CFO.com has brought to my attention a survey conducted by the CEB of finance managers. They asked finance managers whether they believe their direct reports are “effective in the behaviors and skills that drive excellent performance by the finance function.” The title of CFO.com’s article gave away the answer: Finance Leaders Bemoan Talent Shortage. Not only that, but they’re good at the stuff that sucks and suck at the stuff that’s good:
And on average, finance workers are more skilled in the areas that have the least positive impact on value creation.
You know how everyone likes to think they’re above average? Above average driver, above average intelligence, etc.? This is that. Finance managers believe they’re above average at their jobs, therefore those around them are likely below them, and possibly even below average. It’s OK. They’re human.
I also think there’s an element of confirmation bias at play. They’re finance managers, so they must be above average and have the skills and behaviours that the survey indicates is important.
But back to those hapless direct reports: First, who hired them? If it was those selfsame finance managers, shouldn’t that reflect poorly on their ability to assess competence and develop talent? Whose responsibility is it to put in place succession and training plans? (HR’s, they’d probably say, if surveyed about it.)
Overall, finance managers appear quite dissatisfied with the talent levels on their teams. [The CEB] acknowledges as much. â€œWe werenâ€™t particularly surprised that the ratings were so low,â€ she says. In fact, she adds, one reason CEB did a report on talent is that when it conducted its annual interviews with CFOs last year, 85 percent said talent was a major concern.
I’m not surprised either. This is never going to stop, until robots run companies completely. Even then we’ll probably sneak a “dissatisfied with direct report talent levels” easter egg into the code, just so robot CEB surveyors can have something to write about. What a chilling dystopian vision; I think the living will envy the dead.
Mercilessly, it continues:
Effective delegating is a capability many finance departments sorely need. â€œAfter the financial crisis, finance is overwhelmed with ad-hoc requests,â€ the report states.
If you’re delegating to staff that you don’t have (because they were all downsized during the recession), it isn’t going to be very effective. Perhaps that’s the reason they’re feeling overwhelmed?
There’s a reason why great people are hard to find: they’re scarce. And once found, smart managers do everything they can to keep them. As well, it’s highly likely those yearned-for “persuaders, strategists and builders” recognize a good situation when they have it. Perhaps that’s the most important takeaway here for finance managers. Build it, and they will come.