Analytical thinking and technical knowledge were part of the key characteristics that a senior executive with a focus on finance had to have a few years ago. While these requirements continue to be demanded by organizations, a study by Michael Page globally revealed that more and more are being integrated into the management of planning, strategies and the performance of companies.
“Due to which the market is increasingly competitive, the position of the manager and director of finance has taken a strategic role in the organization, aiming to lead and manage the transformation of the business, and having a high impact on the organizational culture. Currently, financial executives must have skills and competencies in strategic leadership, communication and influence, as well as analytical and technical thinking, “says Alejandra Anzieta, Senior Manager – Finance & Accounting, at Michael Page.
Anzieta explains that large companies, both regional and global, are requiring a new CFO profile, less traditional, with the skills and abilities of a coach, moderating conflicts in the board of directors and contributing to the overall business strategy, gaining visibility all the company.
“The role of the CFO goes beyond traditional accounting and should measure the impact of new initiatives on business results and profitability, with the aim of helping to select those projects that contribute more value to the organization in a sustainable manner”, she adds.
Another new requirement in addition to recruiting talent for companies, is to create teams around them and ensure the availability of the skills needed by the CFO to promote better productivity from their department.
“One of the biggest challenges is to integrate new generations, with more experienced talents, and also, people with different cultures, nationalities, among others, with the aim of integrating a diverse team,” says Anzieta. She adds that today a manager and financial director must be able to build a system that contributes to retaining the most talented staff and thus avoid the high cost involved in employee turnover.
Likewise, financial leaders must have a broad management of technology, so the figure of the CFO must be a key player in the digitalization of the company, it must be a leader or co-leader of IT to be competitive, both in terms of costs and in response speed.