Wednesday, March 30, 2011

Supercharge Your Finance Team

There are two general schools of thought in developing a high performance team: develop people organically or hire high performers and ‘retire’ the low performers.  According to some sources, hiring can cost from 40% to 150% of an employee’s annual salary.  By far the cheaper of the two options then is to retain your current talent and work to increase their leadership skills.  Below are some high impact and low cost ways to develop the next generation of finance leaders.

Knowledge

Charlie “Tremendous” Jones said “You are the same today that you are going to be in five years from now except for two things: the people with whom you associate and the books you read.”
Grant Cardone, International Sales Training Expert, claims that the average person reads one book per year while the top performing CEOs read 60 books per year.  Books provide the highest ROI when it comes to knowledge.  Therefore, if you want to develop a high performing team, the best thing you can do as a leader is to offer them knowledge by way of books.  My own personal list of “must reads” include:
  • 48 Days to the work you love – Dan Miller
  • QBQ! The Question Behind the Question: Practicing Personal Accountability in Work and in Life by John G. Miller
  • How to Win Friends & Influence People by Dale Carnegie
  • The 7 Habits of Highly Effective People by Stephen R. Covey
  • The Go-Getter: A Story That Tells You How To Be One by Peter Bernard Kyne

If you have a large team, develop a library.  A great place to start is the book list at personalmba.com by Josh Kaufman.  Josh has developed an outstanding list of the best business books available.  Put the library on display where it is easily accessible.  Don’t implement an onerous checkout process as some organizations do.  If books “disappear”, consider that a small price to pay for upgrading your talent level. 

Ask your staff to develop short book summaries and include answers to at least the following questions:
  1. What are the top 10 key concepts from the book?
  2. Are there additional ideas/points the author missed?
  3. How are the author’s ideas applicable to our team?

Finally, find a way to motivate your staff to really push themselves.  Why not announce a competition for who can read 52 books in a single year?  Give away an iPad as a reward.  Nothing motivates like healthy competition. 

Softskills

Aside from an increase in general management knowledge, leaders generally excel at soft skills.  An easy and inexpensive way to develop soft skills within your staff is to introduce them to Toastmasters.  Toastmasters is a non-profit educational organization open to all people ages 18 and above who wish to improve their communication skills.  Members meet once a week for 60 minutes and give planned and impromptu speeches.  Membership is typically in the USD 20 to USD 50 per year range.  As members work their way up through the various levels, there is a sense of accomplishment.  The results are outstanding: increased confidence, communication ability and leadership skills.  Starting a local chapter is easy; all that is needed is a group of dedicated people who are willing to start.  Finding a club is even easier: visit toastmasters.org and search by city. 

Additional Ideas

Vendor demonstration week/brown bag lunch
Set a day or week aside as a one-time event or every month and have a new vendor come in to demo their product.  Put a different employee in charge of this and have them think through questions that need to be ask: how would this product work in our environment?  What are the barriers to implementing this type of product?  What type of efficiency gains would we see if we used this product?  

Write a weekly informal management letter
If you are in a large organization, your team may not get a chance to interact with the leaders directly very often.  If the team is going to be transformed into a high-performing organization, high touch points will be needed.  An informal management letter (weekly or monthly) may provide them insight into how the strategic direction is being implemented.

Plan an informal offsite breakfast
Having formal monthly, quarterly or annual events is great but don’t let those events stand in the way of spending time outside of work with your team members to mentor them.  Breakfast is generally the cheapest meal and breakfast meetings are a great, time-boxed way to begin the day.  

Ask the CEO or a board member to host an informal lunch session
Likewise, having leaders from other parts of the organization spend time with your team is a great way to develop leaders.  Ask the CEO or board member to host an agenda-less lunch session with a few of your staff members. 

Summary

Developing a high performing finance team doesn’t have to be an expensive proposition.  By using high-impact and low-cost ways, you can grow your group and develop the next generation of finance leaders. 


No comments:

Post a Comment