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Framework to use for linking the analysis activity performed by FP&A groups to their professional and group development.
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Developing a TeamFebruary 25, 2010
Some Things Change…“Cutting-Edge” tools of the past…
…Some Things Do Not
Our PEOPLE are the value-added resource that endures
“Cutting-Edge” tools of the future…
Average lifespan of a CFO:less than 3-5 yearsone-third less than 2 years
Average lifespan of FP&A team:about 3-6 months longer
Why Focus on Development?
How do you BEAT the law of averages???
Finance Leader
Business Demands
Competitive Marketplace
Engagement
Job Satisfaction
Exciting Times BUT Opposing Forces
Team development and growth is a challenging but achievable objective
- Pull vs. push- Analytics core of modern business- Credibility is critical
- War for talent- Demographics- Supply constraints
- More, faster- Pace is increasing- MF example
- 68% like their work (vs. 52%)- 77% ready to devote (vs. 51%)- 70% to go above & beyond (vs. 51%)- 74% really care (vs. 59%)
Data to Decision
Framework
Nature of Financial Planning
Work
Value to Organization
Analysis Process
Charter & Span of Control
What makes a good financial
analyst?
Inception of a Framework
Staff Development
Who?Why?
What?
Where?
How?
What is it? “Reporting”
What does it mean?“Analysis”
What do I do?“Decision Support”
How do you employ your resources across these activities?
Data
Information
Knowledge
Decision
Data to Decision… What we do everyday
“Reporting”
“Analysis”
“Decision Support”
AnalystSr. Analyst /
ManagerDirector /
VP
Data
Information
Knowledge
Decision
Data to Decision: Typical Roles within Organization
Complexity / Visibility Within Organization
Data
Information
Knowledge
Decision
Data to Decision: Practical Execution in the Organization
WhatWeDo
For Whom Do We Do it?
Complexity / Visibility Within Organization
Data
Information
Knowledge
Decision
Ad hoc AnalysisAd hoc
Analysis
Strategic PlanningStrategic Planning
Periodic “Flash”
Reporting
Periodic “Flash”
Reporting
BudgetingBudgeting
Data to Decision: Practical Execution in the Organization
Sample illustrations… your organization may differ
Complexity / Visibility Within Organization
Data
Information
Knowledge
Decision
Ad hoc Analysis
Strategic Planning
Periodic “Flash”
Reporting
BudgetingReportin
g
Analyst
Sr. Analyst
Manager
Director
VP
Data to Decision: Role Involvement
How is this used?
How do you use the framework?
• Roles & responsibilities
• Maps development and advancement
• Highlights roles & responsibilities (such as the difference between “reporting” and “analysis”)
Data
Information
Knowledge
Decision
Ad hoc Analysis
Strategic Planning
Periodic “Flash”
Reporting
BudgetingReportin
g
Analyst
Sr. Analyst
Manager
Director
VP
Data to Decision: How do you use?
Data
Information
Knowledge
Decision
Ad hoc Analysis
Strategic Planning
Periodic “Flash”
Reporting
BudgetingReportin
g
Analyst
Sr. Analyst
Manager
Director
VP
How Does This Affect Hiring Decisions
Keep in mind when evaluating analysts:• Aptitude• Toolbox• Collaborates well• Willing to speak up• Broad experience… MBA?• Good coach
Settle for RIGHT… not BEST
• The hiring process is critical... Our HR partners tell us it is neglected
• Refined job descriptions and clear expectations to prospective associates
• Maps out one possible career path for candidates
• Consistent evaluation framework… but not in isolation – rather an extension
• Conveys you give much thought to people and development
Data
Information
Knowledge
Decision
Ad hoc Analysis
Strategic Planning
Periodic “Flash”
Reporting
BudgetingReportin
g
Analyst
Sr. Analyst
Manager
Director
VP
Associate Development
Keep in mind - analysts are motivated by:
• “The Challenge”• Variety• Contribution• Visibility
• Defines the progression path for associates
• Tasks to expect• Exposure to the organization
• Starting point on where to plug associates into the organization
• What is best for the associate… map interests against typical progression
• Care about the associate• Understand goals and desires• Help “make their own path”
Data
Information
Knowledge
Decision
Ad hoc Analysis
Strategic Planning
Periodic “Flash”
Reporting
BudgetingReportin
g
Analyst
Sr. Analyst
Manager
Director
VP
Data to Decision: Severing Associates
Remember that when necessary, it is the best thing for everyone:
• Business• Team• Individual
How you sever says a lot about your organization… be careful
• The most difficult thing we should ever have to do… HR says we are not good at this
• Best way to avoid this:• Clear expectations• Coaching• Consistent consequences• Be decisive
• It costs 1x to 5x to sever and replace a poor performer
• Consistent framework to discuss poor performance – examples of performance versus expectations
Ending with the BEGINNING in Mind
If you think you are too small to be effective, you have never been in the dark with a mosquito.- Unknown
Michael [email protected]
When in the daily trenches in your business, don’t forget the war for talent is ongoing.