Finding the Right Balance of Autonomy in Finance Roles

If you work in finance you will probably have heard that autonomy is the golden ticket. It’s a hot topic among many professionals now because of its direct links to job satisfaction, freedom, trust, efficiency, and personal fulfilment.

But is autonomy in finance roles really all it's cracked up to be? We’re going to get to the bottom of autonomy, its pros and cons, practical strategies for implementing autonomy in your organisation, and how to strike the perfect balance.

Autonomy’s Double-Edged Sword

Many candidates express a desire for autonomous roles for a number of reasons. Some have had their fill of micromanagement and seek the space to breathe and operate independently. Others, perhaps more introverted, find solitude much better for their focus and productivity. Then there are the seasoned professionals, confident in their ability to carry out tasks with minimal oversight, often associating autonomy with flexible work arrangements and a sign of trust from their employer.

However, not everyone is on the hunt for an autonomous role. Some professionals feel isolated in these settings, missing out on mentoring opportunities crucial for career growth. For junior staff or new joiners, autonomy can be a problem. While it offers freedom, it can also deprive them of much-needed mentorship and guidance. The collaborative spark and motivation that comes from team interaction can dwindle in highly autonomous roles, leading to a sense of detachment from the company and your team. 

So, it’s fair to say that autonomy in finance roles brings a mixed bag of pros and cons:

Pros include enhanced work-life balance, a sense of ownership over your work, and an environment of trust that can lead to greater efficiency. There’s also the opportunity for personal and professional growth as individuals manage their own paths to success with less barriers.

Cons, however, can be significant. They range from the risk of complacency and a potential misalignment with the company’s broader objectives to the isolation and lack of diverse perspectives that come from collaboration. The risk of burnout is also much higher in an autonomous employee, due to lack of communication and less opportunity for collaboration.

Striking the Right Balance

The key to leveraging autonomy effectively lies in finding the right balance. Autonomy should not mean abandonment. Even the most independent employees benefit from regular check-ins, feedback, and a clear understanding of expectations. Leaders need to recognise that autonomy doesn't fit everyone equally, it’s important to assess individual needs and tailor the degree of autonomy accordingly.

A balanced approach, offering autonomy if wanted with accessible support and opportunities for collaboration, can encourage both independence and growth. Building a culture that values autonomy while maintaining a strong connection to the company’s mission and collaborative spirit can be powerful.

With that being said, if you’re still keen on autonomy and we haven’t scared you away, the best thing you can do for your organisation is follow our practical steps for a positive transition to an autonomous workplace. Keep in mind that each employee in your organisation is unique and has different needs, don’t group them all in the same column. It’s your job as a leader to offer the best possible support you can for everyone.

This way, you can reap the rewards of an autonomous organisation, whilst avoiding ill feelings of abandonment and complacency.

Practical Ways to Implement Autonomy in Your Organisation

1. Set Clear Expectations

Begin by clearly defining roles, responsibilities, and outcomes. Transparency about what autonomy means in your organisation helps team members understand their boundaries and visualise what success looks like for them. Regularly revisit these expectations to ensure they align with evolving business goals and individual development needs.

2. Offer Supportive Check-ins

Autonomy doesn’t mean isolation. Schedule regular one-on-one meetings to offer support, discuss progress, and address any concerns. These check-ins are opportunities to connect personally and professionally, reinforcing the team's shared objectives and your commitment to their success.

3. Promote a Culture of Trust

Trust is the cornerstone of autonomy. In fact, one of the hardest barriers to overcome in the journey to autonomy is the CFO mindset, which affects every aspect of the path. This is largely due to the CFO's struggle to let go and allow their teams to work to the best of their ability, whatever that looks like for them. That’s why it’s so important to take a step back and trust your team. 

You can demonstrate trust in your team by simply showing confidence in their work and decision-making capabilities. In return you can encourage transparency and accountability from your team by leading by example. This will show your team that you trust them, and therefore, they can trust you.

4. Provide Tools for Collaboration and Learning

Equip your team with the technology and resources they need to work independently whilst remaining connected. Technology is one of the top enablers for autonomy. Implement and encourage the use of collaborative tools and platforms for sharing knowledge and best practices.

Encourage continuous learning through access to online courses, workshops, and seminars to keep skills sharp and relevant. You can do this by offering benefits like unlimited time off for professional development, and setting aside a budget for individual employee development. This will show your employees that you’re serious about their progression.

5. Celebrate Team Achievements and Individual Contributions

Everybody likes to be acknowledged and celebrated for their achievements, even if they’re not one to shout about it. Unfortunately, one of the common challenges in autonomous workplaces, combined with remote work, is that employees simply don’t get celebrated for their achievements. 

It’s so important to acknowledge and reward the results of your team as it reinforces positive behaviours and maintains team morale. You must celebrate both team milestones and individual achievements to highlight the huge value of each member’s contributions to the organisation's success.

Autonomy in finance roles can be really rewarding but definitely requires a tailored approach to maximise its benefits, while mitigating its drawbacks. By understanding and adapting to the individual needs of each team member, you can champion both the freedom of autonomy and the collaborative energy of teamwork. In doing so, you’ll pave the way for an inclusive and productive organisation.