BlogsThe Great Teams Behind Great CFOs: How to Hire & Keep Your Finance Team

August 10, 2016, by Ryan Miller

Do you want to be successful in your role as CFO? Then build a great team. Today’s CFO is changing. No longer just a financial wizard, a CFO must think strategically about how decisions—from risk management to software selection—can impact revenue or the bottom line. No one person can accomplish this alone. You need the ingenuity, creativity and task-driven support of a team to make your visions come to life.

This task starts at the hiring level and must be carried out in retention planning. Hiring and training new employees is costly. Find the right fit now, invest for the long term, and you’ll see your team grow. 

As you’re looking for new professionals to fill positions within your team, or consulting hiring managers during the process, remember that number crunchers are good, but that’s not the only thing to look for. Seek out problem solvers, self aware and creative thinkers, and someone who shows interest in the overall mission of your company.

To attract the right people during this process, explain the expectations of the job clearly and also listen to what they hope to find in a job. Point out areas where the two merge. This isn’t a process to speed through just because the workload is piling and the staff is short. Wait for the person with the technical skills to get the job done, but also the people skills to get along with the rest of the team.  

And to keep them? Boost your retention efforts by investing in employees. Discuss goals and establish a career trajectory for each person on your team. Understand where they want to grow and help them find ways to get there. Keep your star employees happy—and avoid turnover—by demonstrating their value to the company over the long term.

Also, provide autonomy. With the right training in place, employees will be positioned to take off with their own projects. Instill a learning culture that encourages employees to expand their daily tasks and notice how the numbers matter to future decisions. You don’t have to be the only strategic thinker. Technology is your friend in the finance department. It frees up more of your employees’ time to think beyond credits and debits.

Creating a great team ensures you have the support you need to meet the varying requirements of a CFO today.

To learn more about ways in which Centennial supports CFOs, please contact Ryan Miller at (714) 740-1111 ex 274 or rmiller@thecentennial.com.