Empowering Finance Teams: Navigating the Evolving Landscape
As the finance function undergoes a transformative shift, driven by technological advancements and an ever-expanding remit, chief financial officers are facing the challenge of building and scaling their teams to meet the growing demands. From diversifying skill sets to fostering dynamic team dynamics, finance leaders are exploring innovative strategies to ensure their organizations remain resilient and adaptable in the face of constant change.
Unlocking the Power of Diverse Expertise
Embracing the Evolving Finance Landscape
The traditional finance structure is giving way to a more diverse range of skills and experiences. While experts in financial disciplines like accounting and tax will always be essential, finance teams are now comprising a growing proportion of data scientists, business analysts, and engineers. This shift is driven by the increasing reliance on data-driven decision-making, scenario planning, and the adoption of AI and automation."We are moving away from the traditional finance structure, and having a diverse range of experience and skills is more critical than ever," says Karen Williams, CFO at travel management platform American Express Global Business Travel (AmexGBT). "A growing proportion of our function comprises data scientists, business analysts, and engineers."This diversity of expertise allows finance teams to adapt to the rapidly changing business landscape more effectively. By leveraging the skills of professionals with diverse backgrounds, finance leaders can drive faster adoption of technology, become more comfortable with data integration, and provide more insightful and valuable insights to the organization.
Strategic Hiring for Targeted Growth
As the demand for finance professionals with data analysis, forecasting, and technology skills surges, the talent pool with the necessary expertise is becoming increasingly scarce. In response, finance leaders are turning their attention to strategic hiring, focusing on candidates whose experience aligns more closely with the organization's wider business goals, such as digital transformation or overseas expansion."I've started recruiting people with different areas of knowledge – a particular market or a tech product," says Anders Christoffersen, CFO at fintech platform YouLend. "It means I have expert feedback immediately on-hand and I don't need to waste time going down a rabbit hole."More than half (57%) of CFOs plan to hire in specific areas to drive growth in the next 12 to 18 months, according to a 2024 PwC Pulse Survey. This strategic approach to talent acquisition allows finance leaders to build teams that are better equipped to navigate the evolving business landscape and support the organization's strategic objectives.
The Importance of Soft Skills
As finance teams are expected to take on a more strategic role within the organization, the importance of soft skills, such as collaboration, communication, and adaptability, is becoming increasingly crucial. These skills enable finance professionals to effectively partner with other departments, provide insights that are easily understood and acted upon, and navigate the constant state of flux driven by new business demands, regulatory changes, and technological advancements."I don't expect the people I hire to be native coders, but I absolutely need them to be able to explain their work in a clear and concise manner, to all levels," says Christoffersen.Fostering an environment that encourages cross-departmental collaboration and regular communication is key to developing these essential soft skills within the finance team. By creating opportunities for team members to interact and share their expertise, finance leaders can cultivate a more cohesive and adaptable workforce.
Navigating Team Dynamics
As finance teams expand and evolve, the focus on team dynamics becomes increasingly crucial. Finance leaders must not only consider the individual strengths and expertise of their team members but also the overall composition and chemistry of the group."Like a coach preparing for a big sports match, I need to make sure I'm putting the right players on the field in the correct positions," explains Ebony Morczinek, CFO at Blacklane, the Berlin-based car-hire service. "Personality types are just as important as roles or experience."Developing a strong team dynamic is essential for fostering accountability, cooperation, and efficiency. Finance leaders must create opportunities for team members to connect, provide feedback, and work together towards common goals. This may involve setting aside dedicated time for team meetings, fostering a culture of open communication, and actively addressing any tensions or conflicts that arise.
Attracting and Retaining Young Talent
The changing expectations of young finance professionals present both challenges and opportunities for finance leaders. As the next generation of analysts and accountants seek more dynamic and fulfilling careers, finance chiefs must adapt their approach to attract and retain top talent."It is tough to get junior talent in the door and when you do, they're very impatient to get to the next stage in their career. They want to do cool stuff from the very beginning, which can be quite difficult to provide," says Morczinek.To address this, finance leaders are placing a greater emphasis on providing regular training opportunities, mentorship programs, and clear career development paths. By demonstrating a commitment to the professional growth and enrichment of their team members, finance leaders can create a more attractive and engaging work environment for young talent.Additionally, the volatility of recent years has heightened the need for finance leaders to provide stability and transparency within their teams. Younger professionals are increasingly looking to their leaders for guidance and reassurance in an uncertain world, and finance chiefs must adapt their leadership styles accordingly.
