World-class finance skills that can’t be automated

I love setting big, audacious goals, both personally and professionally. It’s one of the many reasons I joined ServiceNow. As the CFO of this high-growth digital workflow company, we’ll need to simultaneously pull several levers to reach the $10 billion and beyond revenue ambition we’ve set. One of those critical levers for me will be developing and attracting top-notch talent and building a world-class finance organization to drive exceptional business results and customer success.  

It starts with integrity

??It probably isn’t surprising that as a CFO, the number one trait I look for is integrity. Integrity is who we are at our core. It means doing the right thing when no one is watching and owning up to our mistakes. We know all too well how reputations are built (and lost) with integrity, or lack thereof. And once you lose it, it’s nearly impossible to recover from it. Integrity is at the core of every world-class finance organization. Let us never imagine a scenario where organizations wouldn’t expect (let alone require) the highest level of integrity from their CFO and finance organization.

With integrity as the foundation, I look for other equally essential and complementary traits. One might assume it’s the ‘typical’ financial and business expertise that we all expect from finance organizations, but, in my opinion, those are table stakes. I believe it’s the intersection between interpersonal skills such as empathy, curiosity, courage, and creativity combined with business acumen that takes a finance organization from an essential function to a world-class strategic business partner.

Strong EQ and IQ

Early in my career as an accountant, emotional intelligence (EQ), or what some might call soft skills, such as empathy, self-awareness, curiosity, courage, and creativity were secondary considerations for candidacy. Business and financial knowledge almost always took center stage during the screening process. But the role of the CFO and finance has changed. As I look ahead and think about how we accelerate the business’s vision, objectives, and results, it’s critical to seek and nurture strong EQ in our finance talent. I find that people who possess high emotional intelligence, paired with strong business acumen, catalyze greater cross-functional collaboration. And not only that, they enable organizations to quickly outpace their competition.

It should come as no surprise that the combination of integrity, expertise, and empathy is powerful. Given current global events and the rapid and pervasive changes we are all experiencing, empathetic leaders are in high demand now more than ever. Bringing empathy into our leadership allows us to better understand our employees, customers, partners, and the greater good. It provides the foundation to create something that is much more meaningful and sustainable.

Stay hungry and curious

Have you ever noticed how curious people naturally want to dig in and learn how to do things better, whether it’s fine-tuning a process or challenging the status quo? I’ve seen it time and time again, and I know first-hand that curiosity is one of the core tenets of growth and success in companies. Encouraging and cultivating curiosity also plays a role in how leaders and their employees adapt to uncertainty and change. One needs to look no further than our global crisis to see how companies have had to pivot (almost overnight!) to the new environment we’re all navigating.

As a leader, it’s equally important for me to walk the talk. I am always digging in to better understand everything around me and continuously challenging the status quo. I’m curious about many topics, so I read as much and as often as I can. I toggle between fiction and non-fiction. I love it all.

And the best part about having a curious team? Evidence shows that when curiosity is triggered, it activates creativity and out of the box thinking, another critical ingredient for world-class organizations.

The courage to create and innovate

Most people wouldn’t put finance and creativity in the same sentence, but I know it’s vital to being world-class and trailblazing.   

Gone are the days where finance organizations are solely devoted to transaction management and compliance. Don’t get me wrong; those activities will always be a priority within finance. What’s just as important, though, is finance’s role in reimagining business models, exploring and evaluating strategic initiatives, and envisioning what’s possible. It’s for those reasons; finance is often at the center of innovation. As I like to say, finance is as much an art as it is a science.

And while true that innovation requires creativity, I look for talent that doesn’t shy away from the tough stuff. With today’s shifting business models and business disruption, an element of courage is critical when making necessary investment decisions. We know world-class finance teams have a seat at the table to help shape the business’s future and not just report on the past so, we ground ourselves in data, which enables us to prepare for and manage both upside and downside risks. So, when we spot a great opportunity, knowing that there’s no such thing as a guaranteed win, we have the gumption (and data) to look toward the future and go for it.

Always hire different and better—and then let them soar!

Build an organization that is multi-faceted and challenges you to dream big. A way to do that is to hire people that are smarter than you. In fact, I recommend it. As leaders, we need to remember that we don’t have all the answers. Embracing the diversity of thought, background, and experience almost always generates next order thinking to solve the most complex issues.

I know it’s easy to hire and develop people that are like you, but in the end, I find it’s not always a winning strategy. I consistently seek to surround myself with people different from me because they help round out areas where I need to learn and grow. It’s a win for the organization and a win for me because, through osmosis, they help me improve, and collectively we produce far better outcomes.  

As your team develops and evolves, it’s essential to support them and take a back seat and let them shine. Many times, this might mean new opportunities for them—don’t shy away when that happens. I remember when I was early in my career, I wanted to broaden my financial experience and explore other areas within finance. At the time, my manager discouraged me because I was doing well in my current role, and he couldn’t afford to lose me. As a result, I ended up not only leaving my position but the company as well.

Build a bench

Even as leaders, we’re always seeking ways to grow and develop ourselves. As I mentioned, this may mean moving onto a new challenge or a different role. But at the same time, I believe we are responsible for leaving an organization better than we found it. One way to accomplish this is to develop those around you. I can’t tell you how many times I’ve had someone tell me they’re ready for their next move, but as I dig into the conversation, I quickly learn they haven’t put much thought and investment into succession planning.

For that reason, building a world-class organization means giving your people stretch opportunities and preparing them for the next leg of their journey. I take pride in helping groom future leaders, regardless of whether they choose to stay within my organization or move on to other opportunities. Remember, it’s not about you; it’s about your ability to invest in your people, and investing in your team will always be the right thing to do.

A time and place for automation

?We know that technology by itself won’t solve problems, people do. If you automate a bad process, it’s still a bad process. I should know, as the CFO at ServiceNow; we’re in the business of making work, work better for people. Because in the end, it’s about people.

My experience has taught me that investing in your team and actively seeking out emotional intelligence helps organizations leap-frog from good to world-class. I believe these skills will transcend time and be more valued and game-changing over the next several generations.