Bonus Ep 71 - Finance Team Success: A Journey of Leadership and Engagement

Transcript

WEBVTT

00:00:00.461 --> 00:00:03.350
Hi, this is Stephen McLain of the Finance Leader Podcast.

00:00:03.350 --> 00:00:06.027
This is bonus episode number 71.

00:00:06.027 --> 00:00:08.226
How are you and your team doing this week?

00:00:08.226 --> 00:00:12.109
Leadership is literally an everyday exercise.

00:00:12.109 --> 00:00:14.647
It's an everyday role and responsibility.

00:00:14.647 --> 00:00:18.469
Leadership does not stop and it does not take a break.

00:00:18.469 --> 00:00:20.986
That's the heavy burden of leadership.

00:00:20.986 --> 00:00:28.464
As a leader, you have to continually set the vision, set the work agenda, set high standards and set the example.

00:00:28.464 --> 00:00:34.566
Every day you are being watched and copied for your behavior and your approach.

00:00:34.566 --> 00:00:40.866
Your team will emulate what you do in work, product quality and even in your attitude.

00:00:40.866 --> 00:00:47.448
So you have to be aware that what you do and say is important to team success or failure.

00:00:47.448 --> 00:00:56.445
So this week I want to share an on-core replay of episode 107, team Member Engagement Tools you can easily apply.

00:00:56.445 --> 00:01:03.450
Team Engagement is such an important daily exercise that it can affect how well your team members succeed or not.

00:01:03.450 --> 00:01:10.483
Team members who are positively engaged are more productive, more efficient and more motivated to do a great job.

00:01:10.483 --> 00:01:14.170
And Team Member Engagement begins with us as leaders.

00:01:14.170 --> 00:01:17.448
We must be leaders of great character and integrity.

00:01:17.448 --> 00:01:22.245
Positive Team Member Engagement leads to growth and high quality output.

00:01:22.245 --> 00:01:29.746
Invest in yourself to be a better leader so you can further invest in your team to help them achieve greater potential.

00:01:29.746 --> 00:01:34.828
Now here's the episode outline Number one why team engagement is important.

00:01:34.828 --> 00:01:38.650
Number two, team engagement tools you can easily use.

00:01:38.650 --> 00:01:41.246
And three, how to go to the next level.

00:01:41.246 --> 00:01:45.966
Also, for additional resources, please visit Finance Leader Academy.

00:01:45.966 --> 00:01:49.001
The link is in the show notes On the site.

00:01:49.001 --> 00:01:49.924
You can download.

00:01:49.924 --> 00:01:53.019
Become a Finance Leader Guide Now.

00:01:53.019 --> 00:01:59.728
Please enjoy this Encore episode, episode 107, team Member Engagement Tools you can easily apply.

00:01:59.728 --> 00:02:02.427
Thank you for choosing the Finance Leader Podcast.

00:02:02.427 --> 00:02:03.862
Until next time.

00:02:03.862 --> 00:02:05.367
Thank you for listening.

00:02:05.367 --> 00:02:06.189
Take care.

00:02:06.189 --> 00:02:18.950
Team Engagement is such an important daily exercise that it can affect how well your team members succeed or not.

00:02:18.950 --> 00:02:29.586
Team members who are positively engaged are more productive, more efficient and more motivated to do a great job.

00:02:29.586 --> 00:02:33.449
And Team Member Engagement begins with us as leaders.

00:02:33.449 --> 00:02:36.668
We must be leaders of great character and integrity.

00:02:36.668 --> 00:02:41.605
Positive Team Member Engagement leads to growth and high quality output.

00:02:41.605 --> 00:02:52.427
Invest in yourself to be a better leader so you can further invest in your team to help them achieve greater potential, and you will see amazing results.

00:02:52.427 --> 00:02:54.305
Please enjoy the episode.

00:02:54.305 --> 00:02:59.266
Welcome to the Finance Leader Podcast, where leadership is bigger than the numbers.

00:02:59.266 --> 00:03:01.667
I am your host, stephen McClain.

00:03:01.667 --> 00:03:06.626
This is the podcast for developing leaders in finance and accounting.

00:03:06.626 --> 00:03:11.585
Please consider following me on Twitter, facebook, instagram and LinkedIn.

00:03:11.585 --> 00:03:16.540
My usernames and the links are in this episode's show notes, thank you.

00:03:16.540 --> 00:03:30.048
This is episode number 107, and I'll be talking about team engagement tools we can use to bring out the best on our team, and I will highlight the following topics Number one why team engagement is important.

00:03:30.048 --> 00:03:33.588
Number two, team engagement tools you can easily use.

00:03:33.588 --> 00:03:36.287
And three, how to go to the next level.

