FP&A Team Development
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Developing a TeamFebruary 25, 2010
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Some Things Change…“Cutting-Edge” tools of the past…
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…Some Things Do Not
Our PEOPLE are the value-added resource that endures
“Cutting-Edge” tools of the future…
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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???
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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%)
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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?
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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
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“Reporting”
“Analysis”
“Decision Support”
AnalystSr. Analyst /
ManagerDirector /
VP
Data
Information
Knowledge
Decision
Data to Decision: Typical Roles within Organization
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Complexity / Visibility Within Organization
Data
Information
Knowledge
Decision
Data to Decision: Practical Execution in the Organization
WhatWeDo
For Whom Do We Do it?
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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
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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?
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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?
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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
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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”
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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
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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.