How employee relationships with technology are impacting wellbeing, accuracy, and your business
Since the pandemic, technology has been crucial in helping businesses to run efficiently and keep employees connected. However, FloQast’s latest study, Controller’s Guidebook: Is Your Relationship with Technology a Solution to Burnout or a Source of Stress?, revealed that the impact tech tools have within the organisation is far more nuanced, directly affecting employee burnout, wellbeing, work-life balance, and company success as a whole. Mike Whitmire, co-founder and CEO at FloQast, (inactive CPA) comments
n FloQast’s recent study, it was found that the level of influence tech tools have, lies in the relationship employees sustain with said tools. These relationships can be defined into three categories: Synergistic, Routine, and Adversarial. In Synergistic relationships, technology is a true partner in the accountant’s work, in Routine relationships, technology is functional but doesn’t add value to an accountant's work or life and, lastly, in Adversarial relationships, technology is seen as a hindrance rather than a help.
Within these relationships, those with Routine or Adversarial relationships saw much greater stress and turmoil, particularly around their mental health and personal lives, than those with Synergistic relationships. Only 25% of those with Synergistic relationships reported average to high levels of burnout, compared to 49% of those with Routine relationships and 73% of those with Adversarial relationships. Further, accountants with Synergistic relationships had their personal lives negatively impacted by work 1.5 fewer months than those with Adversarial relationships and 1.2 months fewer than those with Routine relationships. They also reported higher satisfaction levels in various aspects of the job including, career potential, work-life balance, and income.
In addition to a significant impact on well-being, individuals with a Synergistic relationship saw greater success at work. The study found that individuals with a Synergistic relationship are 2.6x more likely to believe they have enough time to complete their work than professionals with an Adversarial and 1.6x more likely than professionals with a Routine relationship. Even more importantly, it was found that accountants with a Synergistic relationship are less likely to make errors that necessitate reopening the books – accountants with a Synergistic relationship reopened the books 1.4 fewer months than accountants with an Adversarial relationship and 0.7 fewer months than accountants with a Routine relationship.
Building a synergistic relationship
The findings of FloQast’s study make it clear that creating a Synergistic relationship between employees and their technology is paramount to not only happy employees but a successful business.
The trick to developing these harmonious relationships? Implementing integrated technology systems that are designed with the needs, skills, and thinking of the end user in mind. When this happens, accountants are more likely to believe they can complete their work on time and, as a result, are more likely to sustain a Synergistic relationship with their technology. In fact, 58% of accountants who reported utilizing highly integrated tools also reported a Synergistic relationship with their technology. This percentage was almost five times more than the 15% for those with low levels of integration.
CEO & President
Time for a synergistic future
Over the past few years, accounting and finance professionals have seen a plethora of roadblocks, including burnout, economic volatility, increased competition, and more. This study makes it clear, however, that we can overcome these issues and create a better working environment by focusing on the relationship employees have with the technology they’re using.
It’s time we implement technology tools that are better designed and suited for employees. It’s a surefire path to developing Synergistic work environments that create a workforce of innovative, productive and engaged employees.
Co-founder and CEO,
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