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As CFOs look to confront the paradoxes previously outlined, there are a number of steps they should consider taking:
Business impact: creating value for the whole enterprise
CFOs should articulate a compressive strategy that maximizes long-term value supported by the short- and medium-term objectives. At the same time, CFOs should build trusted relationships with C-suite colleagues and senior leaders, and provide data-driven insights to support strategic objectives.
Functional impact: driving the performance of the finance function
CFOs should drive cultural change across the finance team. This can involve embracing new mindsets and behaviors and incorporating cultural goals into leadership and rewards. It can also be vital to future-proof finance skills by revising hiring, development and upskilling approaches. This can require an assessment of the current workforce to identify gaps and surpluses and implementing a workforce strategy accordingly.
Personal impact: fulfilling a strategic remit and achieving career ambitions while developing futures CFOs
CFOs should focus on fulfilling their strategic remit and achieving their career ambitions while also nurturing future CFOs. Engaging with external stakeholders can help to provide valuable insights into market pressures and challenges. Collaborating with the Chief Human Resources Officer (CHRO) to implement robust succession planning and providing training for high-potential candidates can be an important step. Additionally, CFOs should encourage open communication with high-potential individuals to better understand their career aspiration, which can be vital for their development.
The 2023 EY Global DNA of the CFO Report (pdf) provides actionable insights for CFOs and finance leaders to navigate the complexities of their roles. By creating business impact, driving functional performance, and focusing on personal growth and development, CFOs can excel in their strategic responsibilities and contribute to the long-term success of their organizations.