Building a Stellar Finance Team

Stand Out from the Crowd and Attract the Best

Modern business is a highly competitive field, and the only way a company can survive is by the abilities of its people. One of the first things potential employers ask prospective employees is, ‘Why do you want to work for us?” The answers are many and varied, depending on the knowledge level and the competencies required. Where finance is concerned, recruits might want to be part of a team where their technical competencies will be required and where they feel that their interpersonal skills could contribute to forging strong bonds within the team. However, there is also another consideration that many recruits are on the lookout for. The strong culture of a corporation is becoming a significant factor in why people join companies. These three factors, technical competencies, a strong, positive team ethos and a great company culture can contribute to attracting and retaining a stellar finance team that gets results.

The Importance of Interpersonal Skills Collaboration and Teamwork

The team of finance professionals has to be a close-knit one. There has to be a goal that everyone is looking to, and this requires a great deal of communication and understanding. Empathy is essential, and conflict resolution is also important, given the often volatile environment. For empathy to be present, there has to be an environment of collaboration where everyone is able to contribute. It is the only way new ideas and innovation occur as challenges are overcome. Teamwork is where problematic financial situations can be made efficient. When it comes to complex financial issues such as auditing and ensuring accuracy, the team is there to funnel everything correctly and do it productively. However, there must be a supportive environment to ensure the team is working together cohesively and this in itself is often the underlying answer to the question, Why do you want to work for us?

Communication and Stakeholder Management

It is extremely important to make financial matters more straightforward for those not involved in money. There are many examples of customers being caught with poorly worded, jargon-filled documents or explanations when plain speaking would have been preferable. A financial operative has to build trust and create a positive relationship with the departments around them. This also extends to senior management and the company’s partners.

When a finance team communicates clearly, they can be a greatly influential force in the decision-making processes that can determine a company’s long-term strategy. Finance seems like a problem to other business areas, but with a team that empathises and communicates, these barriers start to fade away. This also means that a finance team can be an attractive proposition to join.

The Role of Corporate Culture Defining Corporate Culture

A company’s holistic view, both inside and outside, shows within its corporate culture. A positive culture is a significant draw to anyone looking to join a company. Suppose there is an attitude of growth, diversity, inclusivity, and a focus on being greener and aware of environmental and cultural capital issues. In that case, the question of “Why do you want to work for us” is even easier for prospective employees to answer.

Attracting Top Talent

Without an obvious progression path and a remuneration package that is achievable and accessible to all, there is no chance of attracting new employees. Applying the features that we mentioned above will also be a contributing factor towards the drawing of the right and talented people to the jobs you need to fill.

Retaining Top Talent

Attracting new and top talent is one thing, but retaining is another. The best way to do this is to create a sense of being a part of the company. There has to be a sense of belonging and purpose because an organisation has goals. This sense of being valued and supported by your company usually equates to long-term retention.

A decent remuneration package is always welcome, but other factors must be considered. In the modern world of work, pay is the starting point but rewards and recognition for team efforts also need to be acknowledged. There must be clear pathways to career development, especially for finance workers, with the ability to gain professional development and qualifications. All this contributes to morale boosting and motivation. Employee growth and company growth go hand in hand.

Strategies for Building a Stellar Finance Team Hiring for Interpersonal Skills

Of course, technical competency is incredibly important when building a great team, but there has to be a focus on soft and interpersonal skills as well. As we have seen before, empathy and the ability to explain are just as essential in team selection.

Fostering a Positive Corporate Culture

Feedback and open communication channels between senior management and the company are also very attractive to prospective employees. Leaders should not be faceless to those they are above, and it is appreciated when they make themselves available and visible to colleagues. The communications that come out are also better with a positive approach to challenges rather than a negative one with a blame culture.

Investing in Professional Development

We’ve already discussed the importance of ensuring that your team has access to professional development. This doesn’t just foster loyalty in the employees; it also creates a better working environment for those around them. If given the chance, your team will grow in experience and qualifications.

Promoting Diversity and Inclusion

Finally, a word should be said about opening the workplace to a more diverse and inclusive place. More skills and input can be found in a diverse workforce without which silos could form, and one-way thinking would be the only option. Without inclusiveness, teams could be left behind and stagnant without fresh new thinking or perspectives. Creating and developing a team is not just about bringing together individuals with great technical skills but creating a strong and positive corporate workplace culture for people to become a part of and improve their every day experience.

Subscribe to The Conscious Finance Insider today for FREE insights every week! (via the button at the top of the page).