find the best talent for the vacancies they have.
What Are Some Top Hybrid Work Best Practices?
While hybrid work certainly has its perks, companies need to strategize well to take advantage of them. Consider these hybrid work best practices, especially for the remote CFO.
1. Conduct Risk Assessment
Cloud computing opened up a world of opportunities for organizations around the world. Even so, when employees do not take precautions, it creates vulnerabilities. What other potential hybrid work risks should CFOs feel concerned about? Only a thorough risk assessment can answer this question.
2. Invest in Hybrid Tech
Microsoft, Google, Zoom and several other big tech companies bet heavily on the hybrid and remote work model. Consequently, businesses have a wealth of technology solutions to rely on. Investing in the tech supporting an operations model that delivers so many benefits to the company ensures a high ROI.
3. Train Workers
To leverage the full power of hybrid tech, CFOs need to ensure they and other professionals receive proper training. Topics include tutorials for the software in use as well as how to mitigate security risks that might arise.
4. Strengthen Online Customer Interface
When companies transitioned to remote and hybrid work, customers did the same. Not surprisingly, online shopping became the trusted alternative. Invest in a better app, website and payment processing service so that customers can place orders and pay invoices with ease.
What Are Some Best Practices for Today’s CFO?
Whether CFOs choose to embrace it or not, hybrid work has become the norm. These are some best practices financial professionals can follow to ensure personal, professional and business success.
1. Boost Tech Skills
Whether CFOs work remotely or need to interact with someone who does, having some basic tech skills can make a big difference. When workers can troubleshoot tech on their own, it gets them back to work faster and reduces the cost of sending out technicians.
2. Review Risks From all Angles
For years, CFOs have enjoyed almost full control over financial decisions. As a wealth of new risks and opportunities present themselves, they will need to trust the expertise of other business professionals.
For example, raising the pay ceiling might seem like a poor financial decision. Then, HR explains that it’s a decision between the expense of a highly paid worker or the productivity loss of no worker. That information makes all the difference.
3. Follow the News
Politics has increasingly become a polarizing topic in America. Is it any wonder that some people choose to disconnect from it? However, CFOs might not have this choice. Every new proposed taxation policy or corporate bill is something that financial professionals must track, take seriously and plan for.
4. Source Good Loans
Projecting for cash flow during big economic changes is not for the faint of heart. Even if the company never borrows money, it should keep potential lenders in mind. CFOs should maintain a relationship with these companies to ensure a quick, fair and easy loan process should the company need one expeditiously.
The role of the CFO has seen drastic changes over the past few years. Consequently, financial professionals must now prepare to balance the books with strong leadership and teamwork abilities.
