In the past, being a financial executive for a company was relatively straightforward. But as the digital age has continued and business has changed, the roles required of financial executives have expanded. They have access to larger amounts of data, have to help weigh in on IT investments, and have to learn new strategies for accounting and finance that have changed the way that businesses today operate. With all of these new duties on their plate, here are five skills that financial leaders should refine.
- Tech Skills
New technologies such as artificial intelligence, machine learning, and predictive analytics are changing how businesses analyze and handle their finances, making tech skills vital for today’s financial executives. Ensure that you’re familiar with the trends and how these technologies could help your department be more efficient.
- Change Management
Businesses aren’t nearly as stable as they used to be – most are in a constant state of flux, chasing trends, battling competition, and implementing new technologies in an effort to get ahead. Being able to manage change and even drive it in the right direction with your decisions is a crucial skill, especially when you need to lead your team through difficult times.
This is a good skill for anyone in upper management, but the new and overlapping responsibilities that financial executives are facing these days make collaboration an absolute must for the position. You must be able to acknowledge that you aren’t always the smartest person in the room and establish supportive and reciprocal working relationships with other departments.
While you probably already have decent communication skills, it might benefit you to fine-tune your style to be able to better communicate with different groups of people. Whether it’s another department or a board of investors, you may need to change your normal communication style to fulfill your new roles.
While being in a leadership position might make you think that you have good leadership skills, you may want to brush up on your skills and experiment with new styles. The job market is rapidly changing, and it’s becoming harder and harder for companies to retain top talent without effective leaders in place.