Turning your finance staffers into future leaders: 4 strategies

So you have an open position for a supervisor in one of your finance departments. Where do you look to fill it?

More likely the answer is outside your company’s four walls.

Just 38% of managerial positions in finance and accounting these days are filled with existing staffers.

That’s the eye-opening finding of a recent survey by Robert Half Management Resources. And they’re not great odds for the staffers sitting in those seats right now.

Not only that, but this sets your company up for a morale problem if time and again a spot higher up the food chain is filled by an “outsider.”

Here are some strategies to reverse that trend and still get the right fit for the position.

4 strategies that make them the right fit

Of course, the most important thing is to identify the best supervisor to help lead your team.

And ideally someone who already works for your company makes a better choice – after all, that person already knows your corporate culture, policies, etc.

But too often, existing staffers come up short in the traits and experience necessary to be promoted.

How can you make sure that more of the people on your existing team are ready to step up when the time comes? (Or if you’re on the other end of the scenario, that you’re prepared to step up and are the obvious choice for that new role.)

1. Have a clear idea of what traits you expect in your leaders. The clearer you are on what it takes to lead in Finance, the more likely you are to spot and develop it in the folks who work for you already.
2. Anticipate future needs. If you are planning on “electrifying” more of Finance, for example, work on helping certain staffers increase those competencies.
3. Give them chances to “practice” managing. Not everyone on your staff is cut out to lead, but you probably have a few who may be up to the task. Let them lead in more informal settings: on specific projects, weekly staff meetings, etc. For example: Let one of them be in charge of supervising your next summer intern.
4. Continue to invest in training. Especially during tight times, many companies cut back on training. But remember that studies show employees who are promoted from within tend to work out better in the long run and have longer retention rates. So investing to equip your people with the skills that will make them good managers may cost a bit up front, but it’ll likely save you in recruiting costs down the road.

Jennifer Azara

Jennifer, a member of the CFO Daily News staff, has covered business and finance for more than 22 years. She has written for CFOs, credit and collections professionals and accounts payable practitioners and has spoken at industry conferences on sales and use tax compliance.