My experience working with women leaders confirms that the financial arena is an area that requires a concerted effort to strengthen the pipeline of upcoming female financial leaders. It will not happen by osmosis; there has to be a strategic agenda to make sure upcoming talent is ready and able to take on the new challenges of this field.
Forbes agrees with this idea and published an article I wrote about this topic. A replica of the article is written below and you can also access the Forbes version by clicking here.
Enjoy!
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Let’s be honest: Your company may have been around for 20 years. It may produce the hottest gadget on the market today. You may think that as long as there is black ink on the bottom line, not much else matters. But as a female financial leader, you must bring to the table more than just the numbers. In today’s environment, it’s crucial for women to up their game and lead rather than support efforts to bring a strategic financial mindset to the business.
Women account for a little over 11% of CFO positions in the U.S., according to a survey of 1,000 U.S. companies done by the firm Korn Ferry. That may be an improvement from what it was about 10 years ago, but still, the gap is too wide.
My experience working with women leaders confirms that the financial arena is an area that requires a concerted effort to strengthen the pipeline of upcoming female financial leaders. It will not happen by osmosis; there has to be a strategic agenda to make sure upcoming talent is ready and able to take on the new challenges of this field.
In 2017, Oxford Economics conducted a survey of financial leaders across multiple industries to see what behaviors contributed to their effectiveness. Through my coaching and consulting, I have validated that the results of Oxford’s survey are exactly what’s missing when a financial leader is not successful.
Here is a list of actions, according to Oxford Economics, that make up a high-quality financial leader, along with my advice based on my work with successful female financial leaders.
As a female financial leader or CFO you must:
- Have strong influence beyond the finance function. If you’re only attending meetings about financial issues, you might not understand your role in the overall goals of the organization. Female financial leaders must confidently seek to be included in the CEO’s inner circle. How? Think about the company as if it was your own by taking the time to understand the business strategy and company direction. This knowledge will help you provide feedback on non-numeric aspects of the business confidently.
- Drive strategic growth initiatives. Your company is probably growing to gain a larger market share or to diversify. Finances are at the heart of any growth process, and they require somebody with a superior skill set and a finance mindset (you) leading the charge. I still hear old clichés that women tend to be risk-averse and less confident than men. This is a perception that will get in the way of women leading the charge on the next big acquisition. Be mindful of this fact, and feel free to address it head on when necessary.
- Improve efficiency with automation. There’s a reason AI is taking over. It (usually) costs less. But if implemented incorrectly, there can be lost efficiency with automation. As a financial leader, you need to be on the front line evaluating the options for automation and how it will affect the bottom line.
- Collaborate regularly with business units across the entire company. You may not always agree on the proper path to take, but the more conversations that can be sparked among stakeholders in your organization, the more likely you are to make the appropriate decisions. Female financial leaders must master and promote collaboration. The era of working the numbers behind closed doors is gone, which is why creating a collaborative environment with your peers is crucial to feeling the pulse of the whole organization as well as advancing your career. Make it a point to have informal interactions. Go out to lunch or grab coffee with your peers to build connections and get a better sense of their needs and how to work together effectively. You can use these informal interactions to discuss best practices and identify opportunities to cross-collaborate.
- Be well-equipped to handle regulatory change. Pay attention to politics and policy. Work closely with manufacturing, human resources, governance, risk management and compliance across the organization. Who knows what federal or state regulators are going to come up with next, but it may have a massive impact on your bottom line if somebody isn’t paying attention to changes coming down the road.
The Importance Of Collaboration
Overall, as a female CFO, you will notice that your C-suite peers are tuned in to day-to-day challenges that you might not have access to or be aware of. Foster collaboration with these peers. To do so:
- Become a trusted resource. Let colleagues know you’re available to serve as a financial wizard on key initiatives. Also be open, and discuss your department’s projects and how they affect others.
- Consistently ask them for input. Bring C-suite peers into key initiatives that are on your plate, and ask for their ideas, advice and expertise.
- Prioritize the sharing of information. Give non-financial leaders updates on your priorities, and share your challenges. Your peers may have ideas you can implement.
Ladies, take a look at your role as a CFO. These are the strategic behaviors that will secure your career success. Plan your personal/professional development accordingly for future growth.
Are you ready to prepare for your future growth? If you are ready, contact me to schedule a conversation that could change your life at http://maricarmenpizarro.com/contact-mari-carmen/
