Building a credible finance team is vital to corporate business success. However, a survey by business advisory company Gartner (formerly CEB) has revealed that too many finance teams demonstrate weaknesses in the area of critical technical competencies. Click Here to see the Webinar: The Critical Capabilities For Your Finance Team. Gartner itself has defined five areas of competence:
These people have strong, functional expertise and are able to divide up problems into manageable tasks.
Learners are always seeking feedback regarding their performance and are open to opportunities for improvement. They are not afraid to ask for help where appropriate.
Strategists have a keen understanding of business operations and can talk about financial performance in terms of key value drivers.
Excellent at communication and articulating their views clearly, persuaders challenge business assumptions, while evolving and adapting communication techniques.
The creative types, builders are visionaries able to develop people and talent networks, as well as setting business-focused goals for the team.
The finance teams that perform best include more builders, strategists, and persuaders. They are more productive, more able to influence strategic decisions and keep the best employees. However, too many finance teams are strongest in the doer and learner characteristics.
Recruiting the best in finance and accounting involves pinpointing a number of attributes:
“Time is money,” goes the adage, and the field of finance is fenced with strict deadlines. The best in the business are capable of setting clear priorities and initiating action plans that are crystal clear to all involved.
Including good persuaders allows the team to benefit from their excellent inter-personal skills as they communicate their insights in intelligible and worthwhile ways. They are also able to interact equally with people from other departments, appreciate their points of view and so redirect discussions accordingly.
Thirdly, it is highly beneficial to have team members who are part of the solution: being solution- rather than problem-focused is the keenest quality of the financial mindset, enabling the best to envision opportunities rather than obstacles.
When it comes to recruiting a finance team, too much attention is given to degrees, certificates and Q&A interview sessions. Today, progressive companies are looking for potential leadership and communicative skills and require candidates to make a presentation based on information supplied beforehand. Furthermore, in terms of grading job candidates on general communication abilities, by breaking down communication into a number of components (10, for example) staff members can focus on evaluating candidates on each component, leading to a more detailed, accurate assessment of each candidate’s communication skills.
Connect with HR
HR departments often don’t understand the roles required in finance, according to 63% of finance managers questioned, while 57% of HR managers claim finance managers do not understand the recruiting process. The more informed HR are on what competencies to look out for, the better the finance team that will be put together.
At BTG Recruitment we specialise in accountancy and finance recruitment. We work solely with employers like you who are looking to secure high-calibre candidates for interim, fixed or long-term roles. To see how we could help your company’s finance team attract bright, effective individuals, get in touch today.
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