The role of a CFO at a multinational organization is complex and varied -it is also fair to say that it is broadening with each passing year. A CFO today will be a person who will consider it their responsibility to play a significant role in driving innovation at the company they work for.
It is no longer a purely financial based role- these days it is becoming about the right mix of technology, people and processes to help improve financial stability at an organization and help it seize new opportunities to drive revenue growth.
In this mix of people, process and new technologies is the consideration around empowering employees with the tools they need to do their jobs better. It then becomes about the long-term benefits that may arise with a strongly empowered workforce - if employees are empowered with digital tools and given free rein to express themselves, then they are much more likely to be involved in the development of innovative processes that drive the company forward.
This is something that will likely appeal to an ambitious CFO who, while focused on ensuring that the organization remains financially stable, will also have ambitions above and beyond this remit and may take the opportunity to empower a global workforce as a way to innovate and leave behind an impressive legacy at an organization.
Staying competitive
Multinational corporations today face constant change and disruption. The coronavirus pandemic has resulted in dramatic shifts in work and attitude at many organizations, so c-suite leadership teams like the CFO and financial operations executives are re-examining priorities and considering ways to remain competitive in an ever-changing environment.
Empowering employees has a role to play in remaining competitive - you cannot stay competitive unless you innovate and show a genuine capability to pivot or change course in line with market expectations. The public expects you to respond quickly to their rapidly changing needs and little sentiment is shown to organizations who adopt a rigid approach or tend to be slow in the way they react to market events.
Empowered employees are more likely to feel that they have the right mix of skills and technology to help their employers respond to the ever-shifting sands. Essentially, if you want them to be agile and responsive -then you need to empower them to behave in this way - first and foremost, this means supplying them with the digital tools they need to react to market events with speed, fast decision making and efficiency.
This is also about trust, you knew enough about your global workforce to employ them in the first place, now it is a case of giving them what they need to help them deliver on wider company goals and strategic objectives.
No separation of people and technology
The line between people and technology is becoming blurred these days- and while we all have to be careful not to dismiss individuality and the creative process that only people can bring, there is more and more evidence that separating people and technology is not the best approach.
You need people to respond to customer needs, but these people also need technology that enables them to respond in the best way possible. The two go hand in hand and a CFO who recognizes that digital innovation can empower employees in a forward thinking and progressive way, is someone who clearly understands the relationship between technology and people empowerment at a modern multinational organization.
There should therefore be no separation between technology and people -technology should be considered an enabler to progress, and people should be encouraged to develop new skills in order to optimize the use of all available technology within the IT ecosystem.
If the level of technology in existence is not fit for purpose or sufficient to meet the demands at the organization, then it is the responsibility of finance leaders and the CFO to invest in the right kind of next generation technology at the right time. This is a delicate balancing act, and it does not come without risk -but there is really no way for any CFO or executive team to avoid a scenario in which they need to make a decision around getting the right blend of technology and people to deliver on the ambitious plans of an organization.
Viewing technology and people as mutually compatible and mutually enabling is an important step in driving innovation at a wider and broader level across multiple functions at an organization. A global workforce with the right tools and technologies at their disposal can adapt and innovate in response to rapidly changing business needs.
Reliable technology fosters trust and the employees feel empowered to react when they have technology they can rely on - sudden and abrupt change no longer represents a threat to them, in some cases it is even viewed as an opportunity. CFOs who helped to bring about a scenario such as this will have contributed to a cultural change as well as a financial and technology change -a new mindset will be an operation.
Future disruption will no longer be feared, there will be an acceptance that this is simply how things are in an ever- changing world and there will also be a sense of reassurance that the technology stack in place is fully capable of handling the disruption
Exactly the right time
Covid-19 it is a time of intense business disruption and rapid change -employees at organizations everywhere have a responsibility to handle this level of change and react quickly. CFOs have a responsibility to ensure that the financial foundations are in place to support the organization and a global workforce with whatever they need to deliver services and drive growth in this changing environment.
While individual employees will be working hard on their personal resilience and attitude -there has never been a more significant time for a chief financial officer to be an innovator and examine ways in which these employees can be empowered to drive innovation and change. The decisions made in 2021 could affect and organization’s progress for the next decade.
This is therefore exactly the right time for a CFO to provide the kind of financial support that helps position the global workforce on a strong footing to cope with the conditions brought about by the pandemic but also help them pivot quickly so that the full potential of business models in operation are realized.
Because the pandemic has sent everybody away from the office and back home to remote delivery, an immediate focus was on communication and collaboration tools that could help deliver services while also driving creativity and innovation. CFOs also need to consider delivery of business-critical services like global payroll, financial accounting and human resources - these will continue to be delivered remotely for quite some time and they will require innovative digital platforms and technology stacks to ensure the day to-day business deliverables associated with these departments never become a business risk.
Global employees have proven resilient in the face of a challenging global pandemic -they have adapted to new technologies, embraced video conferencing as a communication method and showed determination and focus when meeting strategic business objectives. This should be all the proof that a CFO and financial leaders need when it comes to making a decision around empowering employees via a digital investment. Supply them with the digital tools and technology they need, support them with business processes and upskill them where required. Such a level of investment and trust has a very good chance of motivating and empowering these employees in a way that leads to long-term positive results.