April 22, 2024

Bonus Episode 77: Building a High-Performance Finance Team: A Strategy for Effective Recruitment and Talent Development

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As the NFL Draft ignites conversations about talent acquisition, we turn the spotlight on the universal principles of selecting and nurturing the right people for your finance squad. In this bonus episode, I explore the critical importance of soft skills, such as emotional intelligence and communication, and their role in creating a harmonious and effective team environment. I'll share why these innate qualities often outweigh technical prowess, and how you can foster a culture that values growth, coachability, and adding value at every turn.

Prepare to challenge your perceptions of team development and leadership as we discuss the nuanced art of recruitment. I emphasize that being a finance leader means also being a mentor, willing to invest in your team's continuous improvement. Reflecting on Mark Cuban's wisdom, I argue that there are no shortcuts to excellence, but rather a committed journey of cultivating talent. By the end of our conversation, you'll be equipped with actionable insights to help you seek out and develop individuals who don't just fill a role but elevate your entire organization. Join us for a compelling narrative that will transform how you think about and approach hiring within your finance team.

==>> Episode 45: Recruiting and Hiring Team Members

Episode outline:

Commit to focusing on soft skills,
Are they coachable,
Will they add value to your team,
Finance leaders must be teachers, and
Growth and development are keys to individual and team success.

Please connect with me on:

1. Instagram: stephen.mclain
2. Twitter: smclainiii
3. Facebook: stephenmclainconsultant
4. LinkedIn: stephenjmclainiii

For more resources, please visit Finance Leader Academy: financeleaderacademy.com.

On the website, you can download the Become a Finance Leader Guide. You can use this guide to build your Finance Leadership skills so you can help senior leaders develop and execute the strategy.
I also offer a course, Advance Your Finance and Accounting Career: Developing a Promotion Strategy that Sets You Apart.

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Transcript

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Hi, this is Stephen McLain of the Finance Leader Podcast.

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This is bonus episode number 77.

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Good day and good week to everyone.

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This week is the NFL Draft.

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Please don't tune out if you are not a sports fan or an American football fan.

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Trust me to stay with me for a few minutes.

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The NFL Draft is about evaluating talent, which we all need to be proficient in as finance leaders who are trying to grow and develop our teams.

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Every year, the NFL hires in highly skilled players who end up being a bust and not able to perform to expectations for a variety of reasons.

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Last week, we witnessed an amazing WNBA draft which was filled with incredible talent.

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The Indiana Fever selected Kaitlyn Clark, undoubtedly the best player in women's basketball coming out of college.

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This year, indiana will build a team around Kaitlyn's skills, leadership, commitment and abilities.

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When we are searching for talented finance and accounting professionals to join our teams, there is no annual finance draft to bring in people from college or even the annual free agent pool to hire from.

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We have to search for talented individuals in all sorts of places.

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The more places, the better chance you have to finding the person you need.

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In this week's bonus episode, I want to give you a few considerations when looking for the next person you want to add to the team.

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You may also want to listen to episode number 45 that was released on April 6, 2021, recruiting and Hiring Team Members.

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I will put a link in the show notes to that episode Now.

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Here's a short list of hiring considerations episode Now.

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Here's a short list of hiring considerations.

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Number one commit to focusing on soft skills.

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Hard technical skills are important, but I would take an average Excel user who is committed to being a great team player and partner over the best spreadsheet developer who lacks interpersonal skills, cannot explain their numbers or detracts from the team.

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Key soft skills are time management, communication, leadership, emotional intelligence, critical thinking, understanding, strategy versus the tactical work ethic, integrity and collaboration and a few others.

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Now I can teach better Excel and data analysis skills.

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I can teach better modeling and how to do projections.

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Don't misunderstand your finance and accounting.

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Prospects need strong working knowledge of the key concepts Excel and how to analyze data but I can make them better in those areas.

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I want them to be strong already in their soft skills.

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Those are often more difficult to teach.

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They are often inside you already or not.

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Number two are they coachable?

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After assessing skills, your prospective team member should have a mindset ready to learn and grow.

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Are they willing to learn from you or do they already have all the answers?

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Will they follow direction and make adjustments?

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Can they take criticism well or do they get defensive?

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Can they successfully present to executive teams and the board and be willing to be challenged on their analysis and numbers?

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We don't want know-it-alls on the team, even though their hard skills may look very charming on paper.

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Number three will they add value to your team?

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I have briefly mentioned soft skills and mindset.

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Your talent acquisition strategy should focus on adding value to your team.

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How can this person bring value to the team and to the organization?

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You are only as good as your team members.

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This is true for any team.

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4.

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Finance leaders must be teachers.

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You are a finance leader and you must be a teacher to guide your team to the skill set you want them to level up to.

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Leaders are teachers, coaches and mentors.

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We guide and work to ensure our team members are better today than they were yesterday.

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We must commit that to action every single day.

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So we must bring on team members who value growth and development, who realize that they don't know everything but are willing to learn.

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And number five growth and development are keys to individual and team success.

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We are not only about the tasks we perform, the fires we put out and the other myriad of actions we perform every day.

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We are about getting better every day, and that means that you should be looking for people who you can develop.

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I can already hear many saying that you don't have the time to develop your team, and I say you have your priorities wrong.

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Growth and development will always be the key to individual and team success.

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I wish you success in your search for talented individuals who can add value to your teams right away.

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Billionaire Mark Cuban says there are no home run hires.

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You must find people who compliment the team, who are willing to learn, who won't be a distraction and who will add value.

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Please check out Finance Leader Academy, where you can find some great resources, and also download the free Become a Finance Leader Guide.

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Have a great rest of your week.

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Thank you for listening to the Finance Leader Podcast.

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Until next time, lead your team and lead your organization.

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Thank you.