In a recent issue o
, we lookedat the benets o having a nance strategy that identies the people and skills neededat the macro-, micro-, and individual levels;integrates and deploys those people and skillsinto both the nance and business unctions;and supports nance proessionals acrossthe employee lie cycle—rom acquisition toretirement.
In this issue, we take a deeperdive into ways to identiy critical perormersand develop strategies to keep them loyal andproductive. In addition, we will discuss how to align those best-in-class nance executiveswith all-important value creation.
Dierentiating good employeesrom critical players
With nance-talent at a premium, it mightbe easy to view everyone on your team asessential. Aer all, it takes time and money to identiy and develop critical skills—a realdeterrent to changing up talent even when thesituation warrants it. In addition, it is oeneasy to get caught up in the “rescue antasy”associated with trying to mold certain subparperormers into the talent that is necessary.But identiying your truly critical players isthe rst step in developing a world-class team,and the process entails more than just measur-ing productivity. Instead, it requires a careulevaluation o a) whohas the skills neces-sary to execute onyour current set o priorities, b) who canbe trusted to eec-tively execute thosepriorities, and c) whocan raise the bar onperormance andreshape expectations.As one CFO recently told us, his yardstick was to imagine exil-ing all o his employees out to the parking lotand then inviting back only those he could notdo without. Our alternative is to simply ask theollowing questions:1. What knowledge, skills, abilities, andexperiences do you need now? What aboutgoing orward? Who on your team bestembodies those skills?2. Given your priorities in nance over thenext 12 months, who are the wingmen youcan count on to execute those priorities?3. I someone you consider critical resignedtomorrow, do you have the bench strengthto backll the position? Can you developa successor rom among the talent youalready have?
Graphic: Deloitte University Press | DUPress.com
Talent Edge 2020: Building the recovery together
,Deloitte Development LLC, 2011.
Figure 1. Top six departure triggers that support the development of appropriate retention strategies
Lack of careerprogressLack of jobsecurityLack ofcompensationincreasesLack of trust inleadershipNewopportunitiesin the marketLack ofacceptablebonus/ﬁnancialincentives
Do you have the fnance-talent you need now?
But identiying your truly critical players is the rststep in developing aworld-class team, and theprocess entails more than just measuring productivity.