00:03:36.287 --> 00:03:43.908
Author and inspirational speaker Simon Sinek said when people are financially invested, they want to return.

00:03:43.908 --> 00:03:47.704
When people are emotionally invested, they want to contribute.

00:03:47.704 --> 00:03:54.969
I hope you all are having a great day and a great week, or maybe a great weekend if you are listening on the weekend.

00:03:54.969 --> 00:04:03.319
I am very grateful you are here choosing the Finance Leader Podcast to help with your journey to become a better finance leader.

00:04:03.319 --> 00:04:06.507
We all want to become better at leadership in our jobs.

00:04:06.507 --> 00:04:15.962
I am an advocate for you to apply leadership to every accounting and finance function, role, task, project and requirement you may have.

00:04:15.962 --> 00:04:25.858
As finance and accounting leaders, we get to make a difference, to drive strategy and to maximize the resources the company has for the best return.

00:04:25.858 --> 00:04:35.668
We get to do this, but we must go beyond our spreadsheets and our analysis to form relationships with leaders and stakeholders around the company.

00:04:35.668 --> 00:04:43.286
To help you in your finance leadership development journey, I have a new written guide for you called Become a Finance Leader.

00:04:43.286 --> 00:04:51.017
You can download it for free at the link in the show notes or go to financeleaderacademycom and download it there.

00:04:51.017 --> 00:05:00.310
Again, it's free and it will help you with your mindset and the finance leader insight cycle so you can help leaders throughout the organization.

00:05:00.310 --> 00:05:05.528
Today I'm going to talk about team member engagement as a critical leadership function.

00:05:05.528 --> 00:05:09.639
We must be involved with our teams so they can also be successful.

00:05:09.639 --> 00:05:23.665
This is not micro management I despise micro management but be present, be involved, set priorities, see where your team is stuck and what opportunities do they each need to move forward in their careers.

00:05:23.665 --> 00:05:26.673
Don't overlook your everyday team engagement.

00:05:26.673 --> 00:05:33.869
If you step away too much, standards can slip, priorities get forgotten and our work becomes secondary.

00:05:33.869 --> 00:05:45.413
The company is relying on us to help drive results and maximize our resources and to determine our financial capabilities so better decisions can be made.

00:05:45.413 --> 00:05:47.916
We as leaders need to be consistent.

00:05:47.916 --> 00:05:52.471
Leadership always starts with us and how we approach our duties.

00:05:52.471 --> 00:05:56.805
Are you showing up every day with a great attitude, ready to lead.

00:05:56.805 --> 00:05:58.108
It's that simple.

00:05:58.108 --> 00:06:06.014
Sometimes Are we displaying great character and are we not allowing gossip and other treacherous activities in our presence?

00:06:06.014 --> 00:06:09.663
Are we setting the right example for others to follow?

00:06:09.663 --> 00:06:11.608
It always begins with us.

00:06:11.608 --> 00:06:20.500
Our finance and accounting functions require us to collaborate and engage because often our technical requirements can be complicated.

00:06:20.500 --> 00:06:30.997
It can be challenging to go beyond the expected task, to find strategic insights, which can be the difference between success and failure against our competitors.

00:06:30.997 --> 00:06:39.043
One of the most important factors to team engagement is to bring the right people on the team and to avoid the wrong people.

00:06:39.043 --> 00:06:41.850
Character matters more than skills.

00:06:41.850 --> 00:06:47.184
If you bring the wrong person on the team, you can destroy the morale and functionality of the team.

00:06:47.184 --> 00:06:49.408
Be cautious who you hire.

00:06:49.408 --> 00:06:51.338
I know this very well.

00:06:51.338 --> 00:06:55.817
Now let's talk about team member engagement, so we can bring out the best on our team.

00:06:55.817 --> 00:06:59.487
Number one why team engagement is important.

00:06:59.487 --> 00:07:04.560
It comes down to this when employees are engaged, they are less likely to leave.

00:07:04.560 --> 00:07:05.502
Team.

00:07:05.502 --> 00:07:09.456
Engagement improves productivity and it improves performance.

00:07:09.456 --> 00:07:15.858
When employees are engaged properly, they care more about their work, there's less absenteeism.

00:07:15.858 --> 00:07:22.738
They are more likely to share new ideas, they start to love their jobs more and want to contribute more.

00:07:22.738 --> 00:07:28.396
Invest in yourself to be a better leader who can properly engage with their team.

00:07:28.396 --> 00:07:32.569
Number two team engagement tools you can easily use.

00:07:32.569 --> 00:07:42.221
I talked about the following team engagement tools in bonus episode number 57, but this is such an important topic that I wanted to share again Now.

00:07:42.221 --> 00:07:43.584
The first one is resourcing.

