building the best finance team possible through talent management
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Video & Presentation: http://www.proformative.com/events/building-best-finance-team-possible-through-talent-management The saying goes, "You're only as strong as your weakest link." This is very true when it comes to your Finance Organization. The key to success is talent management and how to build the best finance team possible. Learn best practices and frameworks in which you will be able to successfully build your dream team. Speaker: Mark Richards, SAP Cloud for Money & Creator of CandidatesChair.com Presentation delivered at CFO Dimensions 2013 - http://www.cfodimensions.com Track: Leadership | Session: 1TRANSCRIPT
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Building the Best Finance Team Possible Through Talent ManagementPreparation for Talent Management Process
Mark Richards – Proformative Advisory Board & SAP Cloud for MoneyMaterials presented within are property of Mark Richards/CandidatesChair.com
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Best Advice From Human Resource Colleague
“My role is not to understand Finance, my role is who to know in Finance.”
“Why? Because I’m not working in Finance day-to-day – I understand the role, but not the key nuances to deliver – that’s where you come in.”
HR will lead talent management, Finance will lead HR where to take our talent.
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Mark Richards
25+ years in Finance - 5 industries, public, private, start-up, early stage and global entities
Managed finance teams for 20+ years - local, remote and international
CandidatesChair.com & Advisory Board of Proformative
20+ tools created – 30K downloaded
Proformative blog: Networking & career search – 80K+ reads
Currently with SAP Cloud for Money
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Our Role in Alignment of Team
Visualize the business direction & map it to Finance
Identify the skills needed and where you stand today
Building to your future Team through Career Planning and Hiring
My objective: Share how I solved my own problem of preparing for broader talent management
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Putting Into Action
Keep the process simple
Involve your entire team – starting with your direct reports
Leverage your systems. Less manual work = higher likelihood to repeat
Use this as a starter set of ideas to get yourself prepared
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Visualize the Business = Talk as Operator
CFO surveys: ½ of time on compliant financials – leaves less time for being ‘in’ business
Commit time in field for discovery
Your discovery goal: Confirm & Learn Where is the business heading
Path needed to get the business there
How is success measured – especially along the way
Upcoming slides - 3 sets of discovery questions
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Phase 1a: What Should We Sell?Solution may be more than single product
Clarify specifics where possible
Ask: What are the indicators of success?
Multiple divisions – divide with team
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Phase 1b: What Should We Sell?
Your support:Planning, business case, analysis, project plan, KPIs,Chart of accounts
Build Your Dream team:Skills required to deliver (near-term & future)
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Phase 2: How Should We Sell?
New elements added for skills: Need by product, geography or sales channel Competition: Often
leads to build vs buy – where M&A can come into play (or divesting)
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Phase 3: How Do We Deliver?
Focus on how to link strategy & tactics
Governor on growth - usually most expensive to overcomeFinancial skills a
good fit to building even-handed business case
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Identify Where You Stand Today
How to support: Highlight near-term vs. future
Train or Hire: Initial assessment of team
Review full grid: Perform with immediate team and HR – the result is skills needed, gaps, how to fill and when
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Building the Team – Train
First hurdle: Urgency to deliver near-termTime to deliver vs. Time needed to train
Second hurdle: Benchmark talentStaff self-assess of their skills – validate your assessment
Third hurdle: Opportunities to train3rd party training vs. hands-on – what is best & realistic
Fourth hurdle: Match with staff career goalsBest performance is when need matches goals
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Building the Team - Hiring
Help HR to Help YouBuild a profile of skills needed in what priority
Create specific questions that HR can ask candidates about the skills/experience you need
Give the titles/industries of roles likely to develop/utilize skills needed (remember, you’re the finance expert) – add this to your grid wherever ‘Hire’ is marked
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Success Story
Through discussions with Sales team - discovered we were expanding to Latin America
Integration into broader organization was critical (cash, risk, etc.)
Career plan of staff member indicated they wanted to work in Latin America – moved into new role
Local teams appreciated finance team that could guide their integration
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Other Benefits Discovered Along The Way
Discovery – Impact on team:Stronger relationship with field, thought differently about what we currently delivered and invites to strategy/ops
Talent Assess:Found common needs – able to consolidate training
Self-assessment – better visibility to skills
Career planMore open dialogue with team on future – avoided gaps from people leaving
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#CFOD13Thank You!Building the Best Finance Team Possible Through Talent Management
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Mark RichardsSAP Cloud for Money
Please send e-mail with follow-up Questions or discuss experiences
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