Untitled Design (9)
  • Publish Date: Posted about 2 years ago

How to successfully build and maintain a high performing finance team

​Your finance team aren’t just number crunchers, and nor do they operate in isolation from the rest of the business.If you can find the right people and work hard to maximise their productivity, you can benefit from a finance function that enhances the entire organisation. Your in-house team will become trusted advisors, who add tangible value to your business.So, how do you start building this dream team of high-performing finance professionals?Of course, you’ll be looking for individuals with the right qualifications, skill set and experience to excel in a finance role. But just as importantly, you should be looking for team players with exceptional communication skills and an aptitude to add value.A compelling research study carried out by MIT a few years ago looked into what made a successful finance team. They discovered that individual talent seemed to matter far less than the strength of the team as a whole. Emotional intelligence (EQ) was found to be just as crucial as technical qualifications.According to Professor Alex Pentland, who conducted the study: “The best way to build a great team is not to select individuals for their smarts or accomplishments but to learn how they communicate and to shape and guide the team so that it follows successful communication patterns,”Since the study, major organisations such as National Australia Bank (NAB) have successfully adopted this strategy for finance recruitment.Developing a strategy for exceptional performanceSo, you’ve found an all-star team of experienced professionals, or bright sparks with the potential to excel within your finance team. How do you build and maintain exceptional performance?Here are some of the most important strategic points to bear in mind:Automation and super-efficient use of capacity (or outsourcing) can significantly reduce the cost of finance. In top-level companies, costs can be as much as 40% lower due to increased efficiency strategies.Improving diversity in your workforce is key to bringing a richer, broader range of ideas, talent and experience to the table. To build a great team, you need people from a range of backgrounds, who think differently and can challenge each other while still working as a unit.Your finance team need to feel valued, recognised and supported. Smart businesses will appreciate the vital role that all teams have to play and will implement ways of working and workplace benefits that foster wellbeing and employee engagement, whether this agile or flexible ways of working.Your finance team should collaborate and integrate smoothly with other key functions such as IT and HR, to increase operational effectiveness.Investing in high quality internal training is important not only for building team skills. It can also help you uncover and refine untapped talent, and mould individuals to fit the business.Trust and open communication with your finance team is everything. Employees who are trusted, valued and rely on honest communication from management are more motivated, and more likely to innovate.If you’re ready to supercharge your finance team, we’re here to help.Get in touch with our specialist accountancy and finance recruitment team here at Sewell Wallis to start your search for talented professionals who can drive your business forward. Call us on 0113 242 1200 or email enquiries@sewellwallis.co.uk.

Share this Article
Back to Blogs

​Your finance team aren’t just number crunchers, and nor do they operate in isolation from the rest of the business.

If you can find the right people and work hard to maximise their productivity, you can benefit from a finance function that enhances the entire organisation. Your in-house team will become trusted advisors, who add tangible value to your business.

So, how do you start building this dream team of high-performing finance professionals?

Of course, you’ll be looking for individuals with the right qualifications, skill set and experience to excel in a finance role. But just as importantly, you should be looking for team players with exceptional communication skills and an aptitude to add value.

A compelling research study carried out by MIT a few years ago looked into what made a successful finance team. They discovered that individual talent seemed to matter far less than the strength of the team as a whole. Emotional intelligence (EQ) was found to be just as crucial as technical qualifications.

According to Professor Alex Pentland, who conducted the study: “The best way to build a great team is not to select individuals for their smarts or accomplishments but to learn how they communicate and to shape and guide the team so that it follows successful communication patterns,”

Since the study, major organisations such as National Australia Bank (NAB) have successfully adopted this strategy for finance recruitment.

Developing a strategy for exceptional performance

So, you’ve found an all-star team of experienced professionals, or bright sparks with the potential to excel within your finance team. How do you build and maintain exceptional performance?

Here are some of the most important strategic points to bear in mind:

  • Automation and super-efficient use of capacity (or outsourcing) can significantly reduce the cost of finance. In top-level companies, costs can be as much as 40% lower due to increased efficiency strategies.

  • Improving diversity in your workforce is key to bringing a richer, broader range of ideas, talent and experience to the table. To build a great team, you need people from a range of backgrounds, who think differently and can challenge each other while still working as a unit.

