Managing stress in the workplace is a significant obstacle for finance and accounting professionals. According to a CABA study, the finance & accounting profession is amid a mental health crisis, with 31% of professionals experiencing daily stress, which is a significant concern for employers.
What is stress?
Stress is “the adverse reaction individuals have to excessive pressures or other forms of demand.”
There is a distinction between stress and pressure. There is pressure in all jobs, especially in the accounting profession, which can motivate and challenge employees, thereby improving their performance. In contrast, stress can harm one’s mental and physical health and well-being.
4 KEY REASONS FOR STRESS
There are several causes for accountants’ workplace stress.
1) Being overworked: Accountants face an intense and heavy workload and the pressure of deadlines, particularly at the end of the month or year.
2) Peer pressure: Peer pressure and heavy competition in the workplace are viewed as significant causes of stress among finance accounting professionals.
3) Feeling undervalued: Employees are motivated and satisfied when they perceive their work is valued. Being unappreciated can destroy their morale and create a stressful environment in which they question their abilities.
4) Fewer Benefits: monetary compensation is an expectation of all workers. Not being able to meet their salary expectations can be somewhat demoralizing and stressful.
4 KEY SOLUTIONS TO MANAGE STRESS
1) Make a list: The lack of mental ability to deal with every task, assignment, and project in your head is a common source of stress. Instead of wasting mental capacity by storing information in your head, spend 15 minutes writing down your tasks and to-dos (in your workflow tool or project management system). Prioritize all of the tasks on your list once it has been created.
2) Delegate: Delegating is one of the most effective ways to accomplish more by doing less personally. Perhaps you refrain from delegating because you believe training someone takes too much time. You may think that nobody can perform a particular task as well as you can. Change your perspective to alleviate stress.
3) Eliminate stressors: Certain stressors are one of the most influential factors on the stress levels of any individual. These triggers will directly impact the severity of your job-related stress. In some instances, this may involve an utterly disrespectful client. Alternatively, you may have a co-worker who does not perform their fair share of the work. Regardless of the situation, identifying these stressors will be crucial. Identify them and make a concerted effort to lessen their impact on your life by reducing their integration.
4) Improve Your Skills: Failing to perform up to your expectations can be a significant source of stress. While competing with your co-workers, enhancing your skills can give you an advantage. Not only will this boost your confidence, but it will also assist you in gaining the recognition you deserve. US CPA and US CMA are two global certifications that can enhance the reputation of any accounting and finance professional. They equip professionals with the necessary skills to face the challenges of any workplace.
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