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What are the challenges of communicating financial information to stakeholders in programs?

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As a program manager, you need to communicate financial information to various stakeholders, such as sponsors, clients, senior managers, and team members. However, this is not always an easy task. You may face several challenges that can affect the quality, clarity, and credibility of your financial reports and messages. In this article, we will explore some of these challenges and how to overcome them.

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Vijay SP

Global Program Management | Change Management | Business Transformation
Nirmalson Harry, PMP,MBA,MS

LinkedIn Top Program Management Voice | Engineering Program Management | System Engineering Management | Agile |People…
Alpesh Shah

?? RTE | SPC 6.0 ?? Agile & Business Agility Coach ?? Transformational Leader ?? SAFe/Agile Trainer | ScrumMaster ??…

1 Different expectations and needs

One of the main challenges of communicating financial information to stakeholders in programs is that they may have different expectations and needs. For example, sponsors may want to see the return on investment and the alignment with strategic goals, while clients may want to see the value delivered and the satisfaction levels. Senior managers may want to see the overall performance and the risks, while team members may want to see the budget allocation and the incentives. Therefore, you need to tailor your financial reports and messages to suit the audience and the purpose. You also need to balance the level of detail and the frequency of communication to avoid overwhelming or underinforming your stakeholders.

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Nirmalson Harry, PMP,MBA,MS

LinkedIn Top Program Management Voice | Engineering Program Management | System Engineering Management | Agile |People Management | Delivery Management | SDLC | Risk Management | Safety Critical Systems
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As a program manager, I understand the challenge of communicating financial information to stakeholders within the company, especially when different stakeholders have diverse objectives and perspectives. To tackle this challenge, my approach is to identify stakeholders' interests and tailor the financial communication to address their specific needs. I ensure that the communication is clear and precise, avoiding jargon or complex terminology. One effective way to achieve this is by creating different financial dashboards for each stakeholder based on their unique needs and context, highlighting critical financial metrics that align with each stakeholder's goals.

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Alpesh Shah

?? RTE | SPC 6.0 ?? Agile & Business Agility Coach ?? Transformational Leader ?? SAFe/Agile Trainer | ScrumMaster ?? ICF Accredited ?? Championing Lifelong Learning & Enterprise Agility ?? Insightful Contributor??
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Communicating financial information to stakeholders is crucial for the success of any program, but it comes with its own set of challenges. From complexity and diversity of stakeholder needs to maintaining accuracy and timeliness, the process requires a delicate balance to strike. Confidentiality and compliance requirements add to the complexity, while the risk of misinterpretation and emotional reactions to financial performance cannot be ignored. It's important to find the right balance between providing enough detail without overwhelming stakeholders. Effective communication and a proactive approach are key to managing stakeholders' engagement and morale.

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2 Complex and dynamic data

Another challenge of communicating financial information to stakeholders in programs is that the data may be complex and dynamic. Programs often involve multiple projects, interdependencies, uncertainties, and changes. This means that you need to collect, analyze, and present financial data from various sources, systems, and formats. You also need to keep track of the changes and updates, and reflect them in your financial reports and messages. Therefore, you need to use appropriate tools and methods to manage and visualize your financial data. You also need to ensure the accuracy, consistency, and timeliness of your financial reports and messages.

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Shubham Bhatnagar

Senior Manager, Program Management, Paytm Payments Bank || Ex-Accenture || Ex-Wipro || IIT Kharagpur
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While communicating financial information to program stakeholders always follow the pyramid approach. The entire complex financial information should be explained if the stakeholder is at a lower level in the organization hierarchy. As we go up the hierarchy chain, the financial information should be be made as crisp as possible because stakeholders higher up in the hierarchy would have multiple other programs running parallelly. I have found this to be the most effective technique for communicating financial information across all levels.

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3 Diverse and dispersed stakeholders

A third challenge of communicating financial information to stakeholders in programs is that the stakeholders may be diverse and dispersed. Programs often involve multiple organizations, cultures, locations, and time zones. This means that you need to consider the preferences, expectations, and backgrounds of your stakeholders when communicating financial information. You also need to overcome the barriers and limitations of communication channels and media. Therefore, you need to use clear and concise language, avoid jargon and acronyms, and provide context and explanation for your financial reports and messages. You also need to use multiple and appropriate communication channels and media, such as email, phone, video conference, webinars, dashboards, and newsletters.

