As technology shortens distances and breaks down barriers, new challenges present themselves to today’s global workforce. Are we communicating effectively with our immediate and extended teams? Are we working efficiently and maximizing productivity? Are we collaborating with each other to arrive at the best solution?
For finance—primarily a shared services organization, according to 70% of the 533 CFOs who responded to the Adaptive Insights CFO Indicator Q4 2015 global survey—a centralized structure means a greater need to build strong relationships with business partners around the company. To that end, 75% of CFOs report that they and their finance teams spend up to 12 hours a week meeting with another department to help solve a problem.
Following this, it should come as no surprise that 70% of CFOs reported that collaborating with other parts of the organization is the No. 1 initiative for their finance team in 2016. And collaboration doesn’t just mean teamwork. This culture shift also requires that individuals build up skills that make them effective business partners. Unfortunately, 34% of CFOs cited poor collaboration/interpersonal communication skills as one of their top three staffing challenges as they look to develop their finance team over the next five years. The good news is that collaboration is top of mind as finance chiefs ready their departments for the future.
Check out our infographic below with more CFO insights on building and developing finance teams for 2020.
Download the CFO Indicator Q4 2015 Report for more survey results, charts, and insights from the 533 global CFOs who responded to our latest survey.