The current role of Chief Financial Officers (CFOs) in the finance sector extends beyond traditional financial management. They play a crucial role in equipping their teams to navigate the rapid changes in the financial landscape. Given the advancements in technology and the shifting global economic environment, continuous learning and development within finance teams have become more critical than ever. This article explores how CFOs can lead the upskilling of their finance teams, the essential skills needed for future finance professionals, and why fostering a culture of continuous improvement is vital for success in the competitive finance industry.
Assuming the role of CFO presents challenges, but it also provides an opportunity to shape the capabilities of the finance team. Gartner’s research suggests a structured approach for CFOs, focusing on preparing, connecting, assessing, and acting to execute against priorities. This preparation involves addressing the team’s resistance to change and uncertainty, promoting agility and alignment. By adopting an open change strategy, CFOs can collaborate with their employees, allowing them to take ownership of implementation planning and fostering a culture of collaboration and innovation. Building trust-based stakeholder relationships and establishing a personal brand are also crucial for CFOs to successfully lead their teams towards continuous upskilling and development.
Creating an environment of continuous learning and development within finance teams is crucial for CFOs. This involves identifying current and potential talent, aligning talent expectations with business objectives, and proactively addressing skill shortages. Assessing the organization’s design 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, CFOs can measure improvement and drive their teams towards excellence.
In conclusion, 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.