With a lack of time putting pressure on workforce health and productivity, maintaining a healthy work/life balance can be tough.
Jasper Martens, CMO of PensionBee shares with Finance Monthly three top tips on how SMB owners in the financial sector can support their workforce to ease time restraints and overcome a hustle and grind mentality.
1. Quit working the weekends
UK-wide, people are working longer hours and longer weeks, and while three out of five financial sector leaders started their small business for a better work life balance, little over half actually feel like they get it. Almost half of small business owners in the sector say that they work through holidays and their annual leave, more than any other sector.
Finding ways to free up weekends and holidays for the sake of health alone is an admirable goal, but it inevitably conflicts with other business goals that had put pressure on time and deliverables in the first place. Some of our fintech peers hold the belief that people should work seven days a week and increasingly long hours. We’re the opposite – when it comes to hustle and grind, our focus is on looking at the most time effective way to get the job done.
As a small customer-centric business, we do what is necessary to keep our customers happy and find that automating work flow saves a lot of time. By automating parts of the everyday, we’re able to spend on growing the business and improving our service. There’s something to be said about the industry on a whole that the financial sector on average feels more strongly than any other sector that digital transformation has a positive effect on their business.
2. Ditch the time-sinks
Admin is necessary, but often a huge time-sink. How can this be cut down? It’s a question you’ve most probably asked yourself to no avail – but there is a way.
Two thirds of financial sector leaders feel that Cloud based technologies are a necessity when it comes to time management. For us, it’s about automating reoccurring paths and connecting customer touch points. Putting time into understanding, tailoring and using a good CRM to get all the relevant information in the right place, in the right order and accessible to use, will ultimately return more time in the future
As companies grow, processes need to evolve and be flexible to meet new demands. Out-of-date processes only hinder growth and ultimately eat away at time that could be better spent elsewhere.
3. Listen to your team
As an SMB you’re in a great position to address issues of burnout or stress amongst your workforce, it’s a force for good that we can communicate with each employee on their individual needs.
We’re tripling our size every year, faster than we anticipated, and with that success comes a need for a lot more thinking about the way we work as a company and especially on how we support our employees. As a small business it is tough because you just need to get the job done, but that mentality can also lead to higher stress levels and presenteeism. We have to pay attention to people, and talk openly about personal and mental health.
Time will always be a limited resource, and the pace of modern business is only likely to increase in the future. Yet, mental health now accounts for over half of all working days lost due to ill health in and is the most prevalent reason for sick days in the UK. Now, more than ever, we need to address the time pressures impacting on employees to provide support and mitigate more damage to employees and small businesses in the financial industry.