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4 Conflicting and sensitive information

A fourth challenge of communicating financial information to stakeholders in programs is that the information may be conflicting and sensitive. Programs often involve trade-offs, compromises, and adjustments between competing objectives, priorities, and interests. This means that you may need to communicate financial information that may not be favorable or agreeable to some stakeholders, such as cost overruns, budget cuts, scope changes, or delays. You also need to protect the confidentiality and security of your financial information from unauthorized or inappropriate access or use. Therefore, you need to use tact and diplomacy, acknowledge the concerns and perspectives of your stakeholders, and provide rationale and alternatives for your financial reports and messages. You also need to follow the policies and procedures for handling and sharing your financial information.

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Vijay SP

Global Program Management | Change Management | Business Transformation
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t's difficult to present complex financial data in a clear and engaging manner. Finding the right balance between transparency and confidentiality in financial information poses a challenge. Additionally, effectively visualizing financial data for audiences with different levels of financial literacy requires careful consideration.

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5 Feedback and improvement

A fifth challenge of communicating financial information to stakeholders in programs is that the information may not be sufficient or effective. Programs often involve learning, adaptation, and improvement. This means that you need to solicit and receive feedback from your stakeholders on your financial reports and messages. You also need to evaluate and measure the impact and outcomes of your financial communication. Therefore, you need to ask for and listen to the opinions, suggestions, and questions of your stakeholders. You also need to use indicators and metrics to assess and improve your financial communication.

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6 Skills and competencies

A sixth challenge of communicating financial information to stakeholders in programs is that you may not have the skills and competencies required. Programs often require a combination of technical, business, and communication skills. This means that you need to understand and apply the principles, standards, and best practices of financial management and reporting. You also need to use effective communication techniques and strategies to convey your financial information. Therefore, you need to invest in your professional development and learning. You also need to seek guidance and support from experts and mentors.

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Sudipt Singh

MBA, PMI-PMP, PMI-ACP, PSM, 6σ Black Belt, ITIL
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Communicating financial information to stakeholders in programs can pose challenges related to skills and competencies. Not all stakeholders may possess the financial literacy required to interpret complex financial data accurately. Additionally, conveying financial information in a clear and concise manner demands effective communication skills. Bridging these gaps necessitates providing training and support to stakeholders to enhance their financial literacy. It also requires program managers to communicate financial data in a way that is accessible and understandable to diverse audiences. By addressing these skill-related challenges, organizations can ensure that stakeholders are informed and engaged in financial decision-making process.

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Lic. Liliana Buchtik, PMP, PMI-RMP

Autora y asesora en ERM, gestión de riesgos estratégicos, operacionales, emergentes, de proyectos, programas y portafolios
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En mi experiencia es un desafío comunicar información financiera a personas que no entienden nada de finanzas. En estos casos nos ha ayudado que el personal de finanzas les haga una mínima capacitación para lograr un mejor entendimiento

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Nirmalson Harry, PMP,MBA,MS

LinkedIn Top Program Management Voice | Engineering Program Management | System Engineering Management | Agile |People Management | Delivery Management | SDLC | Risk Management | Safety Critical Systems
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Timeliness is an essential aspect of communicating financial information to stakeholders during a program. Financial information can change rapidly, requiring frequent updates and adjustments. Without timely updates and responses, stakeholders may feel left in the dark and be unable to make decisions on changes needed to meet the program goals. Properly communicating financial information to stakeholders, in conjunction with its surging and dwindling status, is crucial in ensuring stakeholders understand the current financial situation accurately.

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Keith King

White House Lead Communications Engineer, U.S. Dept of State, and Joint Chiefs of Staff in NMCC
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Communicating financial information in programs has key challenges: 1. Complexity: Simplifying complex financial data for non-experts is difficult. 2. Diverse Stakeholder Needs: Adjusting the detail and presentation for varied audiences is challenging. 3. Transparency vs. Sensitivity: Balancing open communication with the need to protect sensitive data. 4. Misinterpretation Risks: Stakeholders might misunderstand financial details, leading to misconceptions. 5. Communication Frequency: Deciding on the right timing and frequency for financial updates. Effective communication requires clarity, targeted messaging, and stakeholder education to ensure understanding and transparency.

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What are the challenges of communicating financial information to stakeholders in programs?

1

2

3

4

5

6

7

1 Different expectations and needs

2 Complex and dynamic data

3 Diverse and dispersed stakeholders

4 Conflicting and sensitive information

5 Feedback and improvement

6 Skills and competencies

7 Here’s what else to consider

Program Management

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What are the challenges of communicating financial information to stakeholders in programs?

1

2

3

4

5

6

7

1 Different expectations and needs

2 Complex and dynamic data

3 Diverse and dispersed stakeholders

4 Conflicting and sensitive information

5 Feedback and improvement

6 Skills and competencies

7 Here’s what else to consider

Program Management

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