Top skills for financial executives joining expanding organizations
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In the last year, Charles Aris recruiters have seen regional businesses consolidate and expand into national markets. While expansion generally means an organization is doing well, it also means they can struggle to find high-level executives to lead the charge.
Ryan Krumroy, senior associate recruiter at Charles Aris, has worked first-hand with organizations seeking finance and accounting professionals to bridge the gap between local and national operations. Here are three ways he says expansion is raising the bar for finance talent and the subsequent skills candidates should have to surpass expectations.
When organizations merge into larger markets, finance executives must be able to apply their existing business model to new regions and understand the complexities of operating in unfamiliar territory. Understanding everything from labor laws to operating costs in different regions is crucial for making a seamless transition, and this level of detail requires finance executives to use and understand business intelligence software and other forecasting technologies. A-level finance professionals would be well served to have experience using tools like PowerBI where advanced data analytics can help quantify operating decisions and capital deployment.
Most modern organizations require executives to be multifaceted in their work, and that includes finance and accounting executives. Historically most corporations had large teams of finance and accounting personal that modern day computing has rendered obsolete. World class financial executives in today’s market must be able to transcend and effectively work with leadership well outside the finance and accounting ranks. Many of the most talented financial executives are masters at “telling the story” and helping drive thought leadership into numerous functions, through a financial lens. While accuracy and precision are eternal hallmarks of financial excellence, the best executives provide their counterparts optionality of direction and input surrounding the positive or negative implications associated with the choices at hand. Growth oriented organizations and turnaround environments are well served in having financial talent that is able to see the big picture and find ways to drive optimization.
When organizations grow through private equity acquisition or merge with another company, the given expectation is that the CAGR will not only trend in the right direction but begin to accelerate its trajectory. Regional organizations comfortable with three percent annual growth must step it up to ensure new investors are adequately compensated. This change requires finance executives to hone in on expanding current margins, a job that’s become even more complex in the era of Covid. Creatively finding ways to harvest margin and improve operational inefficiencies is foundational to strong talent in the financial ranks. Companies need professionals that stay current with the global trends that have the potential to impact their organizations in the near future, such as supply chain, which was proven all too critical with the disruption of Covid-19.