Are you a CFO or Finance Director? It's time to upskill your finance team
For C-suite-level finance executives, the ability to upskill the finance team to prepare for the future is essential. CFOs are no longer limited to number-crunching and overseeing payroll. The growing digitalisation has provided CFOs with a unique opportunity to upskill their finance team to exceed performance goals. Upskilling is a buzzword throughout every industry and has become a mainstream concept as roles evolve in the face of what is being dubbed “The Great Resignation”, the switch to remote working, and increasing digitalisation.
The CFO's role has evolved in importance and visibility, and CFOs who work to upskill their finance team can raise their profile and the company's position within the industry, attracting higher-skilled talent. Having a CFO on the team allows for recruiting higher-skilled candidates and unlocking a company's potential, while aiming for a higher level of employee retention. In this way, the finance team can deliver better risk management, financial insights, and optimised business growth.
Technology is changing almost every aspect of a finance team's daily responsibilities. Today's finance teams look vastly different from the ones you would have seen only a decade ago. The changing world of work and increased digitalisation means finance teams are yet again about to undergo major changes. While companies will rely more on automation, algorithms, and outsourcing, they'll certainly still need a finance team. Training, mentoring, and workshops is vital to bridge the gap between the finance departments of today and tomorrow.
The Upskilling Strategy
The focus of this strategy should be to address the tasks that will remain within the remit of individual employees and develop their technological skills. A capable leader 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 pandemic has changed the world of work for good, providing finance leaders with many headaches but also a unique opportunity to elevate their role as company leaders. Team-building skills are becoming vital for CFOs who should boost performance and create opportunities for closer working between departments. By upskilling the finance team, the effects will be felt throughout the business, elevating the company, and allowing it to perform at a higher level.
The most significant challenge most those in these roles will face is finding the time to dedicate to team building and upskilling. Finance leaders, such as CFO’s and finance directors, now 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 they can implement team development into their strategy.
Implementing the Strategy
- Manual Task Automation - One way is to eliminate manual tasks 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 take on additional headcount.
- Cloud Technology - Another way is to implement cloud technology, whole departments can use cloud technology to uplift the teams’ technological skills, streamline processes, and boost their efficiency. It also enables the finance team to access data in real-time and from anywhere, allowing them to make informed decisions quickly and stay ahead of the competition.
- Training and Development Opportunities - Implementing training and development programmes can keep the team's skills up to date, ensuring that they have the necessary knowledge and expertise to perform their roles efficiently. These opportunities show the team that they are valued and can be a great way to retain the best talent in the company. Career development and progression within a business have compounding benefits, including an attractive EVP and higher-skilled employees.
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