BusinessProductivity
How to boost your team’s productivity
Mark Williams gets expert advice on what can be done to improve output
Against an ever-growing backdrop of punishing cost increases, ultra-competitive market conditions and tightly squeezed margins, finance teams face relentless pressure to maximise their productivity.
It’s a reality that they have become used to. Having to get more done, often with less, is an everyday challenge. But even when team members work hard and remain totally committed, their productivity may not be as great as it could be. Productivity could have diminished slightly or significantly over time and this may have gone unnoticed. But if no action is taken, seemingly small productivity issues can have big consequences.
Common causes
“Poor productivity is a symptom of numerous issues and, if left unchecked, will soon impact your organisation, team and you,” warns Chris Argent MAAT, founder and managing director of Generation CFO, a “forward-thinking leadership community dedicated to revolutionising the finance function in the digital era”.
Asked why finance teams become less productive, he replies: “Lack of collaboration and agility, inconsistent processes or processes that become broken and slow over time. Old software is another common factor, as well as organisations that just don’t make full use of tech.”
Poor productivity is a symptom of numerous issues and, if left unchecked, will soon impact your organisation, team and you.
Incremental gains
Argent has held senior finance and transformation roles at global companies, where he drove adoption of cutting-edge technologies and methods, reshaping practices to make them more responsive, efficient and forward-thinking. “Productivity gains can be made with incremental changes, but you must invest enough time and money,” he stresses. “That said, AI, like the cloud before it, will make some productivity gains very affordable.”
Argent recognises the general trend of improved use of technology to boost productivity – in particular, automation and analytics with AI. “But we must also focus on organisational design to enable it. AI can’t do it all by itself,” he says.
Buy-in from team members and a willingness to change are both essential, Argent believes. “It must be centred around a clear vision and the team must come up with the plan of action themselves,” he says. “This is low-cost in most cases, but ensuring that change sticks can take time.”
Chris Argent / UNP
Strategic thinking
Argent says that buy-in can have further benefits too. “Collaboration with the wider business doesn’t just enable finance teams to become more productive, it also empowers finance to be the strategic business partner that’s required for the future.
“As productivity improves, as automation drives better analytics and agility, finance will be the strategic partner of the organisation, so collaboration and integration with the wider business is critical.”
Rather than feeding productivity improvements through to other parts of the organisation, Argent says it is better to include the wider business as a stakeholder when scoping improvement in the finance team “so that the wider business is ready for shared improvement”.
Alastair Swindlehurst / UNP
Reading the data
Using data to assess performance and improve the productivity of finance and other teams has become much more common, says Alastair Swindlehurst, founder of Greater Manchester-based HR consultancy EZHR (UK). “Data-led decision-making is becoming increasingly popular,” he says. “Capturing and analysing data linked to productivity and other indicators has become incredibly easy, quick and cheap.”
Swindlehurst says it is crucial to “measure what matters”. He cautions against analysing too much data and using too many indicators. The key is to aim for a smaller amount of the right indicators, analyse the data and use it to set new goals and create fresh ways of working that are more productive and efficient.
“The data is what we see ‘above the waterline’,” he continues. “The question is – what happens beneath the surface to arrive at these outcomes? Proper analysis is understanding the quantitative and qualitative data and drivers. The quality of the data is hugely important, too, of course. It must be reliable and relevant.”
So, can this data-driven approach be widened to other parts of an organisation, beyond finance teams? “We’re already there,” Swindlehurst replies. “Data is being tracked in all parts of many organisations. As long as you know what the real drivers of performance are and how to track and analyse it, potentially there’s a lot of value to be gained.”
Is a happy worker a productive worker?
What about the old adage that happy employees are more productive?
“Depends on the business,” Argent counters. “Different businesses have different cultures. The culture that’s right must drive the right performance, which will, in turn, drive productivity.
“I could be idle and happy, or smashing deadlines and happy. Happiness cannot be a binding goal for an organisation. A well-run team or business, one that’s performing well, drives a culture of success. If that makes you happy, then great; if not, no problem. But let’s celebrate anyway.”
Train to gain
If finance team members are to maximise their productivity, they and their employers must commit to ongoing training and development, says Andi Lonnen FCCA, founder of the Leeds-based Finance Training Academy.
“It can be on-the-job training, mentoring, formal training or online courses, as well as reading, podcasts and other forms of informal training,” she explains. “Any training must be relevant to the role, future aspirations and team and business goals. As well as technical finance training, it can improve personal, business and digital skills, which are all important too.”
Lonnen says training can bring immediate productivity gains, fewer mistakes, improved communication, time and cost savings, and better decision-making, as long as employers find the right training provider and commit enough money, time and support. “Everyone must be fully invested,” she says. “It can’t just be a box-ticking exercise. Everyone must also be clear about specific training objectives. Linking any training back to how it will improve performance is key – before and after delivery.”
Training need not be expensive, Lonnen says, reassuringly, but it should be viewed as an investment that can bring great rewards. “Employers should always know their team development needs and address them where possible,” she adds.
“They should also work with their people, so that everyone is engaged in the process. A good training provider will help you to set key training goals, but be prepared for the ‘magic wand’ question – ‘what would you love to be doing differently after the training?’”
Clare Elliott / UNP
Software matters
As well as running Cambridgeshire-based Aybell Accountancy, Clare Elliott FMAAT is group financial controller of two software companies, 247connect and NetSupport.
She says it’s impossible to overstate the importance of software when it comes to maximising individual, team and organisation-wide productivity. “The three pillars of productivity are technology, people and processes,” Elliott says. “Having the right software minimises errors, improves process speed, automates tasks, reduces waste, instils confidence and enables informed decision-making.”
Over time, as a business grows or changes, software can soon become outdated, she says. “If software begins to hinder productivity and business growth, it needs replacing,” she adds. “But there’s no value in introducing new software just because it exists. It must provide clear benefits, including increased productivity.”
Elliott says it is important to regularly weigh up whether there is a superior, productivity-boosting software solution. “You must think long-term and choose software that anticipates growth – a solution that will be sustainable for the foreseeable future,” she stresses. “Don’t make decisions purely based on cost; you must think about what efficiency and productivity gains it will bring to justify your investment.”
>> Distraction stations
A 2024 survey of 1,000 UK office-based workers carried out by electrical retailer Currys found that respondents identified chatty colleagues as the biggest productivity killer
