Financial firms are in the best position to succeed in a remote environment. Engaging with clients is easier than meeting in person and much of the work can be done regardless of location.
Americans are slowly adjusting to working from home. As states begin to ease the quarantine restrictions some companies are declaring permanent remote work environments. Companies like Facebook and Twitter are offering their employees the opportunity to work from home indefinitely.
Many firms have already moved to a fully remote operation and many more will do so in the future. However, moving to remote work can be difficult if handled incorrectly. Creating a successful remote operation is a new challenge CPA’s and financial firms will have to overcome.
When the lock-down started business owners looked to getting operations up as quickly as possible. Those who hadn’t migrated to a cloud based system did so. Others only migrated partly. While others still, struggled to adapt to a fully remote workplace. Video conferencing tools like Zoom and Microsoft teams grew in use and popularity.
Daily downloads of the videoconferencing app Zoom increased by 300 million participants since March. Businesses and employees spent time researching the different videoconferencing application and IT services companies that best fit their standards. But that’s only the beginning.
If you as a financial firm want to succeed in a remote environment you have to navigate cooperation, time management, data security and keeping your business functioning even while everyone may be so distant.
Here are a few ways to achieve success for your firm while working apart.
1) Take Advantage of Your Remote Environment
Maybe you’ve already noticed, but it’s difficult to distract each other with office gossip when there isn’t an office to gossip about. 85 percent of employees are either not engaged or disengaged at work. As a result, there is a 7 trillion dollar loss in productivity. Many offices have an open office layout which create a 32 percent drop in productivity.
However, this is harder to replicate when you’re forced to work remotely. Instead, the productive thing to do is to set virtual office hours or schedule meetings for a specific hour the day. Employees and staff can reserve a meeting however you choose. This might appear obvious to some but even in a remote environment it’s easy to get side tracked. You get one call from one colleague and then anther call 20 minutes later from an employee. By the time you finish, you might not remember what you were doing in the first place.
Designate a period of time in your weekly and daily schedule for all meetings. The routine will also keep you focused and organized. Keeping a routine can lead to positive mental health. A routine can help manage stress levels and less overall anxiety, according to one study by Northwestern Medicine. College professors and councilors are very familiar with this system. It would be like having virtual office hours where team members can choose a slot and book a meeting.
2) Adapt to Technology
If you stop and think, if something like the Lockdown of 2020 had happened ten years earlier, remote work would not be possible. The emergence of cloud technology and communication apps like Microsoft Teams, Skype, Facetime, and Zoom together is what allows for a successful remote work environment.
Moving forward, many experts expect these changes to persist, bringing in a new era of remote activity. For financial firms, advising, asset valuation, and consulting will be done remotely. Firms should be looking to build on this change and integrate a remote reality to their existing operation.
What can your firm do to remain competitive, updated, and secure. Invest in a cloud service provider. IT services are going to be pivotal in the coming decades. Managed service providers will be in a position to make or break your firm. Look up the different cloud models and their features. Are they FINRA or SOX compliant? Where are their servers located? Are they stored somewhere outside the U.S.?
Nerds Support specializes in working with financial firms. However, there are many options available when hiring a managed IT service provider. Some are better than others, depending on the industry. You have to factor in security, location, knowledge of your industry, and even availability.
The Workplace platform provides a comprehensive solution that combines cyber security, compliance, & remote work needs.
Is there someone you can talk to when something goes wrong? Do you have a point of contact? Sometimes a support team consists of strangers and other times it’s the CEO.
4) Build a Better Team Remotely
Human beings are social animals. Although remote work is beneficial to productivity, it might be harmful to be socially isolated from your team. But there is a solution.
Team building is an important tool for social bonding and improving motivation. Setting aside an hour at the end of the week to celebrate that week’s accomplishments is a good example of team-building. There are a ton of other games and exercises you can try over video chat. Many have done virtual hangouts. Virtual happy hours are also popular. Even virtual competitions with certain free online games have brought offices together.
5) Make Sure to Reconnect with Reality
The biggest issue in a remote work environment is that everything does seem to blend together. When you can’t distinguish your bedroom from your workplace it’s easy to get lost in a work-all-the-time mentality. Having an office has the psychological benefit of creating a barrier between your personal and work life.
A Stanford study showed that after 50 hours a week productivity sharply drops. Even worse, after 55 hours productivity gets so low that working becomes counterproductive.
I bring up the Stanford study because the comforts of working from home can often trick you into working more. Working an extra hour won’t kill you but the added stress of feeling like you’re at work at all hours is a serious problem. Establish clear boundaries for yourself and your team. When it’s time to log off, you log off. Communicate with your team your unavailability after a set time. Go for a walk, listen to music, but most importantly stay away from your computer.