The age of companies actually acting as if “the customer is King” is upon us, talent acquisition and retention is more challenging than ever, and CFOs are being charged with owning strategy across the enterprise in an evolving world of digital/social communication. In 2015, the importance of soft skills has never been greater for a
I would like to offer 5 soft skills that I believe CFOs need to master to be successful in 2015 and beyond:
- Know your Customer (KYC)- the term KYC is not new, but what it really means in today’s world has changed dramatically. KYC requires that a company understand what their customers and potential customers want, when they want it, how they want it, why they want it, and what they will want in the future before they even know it. In theory the data know exists for this level of intimate knowledge of customers. CFOs who invest in understanding what it means to truly value their customers (do you need to visit them, communicate with them on social media, write a blog) knowing what they do and why they do it, and looking to them as strategic partners will realize a high ROI on this investment.
- Know Your Team (KYT)- the challenge of having the right talent in the office of the CFO to accomplish all that needs to be done and done in a world class manner, has never been greater. CFOs need to be able to help recruit and motivate each and every member of their teams. CFOs should not entirely outsource this task to those who report to them. Good employees expect more as they know they have job mobility, and knowing the CFO has a vested interest in them can be a critical component of employee retention, engagement, and productivity. This does include knowing each employee socially on some level, even if only on a casual level. The dawn of the Social CFO is here, so CFOs should learn to embrace it.
- Communication Skills- CFOs need to have polished verbal communication skills, and even more polished electronic communication skills (e-mail, social media). The ability to communicate with a non-finance audience is a common challenge for many CFOs, and doing so in a manner that is not over technical, engaging, and done with a level of passion and compassion is a skill that needs to be developed and honed on a regular basis.
Training for CFOs in terms of what to say and what not to say, verbally and when communicating electronically, in addition to “how to say it”, can offer a high ROI in terms ofprofessional development . One wrongly worded e-mail can dis-engage a key employee who is very hard, if not impossible to replace. One poorly worded social media post can end acareer and/or alienate a key customer demographic. - Listen- listening is an art, and listening to an e-mail is a valuable skill in and of itself that many people lack. The key to understanding anyone, let alone a customer, is listening to them. This encompasses taking the time to understand where they are coming from and why. If you are taking your time to speak with someone take your brain out of multi-task mode. People know when you are engaged and actively listening to them. Reading a book on the art of listening can be quite enlightening.
- Own Your Mistakes- do not hide from your mistakes. Find the value in them, communicate them openly, own them, and create a culture in which not making a mistake is much worse than making one. Innovation is often a direct result of lessons learned from failure, and there is no greater fuel for growth than innovation in today’s world. I call out owning your mistakes instead of “integrity”, but it a key piece of integrity. If you do not have it people will eventually see through you, and your ability to lead successfully over the long term is limited as best.
What soft skills do you believe are most valuable for a CFO? Which ones present you the biggest challenges?