In a recent survey, we asked CFOs whether, to meet their goals as CFO, they felt they needed help with their finance team in the following areas:
- Talent Management
- Succession Planning
- Structuring an Efficient and Effective Finance Organization (Team Structuring)
Almost half of the CFOs surveyed felt they needed help with Talent Management and Team Structuring, while about one in 5 felt they needed help with Succession Planning.
Interestingly, CFOs feel that other CFOs have more needs in these areas than they do. They answered that 2/3 of other CFOs needed help with Managing Talent and Structuring their Team, and almost one half of other CFOs needed assistance with Planning for Succession.
Our CFOs overwhelmingly felt that they were either ‘willing’ or ‘very willing’ to spend internal resources on dealing with these Team challenges, but less willing to hire external resources for these challenges.
CFOs were most interested in seeking outside help for improving the efficiency and effectiveness of their Finance Team.
Lessons learned:
CFOs believe that their team is important to their success, and are aware that they have challenges on their team. They also believe that spending time, effort and resources will make a difference to how they perform as CFO – the stronger their team, the stronger they are.
Challenge:
As CFO, do you have the strongest finance team possible to support you in your goals?
A success of anyone is a success of everyone. Working together as a team enables you to reach your business goal.It is important to set an individual task to each member in order to focus the attention on it.