00:07:43.584 --> 00:07:45.992
Is your team properly resourced?

00:07:45.992 --> 00:07:53.017
There's nothing more frustrating as an employee when you don't have the right equipment and the right tools to do a great job.

00:07:53.017 --> 00:07:56.408
Have you assessed that your team is resourced properly?

00:07:56.408 --> 00:08:02.327
This includes having the right information systems that match the data requirements for your company.

00:08:02.327 --> 00:08:06.019
Assess and then coordinate for the resources your team needs.

00:08:06.019 --> 00:08:11.966
Also recommend what long-term system infrastructure investments that must be made.

00:08:11.966 --> 00:08:13.899
The next is training.

00:08:13.899 --> 00:08:15.805
Is your team properly trained?

00:08:15.805 --> 00:08:19.416
Does each team member have an individual development plan?

00:08:19.416 --> 00:08:25.298
Ensure you assess what training gaps you may have on the team and work to address those gaps.

00:08:25.298 --> 00:08:32.282
We are developing future finance leaders, so you need to go beyond the everyday Excel and analysis skills.

00:08:32.282 --> 00:08:40.888
We need to develop critical soft skills to drive strategic results and so we can learn how to work with senior leaders confidently.

00:08:40.888 --> 00:08:43.875
The next is new process development.

00:08:43.875 --> 00:08:52.503
Sometimes with change or with new requirements, it may require a policy or process update or a new approved efficiency.

00:08:52.503 --> 00:09:01.210
If you don't address required changes, your team may get frustrated and this can lead to shortcuts, which can lead to uncontrolled risk.

00:09:01.210 --> 00:09:10.158
Continually ask and address where policy or the process needs to be updated so we can avoid our team members creating their own policy.

00:09:10.158 --> 00:09:11.923
This can lead to disaster.

00:09:11.923 --> 00:09:14.368
So ask what needs to be updated.

00:09:14.368 --> 00:09:16.902
And the next is addressing concerns.

00:09:16.902 --> 00:09:19.451
How do you address issues on your team?

00:09:19.451 --> 00:09:25.265
One-on-one sessions can be great forums for asking for issues that you may not be aware of.

00:09:25.265 --> 00:09:31.913
Be approachable and open to suggestions so your team feels comfortable bringing concerns to you.

00:09:31.913 --> 00:09:38.368
The moment your team feels uncomfortable bringing concerns to you, you cease being a leader.

00:09:38.368 --> 00:09:40.158
The next is team culture.

00:09:40.158 --> 00:09:44.347
Does your team culture foster trust and high-goal achievement?

00:09:44.347 --> 00:09:50.775
What can you do differently to create a culture where the team feels valued and believes they can win?

00:09:50.775 --> 00:09:52.339
Team culture matters.

00:09:52.339 --> 00:09:54.244
Do you have bullies on the team?

00:09:54.244 --> 00:09:57.957
Do you have team members who are out of touch or have no filters?

00:09:57.957 --> 00:10:05.923
You want a team culture that encourages development and achievement in a place where people can be safe sharing new ideas.

00:10:05.923 --> 00:10:08.388
The next is improved communication.

00:10:08.388 --> 00:10:18.350
When we communicate clearly our intent, the purpose, our values and the vision, and then we also practice the same values, we start to set a great example.

00:10:18.350 --> 00:10:24.068
Share relevant information up front and learn to be a better, active listener.

00:10:24.068 --> 00:10:27.258
Continually try to improve communication with the team.

00:10:27.258 --> 00:10:30.946
The next is to provide opportunities for advancement.

00:10:30.946 --> 00:10:38.158
As leaders, we should create and provide opportunities for our team members to excel so they can advance in their careers.

00:10:38.158 --> 00:10:42.876
Challenge your team members so they can show off their potential for greater responsibility.

00:10:42.876 --> 00:10:45.910
Reward those who outperform the standard.

00:10:45.910 --> 00:10:55.817
Now I want you to assess where you can better engage the team and utilize these tools, and maybe others, to bring the best experience possible to develop your team.

00:10:55.817 --> 00:10:58.479
Number three how to go to the next level.

00:10:58.479 --> 00:11:04.376
Now here are a few personal tools to help you and your team go to the next level.

00:11:04.376 --> 00:11:09.413
And, of course, it begins with you, your attitude and your approach to other people.

00:11:09.413 --> 00:11:11.720
We have to do the self-assessment.

00:11:11.720 --> 00:11:20.884
So we ask ourselves, and maybe a trusted colleague, if we naturally inspire people who are around us or do we need some work with our approach?

00:11:20.884 --> 00:11:30.672
Do you think your personality, how you speak and how you relate to others as an asset or is it a hindrance to creating great team engagement?

