Speaker highlight - Anna Truong
Anna Truong, PhD will be joining us at in New York City on December 14, leading a panel discussion talking about the role of finance in developing and leading strategy in the face of geopolitical shifts. Recently we caught up with Anna to speak about her views on some of the most pertinent challenges that leaders in finance are facing today.
Join us at the CFO Innovation Forum in New York, for the opportunity to hear Anna's valuable insights, where finance leaders from various industries converge to network, learn, and shape the future of finance.
What are you doing to attract and retain talent in today’s unprecedented and unpredictable job market?
The pandemic has made us think about what truly matters, like meaningful connection. Many of us have been working from home for quite a while, and the isolation intensified our sense of authentic belonging. In fact, after the pandemic, I read an interesting article from MIT Sloan Management Review discussing how a toxic corporate culture is ten times more critical than pay when it comes to people leaving their jobs. A lot of employees leave their workplace because they feel undervalued by or disconnected from their coworkers, so it's important for organizations to build a culture that's healthy and welcoming to keep and attract top talent.
"a toxic corporate culture is ten times more critical than pay when it comes to people leaving their jobs"
It all starts with setting the right values. Values like collaboration, leadership, excellence, agility, respect and responsibility are the guiding principles that shape our everyday behaviors, and we should recognize and reward those who live by them. Let your employees know that what they do counts for both the organization and their coworkers.
Each person's contribution is unique, and to keep the best talents around, we've got to make them feel valued. It's about showing everyone that their efforts and needs do not go unnoticed.
Over the years, I've learned a few simple approaches that add tremendous value:
In this unprecedented and unpredictable job market, fostering a culture of respect, recognition, and individual growth is essential for both retaining talent and building a resilient organization.
As a finance leader, how important is business partnering to a successful organization?
In today's interconnected global economy, it's clear that the principles of comparative advantage and strategic cooperative competition (i.e., coopetition) are pivotal in shaping successful business strategies. Comparative advantage theory suggests that companies should play to their strengths, focusing on what they do best and forming partnerships with other companies that excel in different areas. At the same time, competition theory highlights that even competitors may have complementary strengths. They can enter coopetition agreements to share common gains, ultimately reaching higher levels of value creation.
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In the modern business landscape, this means outsourcing certain non-core functions and cooperating wherever applicable. It's all about making the most of your strengths to create value and drive growth. This strategy will help organizations to be agile and adaptive to the challenges and opportunities presented by the global business stage. However, coopetition can be a complex and delicate balancing act as organizations need to manage both cooperative and competitive aspects of their relationships. When done effectively, it can lead to mutual benefits and innovation. It also requires clear agreements, trust, and careful management to prevent conflicts of interest.
"coopetition can be a complex and delicate balancing act as organizations need to manage both cooperative and competitive aspects of their relationships"
Now, let's talk about the top three benefits of this strategy:
What skills would you like to see finance leaders focus on more?
In today's fast-changing business landscape, organizations cannot stand still – they are constantly facing shifting business models, changing customer and employee expectations, evolving regulations and unprecedented uncertainty.
Finance leaders should focus on developing a diverse set of skills to excel in their roles and contribute effectively to their organizations.
The top three skills that finance leaders should focus on are:
1)???? Emotional intelligence: Emotional Intelligence is about understanding and managing emotions and building strong relationships. This skill helps in working effectively with colleagues, stakeholders and business partners, making it a vital aspect of success in the finance field. More importantly, it fosters a healthy work environment and productive business partnerships.
2)???? Strategic thinking: Finance leaders should be able to think strategically, align financial strategies with overall business objectives, and make decisions that set the organization up for long-term success.
3)???? Resilience and adaptability: Finance leaders should be able to adapt to new challenges, regulations, and technologies, and be open to continuous learning and professional development. Scenario planning is key – it helps anticipate what’s coming and craft contingency plans. ?
The importance placed on these skills can vary depending on factors such as the organization's industry, size and strategic goals. Finance leaders should consistently evaluate and enhance their skills to align with the changing demands of their roles and the evolving needs of their organizations.
?? Register now to secure your spot at the World Finance Forum New York City and hear from Anna and 25 other leading voices in Finance: https://events.futureforums.com/world-finance-forum-new-york-city#/tickets