7 critical points for creating a high-performance finance team
At Ambit, we’ve helped many companies build and fine-tune their finance teams. Whether you’re constructing a team from scratch, or augmenting an existing one, we can help. From our experience, we believe that these points are critical:
- Create an up-to-date org chart of your current talent. Do an assessment of the skills you already have and then identify those you need to augment. It’s good to have a chart you can easily refer to and make changes if necessary.
- Look at roles and responsibilities and determine the background best suited to certain roles i.e. Management Reporting is best suited to a CPA, CMA, while General Accounting is best suited to a CPA, CGA and so on. From there, determine what you need.
- Acknowledge the people you currently have and value, and keep them informed of the coming changes. They need to understand where they fit into the new structure. Understand which stakeholders need to be kept informed of changes.
- Consider workloads of individuals and assess potential gains by redistribution of work. For example, you may have a manager who is also doing the work of an analyst. Hire a full-time analyst and consider what else that manager could do with more time.
- Start with the most senior person, and then let that person hire those who report directly to them. For example, if you think you need a Controller and a Manager of Financial Reporting, hire the Controller first and let them hire the Manager of Financial Reporting.
- This may be the most challenging aspect of building a finance team: you have to hire for today’s needs, but also consider tomorrow’s opportunities for those on your team. Think about movement when you are constructing the team. Individuals need to grow into 40% of the job, or there is no reason for them to take it. They want and need a challenge. Someone who is bored with their job with no challenges or opportunities for advancement, is half way out the door.
- Change the people out who aren’t a fit for the job or aren’t on board for the new team structure. You need everyone pulling in the same direction.