CFOs play a critical role in evolving finance teams, focusing on continuous upskilling amidst technological advancements and economic shifts. They must foster a culture of continuous learning, align team skills with future needs, and drive innovation and efficiency.
Not only do CFOs need to stay up to date with the rapid evolution in the finance sector, they need to ensure that their teams are equipped to deal with these changes too. The role of CFOs extends beyond traditional financial management to encompass the upskilling of their finance teams. As technology advances and the global economic landscape shifts, the necessity for continuous learning and development within finance teams has never been more critical. This article delves into how CFOs can spearhead the upskilling of their finance teams, the pivotal skills required for future finance professionals, and why fostering a culture of continuous improvement is essential for staying ahead in the competitive finance industry.
The transition into a new CFO role is fraught with challenges, yet it presents a unique opportunity to reshape the finance team’s capabilities. Gartner’s insights suggest a structured approach for CFOs, emphasizing the importance of preparing, connecting, assessing, and acting to execute against priorities. A significant part of this preparation involves addressing the team’s change aversion and uncertainty, thereby facilitating agility and alignment. By adopting an open change strategy, CFOs can co-create change strategies with employees, enabling them to own implementation planning and focusing communications on dialogue rather than directives. This approach not only mitigates resistance but also fosters a culture of collaboration and innovation. Moreover, building stakeholder relationships based on trust and establishing a personal brand are crucial for CFOs to successfully navigate their transition and lead their teams towards continuous upskilling and development.
For CFOs, fostering an environment of continuous learning and development within their finance teams is paramount. This involves not only identifying current and potential talent but also aligning talent expectations with business objectives. By clearly articulating competencies and identifying proficiency and growth potential, CFOs can proactively address skill shortages. Moreover, assessing the organization’s design, including the structure of finance subfunctions and sourcing strategies, plays a critical role in supporting the finance team’s efficiency and value-creation mandate. Establishing a strategic vision and updating the roadmap are essential steps for CFOs to guide their teams towards the finance function’s future vision. This includes investing in finance talent and knowledge, rethinking finance processes and policies, upgrading technology and data management, and enhancing finance decision support. By identifying potential functional risks and setting realistic performance targets and KPIs, CFOs can measure improvement and drive their teams towards excellence.
The role of CFOs in upskilling finance teams is crucial for navigating the complexities of the modern financial landscape. By fostering a culture of continuous learning and development, CFOs can ensure their teams are equipped with the skills necessary to meet future challenges and drive business success.
