As finance chief, your role goes beyond crunching numbers. Finance leaders must rally teams to deliver on ambitious goals, especially when the stakes are high. But getting the best out of your team is no mean feat, particularly amid rising levels of disillusionment in the finance function. Almost three-quarters (71%) of financial professionals in the UK are looking for a new job outside of the profession, according to findings from software firm Medius.
A disengaged and uninspired finance team can impact the efficiency, accuracy and even profitability of the wider business. They could easily overlook inefficiencies or duplicate unnecessary expenses. They might not be proactive in finding cost-saving opportunities and are less likely to go the extra mile to ensure everything is accurate. If the finance team is unfocused and unhappy, the rest of the organisation will likely suffer the consequences. The key is to keep them motivated. Here are six ways to do that.
1. Communicate openly and often
Motivating a finance team isn’t about grand gestures or one-off pep talks, it’s about embedding a culture of open communication. Whether through regular team meetings or one-on-one check-ins, it’s vital to ensure everyone feels supported, particularly when facing ambitious targets.
“Be interested and available for questions or ideas,” says Alex Wyatt, head of finance at digital bank Zopa. “Ensure you provide opportunities to ask for clarification and direction along the way – especially with a junior team who may need more direction than an experienced team. Try to scale your leadership and involvement according to the team you are leading.”
Remote and hybrid working environments have reshaped how teams connect, making spontaneous interactions a distant memory. To counter this, finance leaders must be more intentional, establishing clear channels and fostering genuine dialogue, says Joyda Bianco, CFO of data management platform Hyperview. “The key is to be proactive: use digital tools and create open forums for feedback.”
But it’s about more than delivering information, she stresses, it’s about ensuring that people feel truly heard and understood: “Transparent communication builds trust, but it requires more than just talking – it demands active listening and a genuine incorporation of input.”
2. Build a shared sense of purpose
Help your team to understand not only what they’re doing but why it matters. When every team member understands their role and how it fits into the broader company mission, a shared sense of purpose emerges.
So says Stefan Wolvaardt, CFO at Simply Asset Finance. “You should never ask for a piece of work without fully explaining why you’ve asked for it,” he explains. “For example, if you ask for an analysis of a salesperson’s business geographic reach, you may get a basic analysis. However, if you explain at the onset that the analysis is for insight into whether the individuals are effectively serving all of their customers, you’ll likely get a better result.”
Always share with the team the fruits of their labour. If you ask someone to complete a task at the request of the CEO, for example, bring them along to that meeting and show them how their work has made an impact. “It can be hugely demoralising for a team member to think their work has simply disappeared into the ether, but hugely energising for them to feel like their work is making a difference,” Wolvaardt says.
Reducing departmental silos also makes it easier for teams to rally around a big project when the time comes, says Carlos Sanchez-Arruti, CFO at payment platform Mangopay. “Finance is responsible for understanding what makes other functions tick. To earn trust from colleagues you need to put the time in,” he explains.
3. Offer early feedback
Feedback can be very tricky. If delivered in the wrong way, it can backfire and cause serious performance decline or demotivate team members.
Wyatt recommends having regular check-ins in place to ensure that the team is approaching a task in the correct ways. And, if not, give them the opportunity to correct it. “There’s nothing worse than delivering feedback when it’s too late to fix any errors,” Wyatt says.
Core to building an effective culture of feedback is creating a safe space where individuals feel encouraged to make mistakes. The best way to do this is to lead by example. Wyatt advises owning up to your mistakes and encouraging employees to do the same.
4. Invest in people
Good culture can only get you so far. It is only when finance teams feel incentivised that they are likely to take full ownership of their work and deliver results, even under pressure, says Oana Marele, former CFO and founder of Marele Accounting. “Pay well,” she stresses. “I chose to be very generous with my team in terms of wages and it ensures their life is so much easier. They care for their job more, they care for you more and they’re less stressed.”
This could be a good place to start considering that almost half of UK accountants believe they are underpaid, a survey by recruitment firm Sellick Partnership has found.
Rob Russell, CFO of SaaS platform Virtualstock, believes that organisations can go a step further. For example, higher earners could receive ‘inflationary-only’ salary increases to prioritise giving other employees a higher percentage raise. In his experience, introducing a travel and food allowance for lower earners can have a “massively positive” impact for employees coming into the office.
Money is important but it is not the only thing that matters to people. “Investing in your team’s personal and professional growth through formal training and career development opportunities shows that you’re committed to their future and drives loyalty and motivation,” says Emma Seymour, CFO at shift-work management platform Deputy.
5. Get your back office in order
Mundane and repetitive processes are a key contributor to finance frustrations. This not only stifles staff potential but also limits overall efficiency and innovation within the department. Sarah Spoja, CFO at fintech Tipalti, has found that junior finance team members can quickly become discouraged by manual and repetitive tasks, as well as a fear of making mistakes.
“Technology can help to free up finance team time for more satisfying jobs, allowing them to be more involved in the direction of the business,” she says.
Getting the back office finance function in order is essential to operating efficiently and driving this agenda. “Streamlining financial processes, enhancing data accuracy and the ability to rely on the finance team for accurate insights are critical steps toward creating a more motivated workforce,” Spoja says.
6. Promote healthy work habits
Burnout looms large in a world where the demands on finance teams rarely lets up. Almost all (99%) accountants say they have experienced burnout as a result of workload pressures, according to a study by accounting software firm FloQast.
It’s easy to get caught in an unending cycle where one significant challenge or high-priority task rolls into the next. To counter this, embrace flexibility where possible, advises Wolvaardt. For example, while most employees may work a 9-5 week, there may be some who prefer to work on the weekend. Others may have a shifted schedule to fit in a school run in the morning. “It’s important to know when you’re going to get the best out of your team, and, when possible, give them the flexibility for this,” he says.
Promoting a culture that prioritises workplace wellbeing is key. As a finance leader, this means setting the example by taking time to recharge, encouraging the team to do the same.
“Demonstrate empathy and recognise that, particularly during stressful periods, people need more than a well-laid plan – they need a leader who sees their challenges and acknowledges them,” says Bianco. “It’s okay to admit you don’t have all the answers. In fact, that kind of vulnerability can be empowering. It invites collaboration, strengthens bonds of trust, and ensures everyone has a voice in finding solutions.”
