Developing Powerful Leadership In The Finance Function


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Developing Powerful leadership in The Finance Function is a presentation done to a group of senior finance executives at a seminar in Sydney in 2007

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Developing Powerful Leadership In The Finance Function

  1. 1. Developing Powerful Leadership in the Finance Function A practical workshop Finance Transformation Conference Sydney, Australia – 6 th June 2007
  2. 2. Workshop structure <ul><li>Short session. </li></ul><ul><li>Engage your mind. </li></ul><ul><li>Discussions between people if time permits using structured formats. </li></ul><ul><li>Learning focus. </li></ul><ul><li>Third circle principle. </li></ul><ul><li>Questions and answer model. </li></ul><ul><li>Guided format. </li></ul>
  3. 3. Rules of Engagement <ul><li>Consider all points. </li></ul><ul><li>There is nothing right or wrong here. </li></ul><ul><li>Not for debate or argument. </li></ul><ul><li>Sometimes it is necessary to state the obvious. </li></ul><ul><li>The essence of the workshop is to challenge established thinking. </li></ul><ul><li>Try to suspend the hats of judgement and cynicism. </li></ul><ul><li>Participate </li></ul>
  4. 4. The Current State <ul><li>Finance function relegated to “backroom”. </li></ul><ul><li>Field perceived to be dominated by numbers obsessed “mechanical” beings. </li></ul><ul><li>Seen as necessary “nuisance” by all other areas of organisations and general society. </li></ul><ul><li>Professionals seen as excellent No 2’s but not No 1’s. </li></ul><ul><li>Perceived as great managers but poor leaders. </li></ul><ul><li>Finance function is not seen as desirable by those other than qualified accountants. </li></ul>
  5. 5. The “Truth” <ul><li>Finance profession is highly skilled. </li></ul><ul><li>Unutilised capacity to thoroughly understand business. </li></ul><ul><li>A voice for prudence. </li></ul><ul><li>Have the ability to be very effective in guiding organisation growth. </li></ul><ul><li>Have been successful in difficult and trying circumstances. </li></ul><ul><li>Have the capacity to be proactive leaders. </li></ul>
  6. 6. The Gaps <ul><li>Understanding of other facets of business. </li></ul><ul><li>Willingness to embrace new thinking. </li></ul><ul><li>Proactive inspiration of others. </li></ul><ul><li>People mindset. </li></ul><ul><li>Knowledge and expertise in field of leadership. </li></ul><ul><li>Desire to alter the status quo…. </li></ul>
  7. 7. Why? <ul><li>Traditional study is technical capability focussed. </li></ul><ul><li>Finance role has not significantly evolved in the last 100 years. </li></ul><ul><li>Risk averse mindset has been created over the ages. </li></ul><ul><li>No real performance requirement. </li></ul><ul><li>Face to face interaction with stakeholders is minimal. </li></ul>
  8. 8. Future <ul><li>Finance role increasingly mechanised. </li></ul><ul><li>Lesser reliance on finance as a source of guidance. </li></ul><ul><li>Need for profession to re-assess role in organisations. </li></ul><ul><li>What way will function add value to human networks. </li></ul><ul><li>Potential to provide organisational leaders of the future. </li></ul>
  9. 9. Exercise <ul><li>Do you see yourself as an excellent leader? </li></ul><ul><li>How does your organisation view you? </li></ul><ul><li>How do your staff view you? </li></ul><ul><li>Do you believe you will be in a position of leadership within your organisation soon? </li></ul><ul><li>If not why? </li></ul><ul><li>Do you want to be in a position of leadership of an organisation? </li></ul><ul><li>What do you think you can do about it? </li></ul><ul><li>If you are in a position of leadership, what do you think you must do to become a more dynamic, powerful and engaging leader? </li></ul>
  10. 10. Leadership - Discussion <ul><li>Traditional leadership revolves around the authority figure. </li></ul><ul><li>Many different models of leadership. </li></ul><ul><li>What is happening amongst humanity today… </li></ul><ul><li>The need for Respect, Responsibility and Rules. </li></ul><ul><li>Servant or level 5 leadership. </li></ul>
  11. 11. Level 5 Leadership Highly Capable Individual Contributing Team Member Competent Manager Effective Leader Level 5 Executive (Leader) Makes Productive Contributions through talent, knowledge, skills and good work habits. Contributes individual capabilities to the achievement of group objectives and works effectively with other team members. Organises people and resources toward the effective and efficient pursuit of predetermined objectives. Catalyses commitment to and the vigorous pursuit of a clear and compelling vision, stimulating higher performance standards. Builds enduring greatness through a paradoxical blend of personal humility and professional will. Source: “Good to Great”; Jim Collins, 2001
  12. 12. Another definition <ul><li>A person who opens the field of possibility for all in the community served by her/him to rise up to, through a courageous stand for what is possible and the will to create that possibility in the face of great obstacles. </li></ul>
  13. 13. Leadership - Components <ul><li>Personal knowledge of self. </li></ul><ul><li>Values and Beliefs. </li></ul><ul><li>Perspectives of the world. </li></ul><ul><li>Knowledge of the world. </li></ul><ul><li>Experiences. </li></ul><ul><li>Wisdom. </li></ul><ul><li>Desire. </li></ul>
  14. 14. Developing components <ul><li>Personal Development. </li></ul><ul><li>Understanding and Strengthening Core Values and Beliefs. </li></ul><ul><li>Fresh perspectives. </li></ul><ul><li>Education of the world. </li></ul><ul><li>Fresh experiences. </li></ul><ul><li>New Wisdom. </li></ul>
  15. 15. Exercise <ul><li>Where do you see your next step in your development as a leader? </li></ul><ul><li>What do you believe are the obstacles for your own development? </li></ul><ul><li>What do you see as the best thing for your finance function leadership? </li></ul><ul><li>What areas do you believe need looking at? </li></ul><ul><li>Do you see any rising stars in your team? </li></ul><ul><li>If you do what are you planning to do to keep them and help them develop? </li></ul><ul><li>If you don’t what are you planning to do to attract them? </li></ul>
  16. 16. End of session