  • Your finance team need to feel valued, recognised and supported. Smart businesses will appreciate the vital role that all teams have to play and will implement ways of working and workplace benefits that foster wellbeing and employee engagement, whether this agile or flexible ways of working.

  • Your finance team should collaborate and integrate smoothly with other key functions such as IT and HR, to increase operational effectiveness.

  • Investing in high quality internal training is important not only for building team skills. It can also help you uncover and refine untapped talent, and mould individuals to fit the business.

  • Trust and open communication with your finance team is everything. Employees who are trusted, valued and rely on honest communication from management are more motivated, and more likely to innovate.

If you’re ready to supercharge your finance team, we’re here to help.

Get in touch with our specialist accountancy and finance recruitment team here at Sewell Wallis to start your search for talented professionals who can drive your business forward. Call us on 0113 242 1200 or email enquiries@sewellwallis.co.uk.

Latest Blogs

View All Blogs
Diverse Group Of People Collaborating In The Office
Demystifying Equity, Diversity and Inclusion in the Workplace

​Diversity, equity and inclusion (EDI) in the workplace is not just a moral obligation – it makes good business sense. As a leading recruiter with over 25 years of experience, I often advise compan...

Istockphoto 1339729895 612x612
How to make remote working work for everyone

​It’s been more than four years since the first ‘work from home’ calls came, and the face of work changed completely. There’s been a lot to adjust to, and some companies haven’t yet settled on a wo...

Yaa 2024 Blog Post How To Enter
Yorkshire Accountancy Awards: Sitting down with the nominees for FD of the Year!

​​The Yorkshire Accountancy Awards are fast approaching, and with a fortnight to go, our Director Lucy Regan sat down with Neil Beardsmore, FD of Ice Travel Group, nominated for Finance Director o...

Yaa 2024 Blog Post How To Enter
Yorkshire Accountancy Awards: Meet the Nominees for Finance Director of the Year!

​As we get closer to the Yorkshire Accountancy Awards 2024, our Director Kayley Haythornthwaite caught up with Zuzanna Kazimierczak, Financial Controller at Chadwick Lawrence LLP, who’s nominated ...

Istockphoto 949182974 612x612
Time for a change: How I transitioned from accountancy to recruitment

​We talked to our newest consultant, Martin Elam, about how he ended up working in a recruitment firm after nearly two decades in the Finance industry. Martin joined our Leeds team in October and ...

1705305604648
'Blue Monday'? Not today. We're moving away from made up days towards wellbeing at work for all.

​The worst Monday ever?The third Monday of January is well known these days as the most depressing day of the year. As if January wasn’t already bad enough: it’s cold, Christmas is over, we’re all ...

Blogs (14)
Year-End Reviews and Goal Setting: Maximising Employee Performance

​Christmas and year-end reviews: two things with entirely different moods. How do you deliver that tough feedback in the season of goodwill to all? And does it ever actually do any good?The answe...

Crisis Uk
A Look Back at Our Year Supporting Crisis UK

​In 2023, Crisis UK were our charity of choice. We’ve had a great year, fundraising for the UK’s national charity for people experiencing homelessness. Since 1967, Crisis have worked directly wit...

Blogs (10)
The Value of Temp Staff During the Holiday Rush

​As we head closer to the Christmas period, more staff typically take leave, and work can start to pile up. There’s always a rush to get things wrapped up by the end of the year, and whilst advance...

Blogs (7)
The Impact of Seasonal Hiring on Company Finances

​As the festive season approaches, office-based businesses often find themselves gearing up for a flurry of activity. One of the most useful approaches that can help alleviate some of the strain is...

Blogs (5)
A Journey of Love and Loss: My Dad's Battle with Brain Cancer and the Importance of Brain Tumour Research

​I could write for hours about my dad, you sadly don’t recognise the brilliance of someone until they’re no longer there. As I write this, I can't help but feel a surge of emotions – a mixture of...

23
The Inside Scoop: What Recruiting Part-Qualified Accountants Has Taught Me

​As someone involved in recruiting and talent acquisition for accountancy training programs, I've had my fair share of interactions with part-qualified accountants. From recent graduates just sta...

23
We're All Just One Accountant Away

​Did you know there are around 93,000 part-qualified accountants currently going through training in England? That's roughly a third of the total number of over 290,000 accountants in the country...