What’s the future of work-life balance for finance executives? Redefining success
The concept of work-life balance has been a pivotal point of discussion in the corporate world, especially for finance executives who have traditionally been tethered to high-stress environments and long working hours. However, the global COVID-19 pandemic has irrevocably altered the professional landscape, ushering in a period of reflection and re-evaluation of what success means in the context of work and personal life. As we look towards the future, it is imperative to understand the evolving dynamics of work-life balance and how it shapes the success of finance executives.
The Post-Pandemic Shift
The disruption caused by the pandemic has led to a significant shift in the work-life paradigm. Wall Street Journal columnist Rachel Feintzeig highlighted that while the traditional in-the-office work week has been upended, achieving a true balance between professional and personal commitments remains elusive (Feintzeig). The forced experiment of remote work has demonstrated that flexibility in the workplace is not just possible but, in many cases, beneficial for productivity and employee satisfaction. However, the long-term implications of this shift are yet to be fully understood.
Embracing Digital Collaboration
The finance sector, known for its conservative approach to workplace norms, has witnessed a digital transformation that has enabled unprecedented levels of collaboration. Despite this, only a quarter of finance executives plan to actively seek a balance between in-person and virtual work (Financial Executives International). This reluctance to embrace the digital work environment fully may hinder the ability of finance leaders to adapt to the changing needs of their workforce and to redefine what success looks like in a post-pandemic world.
The Intertwining of Work and Life
Work and life are not separate spheres but are deeply intertwined. A Gallup report from 2022 reveals that a staggering 60% of people feel emotionally detached at work, with an additional 19% feeling outright miserable (Gallup). This detachment can have profound implications on the well-being of employees and, by extension, on the productivity and success of an organization. It is clear that for finance executives to redefine success, there must be a focus on creating an environment where employees feel engaged and valued, not just as workers but as individuals with lives outside of the office.
Moving Beyond the Myth of Balance
The traditional notion of work-life balance, which suggests an equal distribution of time and energy between work and personal life, has been called a myth (Fast Company). The future lies in the concept of work-life harmony, where the focus is on the integration and alignment of professional and personal goals. For finance executives, this means fostering a culture where success is not measured solely by financial outcomes or hours worked but by the holistic well-being and satisfaction of their teams.
The Importance of Work-Life Support
Research has shown that when companies provide comprehensive work-life support, including flexible schedules and family leave, there is a notable increase in diversity within management roles. This is particularly impactful for women and people of color, who often face greater challenges and have fewer resources available to them (Harvard Business Review). For finance executives, redefining success includes recognizing the value of work-life support and its positive effects on employee retention, satisfaction, and diversity in leadership.
Conclusion
In conclusion, the future of work-life balance for finance executives hinges on a willingness to redefine the metrics of success. Embracing digital collaboration, understanding the interconnection of work and personal life, promoting work-life harmony, and providing comprehensive work-life support are critical steps in this journey. As the corporate world continues to evolve, finance executives must lead by example, fostering environments that prioritize the well-being of their employees, which in turn drives innovation, productivity, and a more inclusive and successful business model.
About
Warners Scott is a premier global executive recruitment specialist based in London and Dubai, focusing on Banking & Investments, Accounting & Finance, and Digital & Fintech. With over 18 years of experience, they have built strong relationships with top-tier banks, financial institutions, and accountancies. Their unique value lies in these long-standing relationships with hiring managers and internal recruiters, a vast network of candidates, and continuous engagement. This combination places them uniquely in the market, trusted by both talent and hiring managers. Their evolved perspective allows them to precisely understand recruitment needs and pinpoint senior C-suite, EVP, SVP, and MD-level hidden, ready-to-move talent that other recruiters cannot access.
Warners Scott delivers tailor-made recruitment solutions for international and regional clients, functioning as true business partners. Their comprehensive services cover retained, exclusive, and contingency searches, as well as permanent, contract, and interim staffing.
In Banking and Investments, they partner with international and regional banks and investment houses in London and the Middle East, including conventional and Islamic banks. They cover areas such as Private Equity, Asset Management, Investment Banking, Treasury & Global Markets, Wholesale Banking, Digital & Technology, Risk Management & Compliance, and C-Suite Appointments.
In Accounting and Finance, Warners Scott works alongside The Big 4 and Top 50 accounting firms, along with globally recognized consultancies. They specialize in Audit, Risk & Compliance, Tax (Private Client, Expatriate, and Corporate Tax), Corporate Finance, Transaction Advisory, Restructuring, Turnaround, Insolvency, Forensic Accounting, Disputes & Investigations, Forensic Technology, eDiscovery, Cyber Security, and Management Consultancy.
In Digital & Fintech, they assist large banks, digital startups, and innovative Fintechs in areas such as FinTech (AI, Blockchain, Cloud Computing, Big Data), InfoSec/Cybersecurity (Application, Infrastructure, Network, Cloud, IoT securities), Digital Leadership, Digital Transformation, Software Development, IT Project/Program management, Data Science & Analytics, Data Privacy, and Data Architecture.
References
– Feintzeig, Rachel. “Pursuing Work-Life Balance in a Post-Pandemic World.” Yale School of Management, 13 Feb. 2023, https://som.yale.edu/story/2023/pursuing-work-life-balance-post-pandemic-world.
– “The New Rules of the New Finance Workforce.” Financial Executives International, Sept. 2022, https://www.financialexecutives.org/FEI-Daily/September-2022/The-New-Rules-of-the-New-Finance-Workforce.aspx.
– Pontefract, Dan. “The Fallacy of Work-Life Balance.” Forbes, 2 June 2024, https://www.forbes.com/sites/danpontefract/2024/06/02/the-fallacy-of-work-life-balance/.
– Schwartz, Art. “The Myth of Work-Life Balance and the Rise of Work-Life Harmony.” Fast Company, https://www.fastcompany.com/90986780/the-myth-of-work-life-balance-and-the-rise-of-work-life-harmony.
– Williams, Joan C., and Marina Multhaup. “The Surprising Benefits of Work-Life Support.” Harvard Business Review, Sept. 2022, https://hbr.org/2022/09/the-surprising-benefits-of-work-life-support.