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Challenges Finance Leaders Face When Trying to Build an Amazing Finance Team
1. Not equipped to excel in value adding activities:
Research has shown close to 50% of finance organizations don't believe their team is strong enough to align the finance function with the business (become strategists) or to stimulate the company to achieve strategic and finance goals. Finance teams and departments must work actively to improve their position as real strategists and partners. This includes change management, strategic thinking, critical thinking and business perspective.
2. Few companies are branding their organizations as employers of choice or career destination for top-tier finance talent:
Branding is among one of the most important activities the finance department can undertake to attract and build a high-caliber finance team.
3. Failing to attract high-caliber graduates:
Many finance leaders, although acknowledging the validity of internships in attracting high potential students, say they do a poor job in appealing to graduates. The general concern and challenge finance leaders cite is that recent graduates don't see their company's finance team as a career launcher.
4. Failing to provide adequate opportunity for growth:
Without question, the highest cited reason we receive at Halcyon Finance when an all-star finance employee wants to leave an organization is due to lack of opportunity and growth. Career advancement certainly tops the list as reasons people leave a position, so why then do so many companies neglect to include talent development as a routine part of talent management?
Allow talent to grow and expands once they've proven themselves. If there is no room in the accounting and finance department, consider opportunities in other business units and/or locations.
Furthermore, allow and urge high fliers with aspirations of becoming a CFO or senior finance leader to get diverse and practical business experience and take advantage of all development opportunities available to them.
How can we help? Please let us know how we can support you or your business?
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