A significant proportion of senior finance leaders believe that restrictive spending policies are limiting business growth.
New research reveals that 88 per cent of English and Italian finance leaders have encountered missed opportunities due to employees lacking direct access to their own budgets.
The findings, published by spend management provider Soldo, indicate that while 86 per cent of senior finance leaders would trust employees with company funds, many remain reluctant to grant direct access. One of the primary reasons for this hesitation is a perceived lack of employee understanding of finance policies (35 per cent), which has resulted in more than half of UK employees (54 per cent) admitting to bending the rules to gain access to company funds.
The research, which surveyed both employees and finance leaders, highlights the negative impact that restricted budget access can have on business growth:
The report also found that almost three-quarters (73 per cent) of finance leaders believe that overly complex financial processes slow down or prevent them from supporting employees in pursuing new business opportunities. Additionally, 60 per cent of finance leaders admitted to encountering financial surprises at month-end, which can shift focus away from growth strategies.
The research suggests that empowering employees by improving their access to company funds could have a positive impact on business growth strategies, particularly by boosting productivity. Key benefits identified by both employees and finance leaders include:
Recognising your team’s achievements is crucial for fostering a motivated and engaged workforce.
He advocates for the continuous enhancement of Malta’s tourism offerings.
The research was carried out by the non-profit, non-partisan organisation
For many businesses, January is synonymous with a post-holiday slump.