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Ebook
How To Bridge Efficiency Gaps In FP&A Teams To Prevent Burnout
Do you want to bridge the gaps that hinder your team's productivity and success? Get practical tips to optimize your team's performance while promoting a healthy work-life balance.
Table of Contents
01. Addressing Employee Burnout in FP&A Teams
Causes Of Burnout At Different Hierarchical Levels
Burnout is a silent monster that can affect employees at any level of an organization. It can cause a decrease in productivity, efficiency, and job satisfaction. However, the causes of burnout may vary for different roles within FP&A.
Analysts
FP&A analysts can easily burn out when they lack access to proper training, perform repetitive tasks, and have an unclear career path. This leads to boredom, loss of motivation, and increased stress levels.
Senior Analysts
Senior FP&A analysts are at risk of burnout due to limited career growth, overexertion on menial tasks, and working on complex and fragile financial models. Shockingly, 41% of FP&A business processes are still manual, with about 10 hours of low-value tasks per week.
FP&A Managers
FP&A managers can still face high levels of stress and exhaustion despite not having the same drivers as operational employees. Burnout may occur due to limited impact on the company, poor technology integration, cross-functional collaboration difficulties, and rework.
FP&A Directors
FP&A directors are likely to be stressed out by tackling organizational challenges. For example: employee turnover, uncertain situations like layoffs, communicating value to stakeholders, and sharing progress on the team’s roadmap to senior leadership.
CFOs
CFO burnout risks hurting the entire organization. They navigate uncertainty, set strategic roadmaps, foster collaboration, track KPIs and increase employee efficiency - all while being responsible for regulating the stress levels of the entire department, including themselves!
41% of FP&A business processes are still manual, with about 10 hours of low-value tasks per week
How To Recognize Burnout In Your FP&A Team
Symptoms of Burnout
- Increased Absenteeism: Employees may try to avoid stressful projects and interactions with supervisors, hoping that time off will reduce their stress levels and exhaustion. Burned out employees are 63% more likely to take a sick day, 2.6 times as likely to switch jobs, and — this is scary — 23% more likely to visit the emergency room.
- Decreased Productivity: One of the first signs of burnout is reduced concentration, decreased motivation, and higher levels of anxiety. Especially after the pandemic, around 46% of employees report a decrease in productivity — a result of unending uncertainty and stress.
- Decreased Engagement and Initiative: Employee burnout can lead to disengagement with tasks and activities they once enjoyed, like new projects and socializing with coworkers. This can impact their efficiency and quality of work. For instance, a typically extroverted employee may isolate themselves from colleagues.
- Physical and Mental Exhaustion: One of the biggest symptoms of employee burnout is physical and mental exhaustion. For example, employees may begin to complain about an inability to begin new tasks or concentrate on their daily workloads, sleep deprivation, and more.
Burned out employees are 63% more likely to take a sick day, 2.6 times as likely to switch jobs, and 23% more likely to visit the emergency room.
How To Measure Burnout Levels
- Employee Engagement: Happy employees are productive employees! Employee engagement surveys help you assess burnout levels in the FP&A team by comparing their scores to departments with higher levels of engagement. Keep your team happy and engaged for better efficiency, productivity, job satisfaction, and retention.
- Maslach Burnout Inventory (MBI) Scores: MBI scores measure employee burnout using exhaustion levels, job attitudes, and professional efficacy. Negative scores indicate low burnout while positive indicate high stress, exhaustion, and disengagement. Use MBI scores6 to determine the severity of each FP&A team member's burnout profile.
- Employee Feedback: Talk to your employees. Gather feedback on job satisfaction, turnover, absenteeism, and attitudes towards tasks and team culture. Direct interaction is one of the most effective ways to measure burnout and efficiency levels in your organization.
The Dangers Of Employee Burnout
Putting productivity before employee wellbeing can be harmful. Burnout can cause physical issues, depression, and anxiety, leading to decreased commitment. Research shows 23% of employees experience depression due to burnout. FP&A teams may make poor decisions when burned out, risking your organization’s financial performance.
23% of employees have reported that they were experiencing depression as a result of workplace burnout.
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