We study the finite-time effects in a quantum Otto cycle where a collective spin system is used as the working fluid. Starting from a simple one-qubit system we analyze the transition to the limit cycle in the case of a finite-time thermalization. If the system consists of a large sample of independent qubits interacting coherently with the heat bath, then the super-radiant equilibration is observed. We show that this phenomenon can boost the power of the engine. Mutual interaction of qubits in the working fluid is modeled by the Lipkin-Meshkov-Glick Hamiltonian. We demonstrate that in this case the quantum phase transitions for the ground and excited states may have a strong negative effect on the performance of the machine. Conversely, by analyzing the work output we can distinguish between the operational regimes with and without a phase transition.