Mind the Gap: How to Assess Your Existing Finance Team’s Skills

Your employees are the backbone of your business. Finance teams in particular are critical to supporting an organisation’s financial growth, strategy and performance.

How can you ensure that your finance team has the skills required to process and share data that will enable business growth and financial success? How do you make certain that skills gaps don’t cripple your business’s potential?

Using The Acuity Measure to Assess Your Existing Finance Team’s Skills

We developed The Acuity Measure so that organisations can assess the competency of their finance individuals.

Employees complete an assessment which enables us to validate their technical competencies. Depending on the professional in question, they can be tested on anything from accounting standards and software literacy to modelling, forecasting and financial planning.

Having conducted 1,000s of tests, we’ve identified the five key skill dimensions of a modern CFO. This provides a clear structure which we can use to measure and develop your senior finance employees.

We also look at other important qualities such as precision, accuracy, presentation and insight. Our tool can even identify which employees are likely to be business drivers and have an impact on the future of the business.

Other tools we use to help businesses improve their financial infrastructure include:

Our Financial Infrastructure Diagnostic Tool helps you to understand where the weaknesses in your current financial team could be
Our Financial Infrastructure Benchmark Report allows you to benchmark yourself against your competitors and other best in class businesses
Why assess your existing finance team’s skills?

It will enable you to identify skill gaps. Knowing this can prove invaluable when it comes to making a new hire because you can plug any gaps with individuals who possesses the skills your existing team doesn’t have. It can also help identify training opportunities for employees who need extra support. Continuous professional development should be a priority for both employers and employees. Keeping skills current will enhance career development and promote high performing finance teams.

Our reports will highlight your employees’ strengths and weaknesses. This will enable you to allocate each individual with tasks which are better suited to their strengths, provide employees with training opportunities and create teams that complement each other’s strengths and weaknesses. Having access to this information can also prove invaluable when trying to decide who to promote into more senior roles.

Once you know who excels in certain areas, who could benefit from further training and who works well together, you can create a roadmap which will help strengthen your finance team. Through continued support, inter-team relationships and retention rates will improve.

Finance teams are fluent in understanding data but other people within the organisation may not be. Effective communication is an important skill to possess to help non-technical audiences understand company financials and build rapport with other departments.

Our ‘5D FD’ White Paper underpins the importance of ensuring finance teams have the right skills to undertake these crucial tasks. To learn more about ‘The 5D FD’ and how Acuity Associates uses The Acuity Measure, email info@acuityassociates.co.uk and request a call back.

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