Bonus Episode 77: Building a High-Performance Finance Team: A Strategy for Effective Recruitment and Talent Development

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As the NFL Draft ignites conversations about talent acquisition, we turn the spotlight on the universal principles of selecting and nurturing the right people for your finance squad. In this bonus episode, I explore the critical importance of soft skills, such as emotional intelligence and communication, and their role in creating a harmonious and effective team environment. I'll share why these innate qualities often outweigh technical prowess, and how you can foster a culture that values growth, coachability, and adding value at every turn.

Prepare to challenge your perceptions of team development and leadership as we discuss the nuanced art of recruitment. I emphasize that being a finance leader means also being a mentor, willing to invest in your team's continuous improvement. Reflecting on Mark Cuban's wisdom, I argue that there are no shortcuts to excellence, but rather a committed journey of cultivating talent. By the end of our conversation, you'll be equipped with actionable insights to help you seek out and develop individuals who don't just fill a role but elevate your entire organization. Join us for a compelling narrative that will transform how you think about and approach hiring within your finance team.

==>> Episode 45: Recruiting and Hiring Team Members

Episode outline:

1. Commit to focusing on soft skills,
2. Are they coachable,
3. Will they add value to your team,
4. Finance leaders must be teachers, and
5. Growth and development are keys to individual and team success. 

Please connect with me on:

1. Instagram: stephen.mclain
2. Twitter: smclainiii
3. Facebook: stephenmclainconsultant
4. LinkedIn: stephenjmclainiii

For more resources, please visit Finance Leader Academy:  financeleaderacademy.com. 

1. On the website, you can download the Become a Finance Leader Guide. You can use this guide to build your Finance Leadership skills so you can help senior leaders develop and execute the strategy.
2. I also offer a course, Advance Your Finance and Accounting Career: Developing a Promotion Strategy that Sets You Apart.

Episode Transcript

Stephen McLain (00:00):
Hi, this is Stephen McLain of the Finance
Leader Podcast.
This is bonus episode number 77.
Good day and good week toeveryone.
This week is the NFL Draft.
Please don't tune out if youare not a sports fan or an
American football fan.
Trust me to stay with me for afew minutes.
The NFL Draft is aboutevaluating talent, which we all

(00:22):
need to be proficient in asfinance leaders who are trying
to grow and develop our teams.
Every year, the NFL hires inhighly skilled players who end
up being a bust and not able toperform to expectations for a
variety of reasons.
Last week, we witnessed anamazing WNBA draft which was

(00:44):
filled with incredible talent.
The Indiana Fever selectedKaitlyn Clark, undoubtedly the
best player in women'sbasketball coming out of college
.
This year, indiana will build ateam around Kaitlyn's skills,
leadership, commitment andabilities.
When we are searching fortalented finance and accounting
professionals to join our teams,there is no annual finance

(01:07):
draft to bring in people fromcollege or even the annual free
agent pool to hire from.
We have to search for talentedindividuals in all sorts of
places.
The more places, the betterchance you have to finding the
person you need.
In this week's bonus episode, Iwant to give you a few

(01:32):
considerations when looking forthe next person you want to add
to the team.
You may also want to listen toepisode number 45 that was
released on April 6, 2021,recruiting and Hiring Team
Members.
I will put a link in the shownotes to that episode Now.
Here's a short list of hiringconsiderations episode Now.
Here's a short list of hiringconsiderations.
Number one commit to focusing onsoft skills.
Hard technical skills areimportant, but I would take an
average Excel user who iscommitted to being a great team

(01:55):
player and partner over the bestspreadsheet developer who lacks
interpersonal skills, cannotexplain their numbers or
detracts from the team.
Key soft skills are timemanagement, communication,
leadership, emotionalintelligence, critical thinking,
understanding, strategy versusthe tactical work ethic,
integrity and collaboration anda few others.

(02:15):
Now I can teach better Exceland data analysis skills.
I can teach better modeling andhow to do projections.
Don't misunderstand yourfinance and accounting.
Prospects need strong workingknowledge of the key concepts
Excel and how to analyze databut I can make them better in
those areas.
I want them to be strongalready in their soft skills.

(02:37):
Those are often more difficultto teach.
They are often inside youalready or not.
Number two are they coachable?
After assessing skills, yourprospective team member should
have a mindset ready to learnand grow.
Are they willing to learn fromyou or do they already have all
the answers?
Will they follow direction andmake adjustments?

(02:59):
Can they take criticism well ordo they get defensive?
Can they successfully presentto executive teams and the board
and be willing to be challengedon their analysis and numbers?
We don't want know-it-alls onthe team, even though their hard
skills may look very charmingon paper.
Number three will they addvalue to your team?

(03:22):
I have briefly mentioned softskills and mindset.
Your talent acquisition strategyshould focus on adding value to
your team.
How can this person bring valueto the team and to the
organization?
You are only as good as yourteam members.
This is true for any team.
4.
Finance leaders must be teachers.
You are a finance leader andyou must be a teacher to guide

(03:45):
your team to the skill set youwant them to level up to.
Leaders are teachers, coachesand mentors.
We guide and work to ensure ourteam members are better today
than they were yesterday.
We must commit that to actionevery single day.
So we must bring on teammembers who value growth and
development, who realize thatthey don't know everything but

(04:09):
are willing to learn.
And number five growth anddevelopment are keys to
individual and team success.
We are not only about the taskswe perform, the fires we put
out and the other myriad ofactions we perform every day.
We are about getting betterevery day, and that means that
you should be looking for peoplewho you can develop.

(04:29):
I can already hear many sayingthat you don't have the time to
develop your team, and I say youhave your priorities wrong.
Growth and development willalways be the key to individual
and team success.
I wish you success in yoursearch for talented individuals
who can add value to your teamsright away.
Billionaire Mark Cuban saysthere are no home run hires.

(04:53):
You must find people whocompliment the team, who are
willing to learn, who won't be adistraction and who will add
value.
Please check out Finance LeaderAcademy, where you can find
some great resources, and alsodownload the free Become a
Finance Leader Guide.
Have a great rest of your week.
Thank you for listening to theFinance Leader Podcast.
Until next time, lead your teamand lead your organization.

(05:15):
Thank you.