Developing Your Finance Team – Where To Start?

It goes without saying that you want your finance team to perform with maximum efficiency and productivity.

How you get the most out of your employees is dependent on the individual needs of your organisation – there’s no one-size-fits-all approach.

Having a thorough understanding of your existing finance team and who would be a valuable addition to your workforce, will go a long way in improving and optimising efficiency.

How to develop your finance team

Use assessment tools

The first step is understanding the skills your existing team has.

Assessment tools such as The Acuity Method identifies strengths, highlights areas for improvement and provides valuable insights into what motivates individual employees and whether they have the skills required to be an effective leader.

Make the right hiring decisions

Having a clear understanding of where your existing team is performing well enables you to make a hire that will compliment these strengths. Similarly, identifying weak areas means you can ensure your new hire successfully plugs any skill gaps.

Provide training

One of the most effective strategies for upskilling your finance team is to provide further training. To ensure you’re getting the most out of continued professional development, the training offered needs to be relevant and adapted to the specific requirements of the team.

Assessment tools such as The Acuity Method can identify areas which need to be addressed.

Promote training as a positive tool for career and personal progression. By actively encouraging employees to learn new skills, you’re demonstrating that you don’t expect them to know everything. This also helps to create a workplace that’s warm and welcoming, as well as open to new ideas. This can go a long way when it comes to retaining and getting the most out of high quality employees.

Encourage knowledge-sharing

An effective and low-cost way to develop your finance team is to encourage different departments to work together. When each team understands and appreciates how the other works, it promotes collaboration, boosts morale and improves productivity and creativity. It can also minimise stress, frustration and tension in the workplace.

To find out the various ways in which The Acuity Method can be used to develop your finance team and make successful hiring decisions, get in touch and our expert advisors will be happy to help.