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FP&A Team Development
- 1. Developing a Team February 25, 2010
- 2. Some Things Change… “Cutting-Edge” tools of the past…
- 3. …Some Things Do Not “Cutting-Edge” tools of the future… Our PEOPLE are the value-added resource that endures
- 4. Why Focus on Development? Average lifespan of a CFO: less than 3-5 years one-third less than 2 years Average lifespan of FP&A team: about 3-6 months longer How do you BEAT the law of averages???
- 6. 77% ready to devote (vs. 51%)
- 7. 70% to go above & beyond (vs. 51%)
- 8. 74% really care (vs. 59%)
- 10. Demographics
- 12. Pull vs. push
- 13. Analytics core of modern business
- 15. More, faster
- 17. MF exampleTeam development and growth is a challenging but achievable objective
- 18. Inception of a Framework Staff Development Why? Who? What? How? Where?
- 19. Data to Decision… What we do everyday Data What is it? “Reporting” Information How do you employ your resources across these activities? Knowledge What does it mean? “Analysis” Decision What do I do? “Decision Support”
- 20. Data to Decision: Typical Roles within Organization Sr. Analyst / Manager Director / VP Data Analyst Information “Reporting” Knowledge “Analysis” Decision “Decision Support”
- 21. Data to Decision: Practical Execution in the Organization Data Information What We Do Knowledge Decision For Whom Do We Do it? Complexity / Visibility Within Organization
- 22. Data to Decision: Practical Execution in the Organization Data Periodic “Flash” Reporting Ad hoc Analysis Budgeting Information Strategic Planning Knowledge Decision Complexity / Visibility Within Organization Sample illustrations… your organization may differ
- 23. Data to Decision: Role Involvement Data Periodic “Flash” Reporting Ad hoc Analysis Budgeting Information Reporting Analyst Strategic Planning Knowledge Sr. Analyst Manager Director VP Decision Complexity / Visibility Within Organization How is this used?
- 25. Maps development and advancement
- 26. Highlights roles & responsibilities (such as the difference between “reporting” and “analysis”)Reporting Analyst Strategic Planning Sr. Analyst Manager Director VP Information Knowledge Decision
- 28. Refined job descriptions and clear expectations to prospective associates
- 29. Maps out one possible career path for candidates
- 30. Consistent evaluation framework… but not in isolation – rather an extension
- 32. Toolbox
- 34. Willing to speak up
- 36. Good coach Settle for RIGHT… not BEST Decision
- 38. Tasks to expect
- 39. Exposure to the organization
- 40. Starting point on where to plug associates into the organization
- 41. What is best for the associate… map interests against typical progression
- 42. Care about the associate
- 43. Understand goals and desires
- 45. Variety
- 46. Contribution
- 49. Best way to avoid this:
- 51. Coaching
- 53. Be decisive
- 54. It costs 1x to 5x to sever and replace a poor performer
- 56. Team
- 57. IndividualHow you sever says a lot about your organization… be careful Decision
- 58. Ending with the BEGINNING in Mind When in the daily trenches in your business, don’t forget the war for talent is ongoing. If you think you are too small to be effective, you have never been in the dark with a mosquito. - Unknown Michael Schwindle michael.schwindle@musiciansfriend.com
Editor's Notes
- Several years ago, I gave great thought to what makes analysis functions tick and work well. I considered: - How we create value to the organization? - What is the fundamental nature of our work? - How does the analysis process work? - What makes a good financial analyst?I either developed or copied portions of a framework that we all use everyday. - It is something that we usually don’t think much about - I even had it on my office white board in a corner… reminder to any of my staff who came into my officeValue to the Organization:Nature of Financial Planning WorkCharter & Span of Control The charter of most financial planning teams has been to add value through actionable analysis Span of control varies within each organization depending on the nature of the organization… my last 3 roles have had significant operational support roles Analysis Process This process is akin to tearing out that wall over there. There are many ways to do it… some better while some are worse The astute analyst has a sufficiently diverse toolbox to address an issue/situation in a variety of ways What makes a good analyst I will come back to this later…