00:11:30.672 --> 00:11:32.625
Do you set the right example?

00:11:32.625 --> 00:11:37.562
Do you conduct yourself with great character, with honor and with integrity.

00:11:37.562 --> 00:11:42.839
If not, people will pick up on it and will react, even silently react.

00:11:42.839 --> 00:11:43.902
You will lose your team.

00:11:43.902 --> 00:11:54.951
The opposite is true, and this is where I want you to be a leader who leads with positivity and high integrity, a leader who matches their actions to their words.

00:11:54.951 --> 00:11:58.725
This is the goal, and it takes commitment and practice.

00:11:58.725 --> 00:12:06.448
Again, I despise micromanagement, but sometimes we are forced into micromanagement because of whom we report to.

00:12:06.448 --> 00:12:10.422
If they micromanage, then we become one out of survival.

00:12:10.422 --> 00:12:12.388
It's a horrible, horrible cycle.

00:12:12.388 --> 00:12:16.841
But also, not being involved with their team is not the answer either.

00:12:16.841 --> 00:12:38.346
There is a middle ground where trust rules the day, but you also are guiding your team to the vision, not controlling every movement, but motivating in a positive way, holding people accountable, but also providing each person the decision to accomplish the tasks how they see it, as long as they are meeting the standard and meeting their deadlines.

00:12:38.346 --> 00:12:44.456
We have lots of middle ground to inspire our team to be their best, while not controlling everything they do.

00:12:44.456 --> 00:12:56.471
We lead by providing purpose, vision, by setting priorities, by eliminating obstacles and by finding ways for our exceptional team members to excel and to advance.

00:12:56.471 --> 00:12:58.035
Now for action today.

00:12:58.035 --> 00:13:01.307
What are you doing to improve team member engagement.

00:13:01.307 --> 00:13:06.884
Can you use any of the tools I mentioned earlier to improve how your team interacts?

00:13:06.884 --> 00:13:11.660
Also, what can you do to become a better example of leadership for your team?

00:13:11.660 --> 00:13:17.241
So review the tools and apply them where you can to make the best team member engagement strategy.

00:13:17.241 --> 00:13:27.373
Today I talked about team member engagement tools we can use to bring out the best on our team, and I highlighted the following points Number one, why team member engagement is important.

00:13:27.373 --> 00:13:31.126
Number two, team engagement tools you can easily use.

00:13:31.126 --> 00:13:33.732
And three, how to go to the next level.

00:13:33.732 --> 00:13:35.524
Our teams mean a lot.

00:13:35.524 --> 00:13:41.721
How they process information and tasks matter, and how we lead them matters even more.

00:13:41.721 --> 00:13:46.312
We have to show up and lead with great attitude and even greater integrity.

00:13:46.312 --> 00:13:50.212
We have to bring positive, growth oriented engagement to them.

00:13:50.212 --> 00:13:56.509
A team that is engaged with a great leader would be more productive and more motivated to be their best.

00:13:56.509 --> 00:14:01.807
I encourage you to learn how to engage your team so they are set up for success every day.

00:14:01.807 --> 00:14:03.961
We can all improve in this area.

00:14:03.961 --> 00:14:17.227
Review the tools again that I mentioned earlier, listening into bonus episode number 57, if you need to learn how to bring out the best in your team so they perform their best to help the organization achieve its goals.

00:14:17.227 --> 00:14:22.163
Next episode I will be talking about overcoming obsessive compulsive disorder.

00:14:22.163 --> 00:14:27.354
I am not a mental health professional, but I do understand OCD very well.

00:14:27.354 --> 00:14:34.259
I think I can give you a few tips if you suffer from OCD as a finance and accounting professional.

00:14:34.259 --> 00:14:35.605
I can't wait to share.

00:14:35.605 --> 00:14:38.615
I hope you enjoyed the Finance Leader podcast.

00:14:38.615 --> 00:14:45.761
I am dedicated to helping you grow your leadership skills, to change your mindset and to clarify your goals so you advance your career.

00:14:45.761 --> 00:14:49.335
You can find this episode wherever you listen to podcasts.

00:14:49.335 --> 00:14:55.956
If this episode helped you today, please share and leave a quick review so that others may find the podcast.

00:14:55.956 --> 00:15:05.264
Until next time, you can check out more resources at financeleaderacademycom and sign up for my weekly updates so you don't miss an episode of the podcast.

00:15:05.264 --> 00:15:09.091
And now go lead your team and I'll see you next time.

00:15:09.091 --> 00:15:09.793
Thank you.

Bonus Ep 71 - Finance Team Success: A Journey of Leadership and Engagement

Listen On

Recent Episodes