“Unleash the potential that is in another and you unleash the potential that is in you.”
—Matshona Dhliwayo
Dhliwayo is a Canadian-based philosopher, author, and entrepreneur whose insight about empowering others can certainly be applied to continuous learning opportunities for finance teams. And yet, most of us have been in a situation where so-called “teambuilding” exercises seem to be more about appearances and less about skilling people up.
While compulsory social events or lectures may have their time and place, true learning propels teambuilding into another dimension entirely. It does more than impart information. It encourages staff to truly think about what they’re doing and why, sparking interest in finding better ways to execute their tasks. The resultant benefits of a more engaged and empowered team are significant, and those benefits can “trickle up” to management.
Let’s explore some ways in which that can work.
1. Minimizing Micromanagement
While there are managers who actually like having a lot of control over day-to-day operations, many don’t have the appetite — or the time — to micromanage their teams. And in fact, too much hands-on involvement with the staff’s daily tasks can actually cause you to violate segregation of duties internal controls.
Instead, educated employees are able to make informed business decisions because they have become experts at their own tasks. That’s something you probably just don’t have the resources to do. Of course, this requires an element of trust on your part, but if you’re interested in enhancing your own career by being an excellent manager, you’ll need to have confidence in your team to do their jobs without your breathing down their necks. How to do that? Make sure they have the skills and knowledge to operate proficiently, compliantly, and responsibly on their own, only engaging you when necessary.
2. Planning a Pathway
That brings us to the next benefit you can expect from continuous team training: succession planning. You probably didn’t take on your current position thinking that you’d retire from that role. Like most finance professionals, you’re hoping to move up at some point. That is difficult to do, however, if there’s no one in the organization who has the potential to fill your shoes when that time comes.
That preparation doesn’t derive from skills alone. Being proficient at one’s tasks doesn’t in and of itself build confidence. That comes from empowerment bestowed from the top down. When you let your team members know you believe in their abilities and want them to be their best selves, they become more self-assured and ready to take on more responsibility when that time comes. When you move up, so can they.
3. Enhancing Efficiency
Who is better equipped to improve processes than those who routinely do them? However, that requires a mindset that’s receptive to new methods and not just resigning oneself to “how we’ve always done it.” Of course, having mastery of the existing workflow is essential, but it’s just the first step. Staff training can open people’s eyes to other, better ways of getting the work done — more accurately, with less wasted time and resources.
Learning about best practices used by other professionals can spark ideas within your team about how they can do what they do even better. However, that requires open-mindedness on both your part and theirs, something that’s fostered by training initiatives that you support. Set a top-down example by listening to their suggestions and being open to change yourself.
4. Committing to Compliance
A well-trained staff should be mindful of compliance and adhere to the internal controls that reinforce it, all day, every day. That prevents the organization from being a victim of fraud or ending up with costly penalties levied because of laxness in following regulations. If that should happen, the responsibility typically flows upward, and guess where that ends up? Squarely in your lap.
Making sure your team is kept up to date on required internal controls and how to best adhere to them protects you and the rest of your organization from potentially dire consequences, including financial ones. However, staying current with all that is a time-consuming task, and one that you may not personally have the resources to keep up with. Providing staff with continuous learning opportunities ensures that they are receiving the most current, actionable information to help them maintain compliance — ensuring that your reputation and that of your team remains golden.
5. Enlightened Engagement
Many of us have experienced a work environment where everything seems like a chore, day in and day out. But why did it feel that way? For many, the answer lies in performing the same routine tasks without any encouragement, innovation, or productive interaction with either management or other team members. People need a spark to stay engaged.
However, providing learning opportunities shows them you value their contributions, care about their professional advancement, and are willing to help them achieve their goals. Offering team-based training also provides a venue for them to share ideas, learn together, and get some synergy from one another. That in turn gives you a more dynamic team that can shine together.
6. Robust Retention
Spending each day in a workplace that doesn’t provide an opportunity for growth or positive change isn’t a very inspiring experience. While some people resign themselves to the same day-in, day-out routine and stay in a role until retirement, most of those entering the workforce these days are looking for much more. And as more experienced staff members retire, there is definitely a need for that new blood. The problem then becomes one of helping the newer staff think about their roles as careers rather than as mere stepping stones to something more interesting.
Investing in their career training shows that you care about their professional growth and are willing to make that commitment to them. It also opens their eyes to the opportunities that lie ahead in the role, encouraging them to stay in an organization that clearly values them and wants them to succeed. How does that benefit you? You end up with well-trained professionals who stay with you, preventing you from having to constantly restaff your team.
7. Innovative Ideas
As technology becomes increasingly prevalent in financial operations, the old manual tasks are being replaced by automation, opening up interesting opportunities for process change. But the fact is, in spite of technology, human beings will still be needed to do things that automation simply cannot: build relationships with vendors, resolve exceptions, deal with errors and miscommunications, and optimize complicated processes that don’t follow an established workflow.
Instead of taking the stance that technology is going to replace everybody, the innovation-minded operations manager recognizes that we’re on the cusp of a work revolution. The repetitive tasks will be handed off to automation, allowing human beings to instead focus on initiatives that not only help the department, but the organization as a whole. That offers financial benefits, opportunity, and a breath of fresh air for work that, for many, has become stale. Offering continuing education to the team trains them to think about their tasks in new ways and positions them to complement automation rather than being displaced by it. That mindset benefits the entire organization, including you.
Our Work Is Changing — Let’s Change Together
They say nothing lasts forever, and sometimes that’s a good thing. For too long, financial professionals have performed the same routine tasks in the same way, year after year without much innovation. Now, finally, we have an opportunity to embrace change, empowering our teams to do more and take on a more integral role in improving the health of our organizations. That won’t happen without support, however. That support starts with you, through your advocating for continuing career training and education. And ultimately, that benefits everyone — your team, yourself, and the organization as a whole.
Looking Ahead
IFOL offers many opportunities for continuous learning, employee education and networking. Here are some upcoming events to consider:
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We’re conducting a Finance Workforce Readiness Research Study and would value your participation. We want to know more about your understanding of finance is evolving and how prepared your team is for the transformation ahead.
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Want to see in real time what the future of finance technology looks like? Join us for our Finance Tech Solutions Showcase Day on September 11, a live-only event that will enable you to interact with automation providers and get your questions answered then and there.
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Fraud is an ongoing threat to finance teams, but AI can help detect it before it strikes. Join us for our webinar, Mitigating Fraud Risk in the Age of AI on September 22 and find out more about how technology can protect your organization.
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To hear more about training for your whole finance team, join our live walkthrough of our professional development solution for teams, Everything You Need to Know about Enterprise Academy on September 24.
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Keep your learning going with the Finance Operations Technology Summit on October 13. This free live event is an opportunity to build your knowledge of the technologies shaping finance operations, including automation and AI, and what they mean for the future of your team.
