How a CFO Can Uplift and Upskill Their Finance Team
How a CFO Can Uplift and Upskill Their Finance Team
CFOs do more than just number crunching. A successful CFO will always strive to uplift and upskill their finance team to prepare the company for the future. Developing the finance team means the business can continue to move forward and meet its long-term goals by delivering better risk management, financial insights, and business growth for an optimised strategy.
At FD Capital Recruitment, we’re passionate about the potential of CFOs to change the fortune of every aspect of a business. A CFO is firstly the head of the company’s finance department and is responsible for their junior colleagues. However, today’s finance departments have moved beyond existing solely for producing spreadsheets and overseeing payroll.
Uplifting and Upskilling
Growing digitalisation has provided CFOs with a unique opportunity to uplift and upskill their finance team to exceed performance goals. More companies are coming to view their CFO as a value driver who can elevate the organisation by upskilling employees.
It comes at a time when the role of CFO has evolved in importance and visibility. CFOs who work to uplift and upskill their finance team can raise their profile and the company’s position within the industry and attract higher-skilled talent.
‘Upskilling’ is a buzzword that you’ll hear throughout every industry. It’s become a mainstream concept as roles evolve in the face of the great resignation, the switch to remote working, and increasing digitalisation. CFOs who become leaders within their company by uplifting and upskilling can introduce new technology to deliver better results and higher efficiency.
Having a CFO on your team allows you to recruit higher-szxkilled candidates and unlock your company’s potential. A CFO will uplift and upskill their finance team while aiming for a higher level of employee retention. At FD Capital, we’ll connect you with a CFO who will understand your company’s mission and take your company and finance team to the next level of growth.
Why Your Finance Team Needs to Upskill
Technology is changing almost every aspect of a finance team’s daily responsibilities. Today’s finance teams look vastly different to the ones you would have seen only a decade ago. It’s why CFOs are preparing for the future by uplifting and upskilling their finance team in multiple ways.
A recent survey by Deloitte – CFO Signals – found that 73% of those surveyed plan to implement technology that will replace traditional roles. The changing world of work and increased digitalisation means finance teams are yet again about to undergo major changes.
More will rely heavily on technology and finance teams will utilise freelancers and outsource work on a higher level than ever before. The rise in demand for part-time CFOs shows that this change is happening at every level within finance teams.
The reality of today’s finance teams is that many don’t have the skills to become the finance team their company needs for the future. It’s why upskilling through training, mentoring, and workshops is vital to bridge the gap between today’s and tomorrow’s finance departments.
While companies will rely more on automation, algorithms, and outsourcing, they’ll need a finance team. Uplifting and upskilling employees is a vital component of any business strategy to future-proof the organisation and progress your finance team as the company grows.
A CFO will prepare for the future by giving their finance teams the tool to become the finance department they’ll need in five years’ time. Everything from data to the way investment decisions are made will change as financial work becomes increasingly digitalised and driven by automation.
The focus of a CFO upskilling strategy should be to address the tasks that will remain within the remit of individual employees and uplift their technological skills.
Technology and financial executives work best when they can perform in unison, utilising cognitive technologies and industry experience for the best results. We’re a unique time where CFOs can reshape their finance department for the technological era, partnering with financial recruitment agencies to build a finance team for the future. Companies want to attract talent while understanding industry trends.
The reality of industry changes means that CFOs will eventually have two teams to manage – their in-person team will analyse data and become strategic advisors, alongside AI and systems that will oversee accounting and processes. Retraining and accepting the idea of lifelong learning is vital for boosting employee retention and creating an innovative system that enables employees and AI to work in unison.
Developing Your Finance Department Through Upskilling
The pandemic has changed the world of work for good. While it provided CFOs with many headaches, it’s also given them a unique opportunity to elevate their role as company leaders. Team building is vital to the success of any CFO. Today’s CFOs are a ‘chief future officer’ who should be leading by example within the organisation.
Team-building skills are becoming vital for CFOs who should boost performance and create opportunities for closer working between departments. Uplifting and upskilling the finance department will elevate the company by allowing it to perform at a higher level. You might be interested in CFO Headhunters.
The difficult most CFOs will face is finding the time to dedicate to uplifting and upskilling their finance team. CFOs have an expanded portfolio of responsibilities and are one of the busiest members of a c-suite team.
However, there are still plenty of ways a CFO can implement upskilling into their strategy. We’re sharing three ways CFOs can work on uplifting their team alongside their daily responsibilities.
-
Eliminate Manual Task Through Automation
Manual tasks can slow down the daily workflow of a finance team. Free up your team’s time by automating administrative tasks that are labour-intensive. Identifying opportunities for finance automation can make your team more efficient and uplift its productivity without having to expand your team.
AI software is becoming increasingly common within finance departments. Embracing this technology and accelerating your use of it will enable you to create a data-driven, digitally literate department that can deliver results with a close-knit team.
-
Invest in a Tech Stack
Automation isn’t the only way technology can make it easier for CFOs to uplift and upskill their finance team. Investing in a tech stack can create a more cohesive workflow that frees up employee time and removes the constraints of outdated technology.
