Fighting the Mid Financial Year Slump
In the Southern Hemisphere, the end-of-year festivities are not just a time for celebration, they mark the start of our major summer holiday period, and bring a hard stop to the middle of the financial year. But what comes after can feel like an even harder start.
This unique calendar rhythm creates a natural break, but as we return from our summer holidays and face the second half of the financial year, many teams encounter the dreaded mid-(financial) year slump. Energy dips, enthusiasm wanes, and the finish line feels further away than ever. So, how do you reignite your team’s motivation to not only survive but thrive on the journey to the finish line?
Bookmarking Before the Break:
THE YEAR IN REVIEW, THANK YOU, ESTABLISHING THE NEW...
We begin the financial year pumped up and ready to go! It is easy to feel motivated by new goals, energy, strategy and the ‘what ifs’ of the year ahead. The early chapters seem to fly by until we land in the Xmas holiday period. Even though the financial year is only halfway through, our calendar year is ending, and for many, the break over Christmas and New Year is mandatory.
We can compare this break to a bookend that holds a novel in place while it sits on the shelf. If we do not close the book properly, the pages stay open, collecting dust. But if we close it without a bookmark, we risk losing our page. The key is to close it intentionally, with a clear plan in place, so that we can easily pick up where we left off.
Here is how to bookmark before the break:
Reflect On the Year’s Achievements
Celebrate wins, both team-wide and on an individual level. Recognising contributions boosts morale and reminds everyone of their impact. Break this down by department or individual to help team members feel seen and valued.
Set Intentions for the Year Ahead
Ask your team what strengths they want to build or what they would like to achieve in the New Year. Encourage them to think about what training, skills, or resources they will need. Show your commitment to investing in their growth.
Establish What Needs to Change
Identify areas for improvement and make a collective commitment to tackle them after the break. Be clear about what each person’s role will be in driving that change – like a New Year’s resolution for the team.
Create Space to Air Concerns
Allow team members to voice their concerns openly so that they don’t carry unresolved stress into their break. Use this as an opportunity to acknowledge frustrations and clear the air.
Leadership Ownership
Leaders should acknowledge their role in shaping a positive culture of growth. This includes taking responsibility for areas where they can improve and modelling a commitment to change. This is also a chance to practise adaptive leadership – creating a safe space where team members can vent, process concerns, and focus on 1–3 critical areas for improvement.
After the Break
REINVIGORATING THROUGH CONNECTION
Coming back after the summer holidays can feel sluggish, much like revisiting our book after leaving it closed for a while. Remember: energy creates energy. To reignite motivation, it is essential to rebuild connection before ripping out that bookend and diving straight into work.
For many, the holiday break is not always relaxing, especially for parents, and time away can create feelings of isolation between your team. According to Gallup, a sense of isolation can impact productivity by as much as 21% (2020).
Here’s how to avoid that post-holiday lag and re-establish a sense of belonging:
Reconnect as a Team
Returning after the break, many teams struggle with disconnection, not just from work but from each other. It is crucial to re-establish that sense of belonging before diving back into the workload. Sometimes to get the most out of your office, you need to get out of the office altogether.Recently, we’ve had great success with our one-day offsite program called Interchange Escapes which focuses on aligning leadership teams around purpose, strategy, and culture. This offsite experience provides teams with a real-time view of how they perform under pressure and helps members reconnect with the team’s core mission and goals. The day challenges team members to reflect on their individual roles and how they contribute to the team’s larger purpose and strategy. We discuss the benefits of these offsite days in more detail on our Culture Commute Podcast – check out the episode on Interchange Escapes here.
By unpacking these team dynamics together, leaders can identify unconscious behaviours and conflicting priorities that may be holding them back. This process not only strengthens team bonds but re-engages the team with why they exist and what they’re here to achieve. Tying these insights back to strategy helps the team start the new year with clearer direction and renewed energy, ready to tackle the months ahead.
Connect to Strategy and Purpose
Once your team is reconnected, it is time to shift focus towards the future. Discuss what the strategy for the next six months looks like but make it actionable for different departments and roles. A vague, high-level vision will not inspire action. Contextualise it so everyone understands their part in achieving the bigger goals.Balance your strategy discussions with other motivational techniques to engage all personality types – while some may love diving into strategy, others might prefer to get on with their work. Keep strategy conversations concise and practical.
Revisit the ‘Why’
It is not just about what the team will do, but why they are doing it. Discuss with your team the overarching purpose behind their roles and how their contributions align with the company’s mission. Revisit why each person chose to be in their role and the impact they want to make. Connecting the purpose to your strategy helps your team see how their work over the next six months will contribute to something greater.
As we transition into the holiday period, it is essential to approach this new chapter with intention. Just as a well-placed bookmark helps us pick up right where we left off, creating opportunities for connection and clarity among teams lays the groundwork for success. By recognising achievements, engaging in meaningful conversations, and reconnecting with purpose, we can transform the mid-financial year slump into an opportunity for growth and renewed enthusiasm.
Georgia and Gabe talk about the Mid Financial Year Slump here: