As you enter a new year, take the opportunity to initiate change and transformation for your team and your company. As CFOs take on increasing responsibilities beyond financial and corporate management, it’s important to be capable of using your knowledge to drive positive transformation throughout the company. Change and transformation help corporations reach the next level when it comes to success.
Ajit Kambil has written a great piece on how a CFO can initiate a direct transformation within a company. Here are the major lessons learned:
It’s important to address resistance to change in a productive and useful manner. Make sure that any changes proposed do not add more work to staff without an increased payoff. Additionally, changing a workers traditional role or status within a company will only increase stress and reduce support for the proposed changes.
Lastly, Ajit writes that any changes made should be carefully considered to avoid disrupting the “power relationships in an organization.” Even something seemingly positive like transparency can make authority figures within your organization feel undermined. These employees are vital for change to occur.
Be Careful with Cultural Changes
A CFO has the ability to make technical and procedural changes effectively. The position is not as well suited to handle cultural changes within an organization. It is best to play a supporting role to the CEO or other stronger figure-head within higher levels of management. Helping to identify and plan how to address cultural changes is certainly acceptable, but leave the leading on cultural issues to CEOs or others.
Create New Beliefs
If employees lack a new set of beliefs to implement transformation, the attempt at change will fail. A role model is required to lead by example. The CFO and all management should be active in complementing and recognizing employees who make an effort to adopt a new belief system required by transformation.
If you’re looking for more in-depth explanations of these topics, be sure to click on the link above. CFOs can be effective and important agents of change and transformation within a corporation. All it takes is knowledge, planning, the support of management, and a reasoned approach.