Finance Transformation in Financial Services
Not just bookkeepers any moreDOWNLOAD
Finance departments in most companies traditionally spend too much time on transactional work – there isn’t enough talent to support strategic financial analysis. One such company decided to overhaul its approach to finance talent management as part of a larger transformation of its finance function from a tactical numbers shop to a high-performing business partner to the other business units.
Company leaders wanted the finance function to deliver strategic analysis and business insights. But finance associates were spending about 75 percent of their time on transactional activities such as paying the bills, which left little time for higher-level activities such as risk analysis and statistical modeling. Moreover, the chief financial officer (CFO) wasn’t even sure that the finance organization was equipped with the talent to offer the insights leaders were requesting. Performance management ratings were high, true, but that didn’t square with the mixed feedback he was getting from stakeholders.
With Deloitte’s assistance, the finance function undertook a comprehensive effort to understand what skills it needed to play a more strategic role, identify which of those skills it lacked, and obtain and deploy those skills while effectively managing organizational change. Significant accomplishments included:
Thanks to an improved match among the finance organization’s people, skills and roles, the organization now has the ability to deliver strategic business analyses to corporate executives. Improved recruiting, performance management, career development, training and succession planning processes will continue to benefit the organization for the long term.
As used in this document, the term “Deloitte” means Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Tax LLP and Deloitte Financial Advisory Services LLP, all subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.