Tech stacks can deliver better results with access to real-time data visibility and enable your finance team to be better connected through working in shared virtual spaces.
It’s more vital than ever before for CFOs to feel like they have the skills set and leadership to embrace a digital-first team model. Technology will only continue to play a vital role in financial forecasting and analysis, meaning CFOs need to upskill their own digital knowledge through automation and learning.
Almost 50% of respondents to Deloitte’s 2018 Human Capital Trends survey said they believe AI would be widely deployed in their companies within the next five years. The growth of AI and automation has happened even quicker because of the pandemic and the rise of remote working.
-
Become a Forward-Thinking Leader
A CFO should act as a forward-thinking leader within their department, putting uplifting and upskilling at the heart of their growth strategy. Embracing forward thinking means that CFOs can adapt to evolving technological changes to make their company more productive.
Before a CFO can think about embracing digital growth, they need to become an effective leader. This aspect is where soft skills become vital, including cooperation and communication. CFOs who excel with soft skills can act as a mentor to their finance team and uplift their experience and skills.
Feedback and insightful discussions are a simple way to continue the process of uplifting employees daily. It’s vital that you recruit a CFO who has the soft skills required to bring themselves to the same as their employees, understanding the challenges they face.
CFOs are actively involved in the recruitment process of their finance team. A forward-thinking CFO will understand that software and technology skills are becoming increasingly vital for financial executives.
Your CFO can uplift their finance team by presenting job descriptions that are activities and skilled based, focusing on tasks like the use of scientific software, data analysis, and data analysis. These skills are vital for ensuring candidates have the baseline knowledge and skills required going forward.
Make Your Finance Team Financial Strategists
A CFO will uplift and upskill their finance team by turning them into financial strategists – regardless of their position. Employees need access to the time and tools required to uplift their skills and improve their workflow. It’s not enough to prepare your finance team for everyday tasks and responsibilities.
A company that plans to go global will need its CFO to turn their finance team into financial strategists who aren’t afraid to flex their skills and utilise AI to deliver better insights and results.
Companies will be in a stronger position when finance teams are seen through a larger lens, giving the same type of importance and versatility attributed to today’s CFOs. Upskilling your finance team in line with the CFO will put your company in a better position and improve employee retention. Why not talk with FD Capital today about how we can help your business with it’s CFO Executive Search.
How CFOs Can Uplift Colleagues as Company Leaders
There are dozens of ways that CFOs can uplift their colleagues by acting as company leaders. These methods range from simple mentoring programs to redesigning the working environment of the finance department to make it more cohesive and introduce AI and automation.
-
Reverse mentoring
We often think of mentoring as senior finance executives providing guidance to their younger colleagues. While this works in theory, it doesn’t account for the fact that younger finance executives are typically more acclimatised to technology and better understand AI and automation.
CFOs can decide to embrace the concept of reverse mentoring, partnering younger colleagues with senior financial executives to teach them skills from digital natives. This mentoring scheme can make your team feel more cohesive and upskill your staff without having to invest in expensive training.
These reverse mentoring schemes often become a two-way relationship with both parties providing guidance to the other.
-
Department Rotation
Your finance team are no longer working solely internally. One of the best ways to uplift your finance team is by rotating them through your company to experience different departments. CFOs who conduct these experiments find that their team gains a more holistic view of the company’s finances and a better understanding of the organisation.
-
Redesigning the Department’s Working Environment
Gone are the days of CFOs sitting in corner offices and their finance team being behind cubicles. A CFO can uplift and upskill their finance team by redesigning the working environment to make it more cohesive.
The pandemic has made remote working more widely accepted and expected as standard. CFOs need to create a modern workplace that embraces the reality of hybrid working, allowing the finance team to work in unison either virtually or in person. Hot desking, tech stacks, and mentoring play a role in redesigning a traditional working environment.
-
Encourage Independent Work
One of the best ways CFOs upskill their finance team is by providing them with time for independent work. Conducting internal or external projects enable employees to develop their skills, experience, and expertise. This research can often pay off for the company’s strategy and result in a more unique perspective or insight.
Why It’s Vital That CFOs Uplift and Upskill Their Team
CFOs who uplift and upskill their team are preparing their company for the technological future. Developing their skills and experiences allow employees the opportunity to step into leadership roles and progress their career within the company. Employee retention is one of the underappreciated aspects of upskilling your team but can deliver a more cohesive strategy in a timely manner.
Today’s finance teams look virtually unrecognisable from the finance teams of the early 2000s. The finance teams of 2030 will look virtually nothing like those of today. AI and automation are two reasons why uplifting and upskilling the finance team is at the top of every CFO’s to-do list.
FD Capital is committed to streamlining the recruitment process to connect companies with CFOs who can uplift and upskill their finance team. Whether they’re building a team from scratch or developing an existing department, a CFO is vital to future-proofing your business. We offer part-time / Fractional CFO’s as well as full-time and interim solutions, why not reach out to our expert team of specialists for a no obligation chat.
Start upskilling your company today by contacting our team for a no-obligation recruitment consultation at 020 3287 9501 or by emailing recruitment@fdcapital.co.uk.
