Goals and Challenges
- Define competencies required for the finance function
- Define employees’ knowledge and skills, as well as their professional and personal characteristics
- Increase employee motivation and efficiency of the finance function
- Establish an employee development strategy and appropriate programs
Finance function performance largely depends on its staff’s level of qualification. A CFO often has to assess whether the competencies of the company’s staff meet the requirements demanded from the finance function by business. Performing this task successfully requires proper qualification, relevant experience and a sufficient amount of time. Our rich experience of successful projects on finance function capabilities assessment enables us to offer our clients an integrated approach to the tasks they face taking into account all necessary practical aspects of the company's business.
What we do
- Developing a competency model for finance function employees involves the definition of key competencies for each finance function department and the creation of a competency profile for each position, establishing the level of each competency required. We provide the company CFO with a ‘map’ that enables him or her to calculate the optimal range and levels of competencies for reporting departments.
- Employee job descriptions are drafted on the basis of current business processes analysis, work flow, and required competencies of finance function employees. Project deliverables include a detailed job profile for each employee.
- Employee appraisals/organizing appraisal systems.
- Development of motivation and KPI systems provides the CFO with an opportunity to help each employee understand his/her role, objectives and success criteria, get feedback, and plan future development.
- Our recommendations on the structure and organization of the finance function can reveal opportunities for optimizing and streamlining the finance function, and provide steps for further development based on the strategy selected.
How your business will benefit
You will receive:
- Recommendations on the optimal competencies required for your finance function
- Formalization of business processes performed in the finance function, which will be assigned in job descriptions
- Detailed descriptions of employees’ professional, business and personal qualities
- Effective motivation techniques and recommendations on employee development programs
- Opportunity to create a finance function structure that perfectly aligns with corporate strategic goals