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January 2023

Should Finance Employees Be Allowed to Work From Home?

If you are a CFO, you may be wondering whether you should allow your finance employees to work from home. While some companies have found it to be a great solution, there are also many reasons to stay away from the idea. Here are a few.

Law firms have higher occupancy rates during the pandemic

Law firms have higher occupancy rates than most industries. For the week of September 21, US law firm leasing activity was up to 1.5 million square feet, compared to 1.1 million SF in the same week in 2020.

Law offices are becoming more efficient, but many firms continue to invest in spaces that support both teamwork and individual work. A number of law firms are incorporating a hybrid work model, where attorneys can work from home some days. This allows legal industry leaders to experiment with new ideas while promoting their firm culture.

One of the most notable changes that occurred during the pandemic was the shift from the pre-pandemic status quo of a highly in-office workforce to a more distributed one. Today’s law firm employees have a much greater likelihood of returning to work than others.

The trend toward high-quality, efficient office space is affecting every commercial real estate sector, including law firms. In the past, law firms were less efficient with real estate than their corporate peers. However, the COVID-19 mandate has accelerated the pace of change.

CFOs should prepare the finance organization for an increasingly digital, remote world

If you are a CFO, you should be reevaluating how you lead the finance function in this new, hyperconnected world. You need to build a strong foundation for your team to thrive in the next normal.

There are many factors that contribute to the risks you face. These include business-process outsourcing centers and global supply chain disruptions. As a result, you have to be nimble and understand how to adapt. In addition, you need to account for stability and resilience.

The COVID-19 pandemic first appeared late in 2019. It has been the catalyst for disruption to work routines, lifestyles, and supply chains. While the full extent of the crisis is unclear, the impact of the virus is already being felt by thousands of companies.

One way that CFOs can respond to the pandemic is to develop more robust financial systems and better data confidence. They should also develop a strategy for managing remote teams.

Among the other challenges facing CFOs are rising inflation and interest rates. This creates a need for more capital to meet these pressures. Investing in a line of credit may be one way to help your business. Similarly, your company may need to double down on collections to stay solvent.

Research shows that traditional in-person activities like monthly close went smoothly for many companies despite working from home

Research suggests that employees are more receptive to teleworking than ever before. The study was conducted by the Society for Knowledge Economics and surveyed 5,661 workers at 77 Australian organisations. It found that the most important benefit of teleworking was getting the same job done with less stress.

Workers who telework all or most of the time say that it makes them feel more connected and that it helps them get their job done more efficiently. Nearly seven in ten indicate that their workplace is accessible when they are teleworking.

More workers are choosing to work from home than at any other time in history. This is a trend that has been accelerating in recent years. As the economy has improved, companies have embraced the technology. They are able to save on real estate costs, mitigate immigration issues, and hire talent around the world.

Despite this burgeoning workforce, there are still some significant barriers to working from home. For example, most teleworkers have a limited number of proper resources at home. In addition, they may feel more isolated in hybrid environments. Some cite pressure from their supervisors to return to the office.

Permitting employees to work from home can lead to longer hours, increased stress and inevitable burnout

Workplace stress is an epidemic, affecting more than one million American workers. It is also costing the US economy trillions of dollars.

Workplace stress is a major concern, not just for finance employees, but for all professional types. Stress can increase a worker’s vulnerability to illness and burnout.

The number of workers who call in sick because of stress tripled from 1996 to 2000. A third of employees wished that their managers would act with more empathy.

In the US, more than one million workers are absent each day due to stress. Depression-induced absenteeism costs businesses $51 billion a year.

Workers are more likely to miss work because of stress than illness. Studies show that a fifth of all workplace absenteeism is due to stress.

Workplace stress can affect personal relationships, causing burnout. Researchers estimate that 76% of workers report that stress at work has a negative impact on their personal lives.

There are a lot of factors that contribute to stress at the workplace. Among the major causes are workload, interpersonal issues, and role conflicts.