How to Boost Engagement and Commitment
Learn simple steps to lift employee engagement and build lasting commitment across your team.
Finance teams keep the business running—tracking costs, planning budgets, and guiding decisions. But even in one department, it’s easy for teams to fall into competition: controlling vs. reporting, tax vs. audit, each with its own goals. As David Sarnoff once said, “Competition brings out the best in products and the worst in people.” In finance, that kind of tension can slow things down and hurt trust. This blog explores how to shift from competing teams to united goals—why cooperation matters and what leaders can do to build it. Because when finance teams work together, the whole business moves forward.
Understanding the Dynamics of Competing Teams
Finance departments often deal with pressure. Teams have to meet deadlines, manage data, and support big decisions. In this fast-paced setting, competition can appear without warning. While some believe it can drive performance, unchecked competition can break trust and teamwork.
Identifying the sources of competition in finance departments
Some teams compete because they are measured in different ways. For example, one team may be rewarded for cutting costs, while another is praised for finding risks. These goals can clash. When teams chase their own targets, they often stop seeing the big picture.
Budgets can also create tension. If teams fight over tools, headcount, or training, they may start blaming each other. The focus shifts from solving problems to winning resources.
In some companies, rivalries come from old habits. One team may feel that another always takes the credit. Or that their work gets ignored. Over time, this creates frustration and distance.
The impact of competition on team morale and productivity
Competition may bring quick results. A team works harder to beat another. But this only works for a short time. Long-term, it hurts the team.
When people compete, they share less. They hide mistakes. They stop asking for help. This slows down work. It also creates stress.
Teams start to work in silos. They do not speak openly. They do not learn from each other. This hurts morale. People feel alone. They do not enjoy their work. Some may even leave.
Case studies of competing teams in finance
In one company, the reporting team stopped sharing data with the controlling team. They wanted to be seen as faster and smarter. This caused double work, delays, and errors. In the end, the CFO had to step in and reset the goals. In another case, two audit teams competed to create better tools. Their ideas were strong. The competition led to new ways of working. But they only succeeded because leadership helped them work together in the final phase. Competition is not always bad. But it needs to be managed. Otherwise, it can break what the company is trying to build.
Strategies for Building Cooperation in Finance Departments
Strong cooperation does not happen by chance. It needs clear actions and support from leadership. When teams work together, they solve problems faster and build trust.
Establishing common goals and objectives
Every finance team should work toward the same goal. This goal must match the company’s vision. If teams focus only on their own tasks, they lose sight of the bigger picture.
Leaders can create shared targets. For example, both the audit and reporting teams can track how well they support business planning. Shared performance indicators help teams feel part of one mission.
Encouraging open communication and transparency
Talking often helps teams stay connected. Weekly check-ins or short daily updates can improve teamwork. These meetings help teams share news, ask questions, and solve small problems early.
Using digital tools also helps. Teams can use shared dashboards or cloud systems. This makes it easy to track progress and share information. Everyone stays on the same page.
Fostering a culture of teamwork and recognition
When people work well together, leaders should notice and celebrate it. A small thank-you or public praise can go a long way.
Group wins matter more than personal wins. A good example is closing a report early thanks to help from two teams. These moments should be celebrated together.
Team-building helps too. This can be a shared lunch or a joint project. These activities build trust and help people get to know each other.
Leadership’s role in promoting cooperation
Leaders must lead by example. If a manager talks openly, gives credit, and shares their goals, others will follow. A cooperative leader sets the tone for the whole team.
Leaders also need to give teams the tools they need. This can be software, time for team meetings, or training in communication. When people feel supported, they are more likely to support each other. Building cooperation takes time. But with the right steps, finance teams can move from working apart to growing together.
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