I recently asked Samuel Dergel, author of Guide to CFO Success: Leadership Strategies for Corporate Financial Professionals, three critical questions for CFOs. This prompted a discussion about interest in STEM talent in finance, relationship maps, and practical wisdom for business decision makers.
Why is it we are now hearing that finance is under pressure to give wisdom to business decision makers?
Samuel Dergel: The old paradigm of finance being the bean-counters is no longer wanted or needed by businesses. The finance function is not (and has never been) a money-making operation for businesses; it has been there to lend support. Today, with organizations looking to gain competitive advantage in all areas of operations in order to survive and thrive, they don’t need data and information—they need wisdom. Wisdom can flow from an intelligent, capable finance team that is able to get the best out of the data. This helps leaders make properly supported business decisions.
What do you hear from CFOs about their initiatives for building STEM talent in finance?
SD: CFOs are always interested in having the best team for their needs, but too often lack that team when they need it. I work with CFOs to help them ensure they have a plan in place to acquire, retain and develop the best possible team for their needs. I bring this to the attention of CFOs in my book, Guide to CFO Success.
What is a relationship map and why does a finance process owner need one?
SD: I created the relationship map a few years back to help CFOs visualize the relationships they have so they can give and get the best from these relationships. I believe that relationship management is one area that many finance people do not spend enough time on. Senior finance professionals that build and maintain excellent relationships are the stars of their company, both internally and externally. It is not enough to be technically brilliant to be a successful finance executive. Success comes from others believing in your success, buying into it, and letting others know about it.
Samuel Dergel is Director of Executive Search at Stanton Chase International. You can follow him on Twitter @DergelCFO or connect with him on LinkedIn.