Dealing with year-end pressure

‘Year-end’ is a term many actuaries associate with long hours

Whether you’re a consultant or work in-house, many actuaries find themselves under considerable pressure on the race to year-end. For some, this busy period occurs at other times in the calendar, but school holidays and office shutdowns mean that many of us experience stress as we head into December.

I remember sitting at my desk one Christmas Eve; most of the staff had gone home and removalists were packing around us to support an office move. My team was working hard to complete some modelling and advice for a client before the summer office shutdown. As a mum, I was desperate to be home with my four small children enjoying some holiday craft! But as a new manager and provider for my family, I was determined to prove my ability and endurance at work. I wasn’t leaving the office until our work was done! In this instance, work won and my (now) grown children don’t even remember the event, but the frustration is still clear in my memory!

This kind of year-end pressure is familiar to many of us, but there are things that you can do to help alleviate the stress. I’ve asked some of the senior actuaries in our industry for their top tips on how they manage the end-of-year crunch.

1. Plan ahead!

Senior Vice President of the Actuaries Institute, Annette King, suggests taking an Actuarial Control Cycle approach to year end stress:

“Start with the end in mind! Plan your delivery accordingly, including a bit of contingency time because there are always last minute adjustments/new inputs/differing views. Share your plan with your stakeholders and teams you work with. Then keep daily track of who is doing what and hold yourself and others accountable to the agreed plan.”

Annette reminds us to debrief when it’s over and use the learnings to improve next year’s busy period:

“At the end of the process, celebrate and then sleep! And after sleep think about what went well and should be retained next time; and what didn’t go well and can be improved next time.”

2. Set boundaries and have difficult conversations if needed

Sometimes managers can contribute to end-of-year pressure for their teams, as Douglas Isles, Scottish-born actuary working in investment management, points out:

“Often the pressure comes from the person above you not managing their time particularly well. I’ve seen situations where a guy spent all day in meetings, and then gave junior staff the tasks at the end of the day that he needed for his meetings tomorrow.”

Managers need to be aware of putting undue pressure on their teams. But team members can practice their communication skills and speak up.

“It may seem difficult, but try and call out the unacceptable “being the victim of someone else’s poor time management”. It feels high risk, but it’s important to try and set the right boundaries. I think COVID has definitely helped as well with this idea of people being a little bit more flexible, so I suspect it’s easier to have these conversations now than it was two years ago,” Douglas said.

3. Leverage teamwork

Mia Geringer, Director of SolveCo Actuarial Services in South Africa, reminds us that everyone has different commitments:

“Some have more pressures than others. Not everyone celebrates Christmas. We take turns in the office, who gets to put in leave first for example. The deadlines won’t change, they will be there every December so it’s best to plan and manage expectations with family as well.”

Iain Bulcraig, Methodology Stream Lead at SCOR, suggests that great managers build trust and have teams that work through adversity by involving them in finding solutions. He suggests saying to your team:

“OK we (yes me as well!) are all in this together this year but it’s up to all of us to find the solution for the next time so we don’t have to do this again. I will support your ideas and change as required but I need you all to question what you/we are doing so we can be better next time.”

4. Plan how you’ll stay OK throughout the stress

You might not be able to take a day off to escape the stress during busy season, but there are things you can do to reduce stress and enhance your output that can be done in a matter of minutes. Stepping away from your desk to eat your lunch or sip a cup of tea can be an effective mental recharge that pays for itself. Actuary and yoga teacher Sheridan Daniels reminds us of the importance of the breath:

“Simply turning your awareness fully to the breath, even for a short time, naturally lengthens and deepens the breath, triggering the relaxation response.”

I’ve been known to close my eyes for a two-minute desk meditation to calm my mind and regain focus before an important meeting or presentation.

5. Manage your own expectations

My own piece of advice is about the power (both positive and negative) of expectations. A senior leader once told me I was a “Completer Finisher”[1] type and I have a reputation for “getting things done”. I enjoy completing tasks and I find it hard to leave work unfinished or unsatisfactorily completed before I can relax. However, trying to complete everything on your work to-do list and your personal year-end tasks can be a recipe for burnout. Try to prioritise what must be done and practise being OK with leaving less urgent and less important tasks for later.

Perhaps with a bit of planning, good management, and the right environment we can arrive at the holiday season feeling human and ready to enjoy our breaks.

What will you put in place to ease the pressure as we reach the end of 2021?

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