How a CFO Can Uplift and Upskill Their Finance Team

A CFO’s role can be complex, with a number of responsibilities and key skills required; there’s a lot more to it than simply being ‘good with numbers’. But how can a Chief Finance Officer uplift and up-skill their team? 

 

 

What do we mean by uplifting and up-skilling? A team who is uplifted is: 

 

• Motivated, striving to achieve more 

• More productive 

• Satisfied in the workplace 

• Feeling empowered 

• Feeling supported, respected and included 

• Feeling inspired, and passionate about what they do and their place within your team 

 

It's already clear to see up-skilling your team would reap the same rewards. 

 

Investing in your team, by practising both uplifting and up-skilling, is one of the best ways to improve performance- and more CFOs are now realising the potential of making this more than just the latest buzzword. 

 

But what do we mean by uplifting and up-skilling, and how can CFOs ensure they get it right? First, let’s look a the role of the CFO. 

 

A good CFO is: 

 

• A forward thinker- able to put in place a long-term plan that enables progress towards goals, analysing past performance to ensure future forecasts are accurate and strategic. 

• An analytical thinker- constantly analysing the company’s financial performance in order to steer it towards profit and success. 

• Proficient in risk assessment- vital for navigating a business crisis, crucial for identifying threats and figuring out how to avoid them. 

• Innovative- able to bring new ideas to the table; ready and willing to adapt to new technological advances that will benefit the business. 

• A great leader- with excellent communication skills. 

 

 

 

With the advancement of technology, finance teams are ever changing- and the need to not only stay up to date but to attempt to get ahead of the game is crucial. CFOs need to prepare for the future by providing their team with opportunities to work on key skills constantly and to put new technologies in place that will support them. 

 

There are many changes taking place that affects all of this. The changing ways that we work as a whole are an important consideration, as more employers are now embracing flexible working patterns and taking on freelancers, for example. The need to focus on training and mentoring is growing, and CFOs need to take this into account. 

 

The finance team will always be a vital part of any company, so uplifting and up-skilling should be a priority for your business. Giving the team everything they need to navigate the next five years is crucial; from data to making financial and investment decisions, new and evolving digitalisation processes are set to change it all, and your business needs to be ready for it. 

 

 

A good CFO will scrutinise the existing skills of employees and provide training opportunities for them, to equip them with the skills they need to meet new and future technological demands. Uplifting and up-skilling needs to become a part of your business’s long-term strategy, and your CFO’s core skills are going to need to be spot-on. 

 

Your CFO will need to: 

 

• Implement plans to use automation for any task that does not need to be done manually. This will free up employees to focus on other work, increasing productivity and boosting morale overall. Finance automation is here to stay; AI software is becoming more popular as more companies realise it’s potential to deliver fast results accurately. Use this technology to your advantage. 

• Make investments in new technology. Tech stacks can be utilised to bring coherence to workflows and can give your company more accurate results at a faster pace. Again, productivity will be improved and employee well-being will increase as a result. 

• Hone in on forward-thinking skills- vital for leading the team into the future. Uplifting and up-skilling really needs to be the main focus for CFOs, so that the business can grow and succeed, and to do this, the core skill of being able to strategically plan for the future is essential. Leading effectively, being able to communicate and co-operate, acting as a mentor and an ally- all of these are key skills your CFO must have. Ask for regular feedback; make efforts to truly understand employee concerns and issues; get involved in the recruitment process to ensure you build the right team. 

• Ensure employees have the tools they need to do their jobs effectively. Turn your team into financial strategists that are capable of utilising AI, and who are versatile too. 

• Embrace reverse mentoring- don’t be afraid to ask younger employees to assist with new technology, re-design the workplace so that everyone is supported and key skills are shared to bring value to the company. 

• Be approachable and open to employees. Keep it open, leaving behind the traditional layout of a ‘normal’ office. 

• Push for independent work- let your employees show you what they can do, and help them to build up their skills and confidence with projects they can take on as their own. 

 

Uplifting and upskilling your team will be a huge factor in employee retention and also attracting new employees to your business get in touch today to discuss how we can help your business with your talent acquisition strategies.