Building a Winning Finance Team: A Guide for HR

A strong finance team is the backbone of any successful business. But building that team can be a challenge. HR professionals play a crucial role in this process, ensuring the right talent is brought in to manage the financial health of the organization. This article provides insights into how HR can effectively partner with leadership to build a high-performing finance team.

Understanding the Finance Function: When to Hire and Who to Hire

The composition of your finance team will depend on the size and stage of your company. For mid-sized businesses, a strategic approach is key. Here's a general guideline:

• Early Stages/Smaller Mid-Sized: Initially, a smaller team might suffice. You might start with a Finance Manager/Controller who handles a broad range of responsibilities, from bookkeeping and financial reporting to budgeting and forecasting. As the company grows, specialization becomes more important.

• Growth Stage/Larger Mid-Sized: As your company scales, consider adding specialized roles:

  • Controller: A Controller is typically responsible for the accounting operations of the company. This includes maintaining accurate financial records, ensuring compliance, and overseeing the day-to-day accounting functions. Hiring a Controller becomes crucial as your financial complexity increases. This role often reports directly to the CFO or CEO.

  • Finance Manager/FP&A Manager: This role focuses on financial planning, analysis, budgeting, and forecasting. They provide insights into the company's financial performance and help guide strategic decision-making. They often work closely with the Controller and other department heads.

  • Accountants: Depending on the volume of transactions, you'll likely need staff accountants to handle accounts payable, accounts receivable, payroll, and other accounting tasks.

  • Financial Analyst: As the need for in-depth financial analysis grows, a Financial Analyst can provide support with data analysis, reporting, and financial modeling.

Typical Finance Team Structure for a Mid-Sized Company

A common structure for a mid-sized company might include:

• Controller

• Finance Manager/FP&A Manager

• Senior Accountant

• Staff Accountant(s)

• (Potentially) Financial Analyst

The exact team size and roles will vary based on industry, revenue, and the complexity of the business.

HR's Role in Building a Strong Finance Team:

HR plays a critical role in attracting, recruiting, and retaining top finance talent. Here's how HR can contribute:

• Understanding the Specific Needs: Work closely with the CFO or other finance leaders to understand the specific skills and experience required for each role. Don't just look for technical skills; consider soft skills like communication, problem-solving, and analytical thinking.

• Developing Job Descriptions: Create clear and comprehensive job descriptions that accurately reflect the responsibilities and requirements of each role.  

• Sourcing Candidates: Utilize a variety of channels to source qualified candidates, including online job boards, industry-specific platforms, and networking events.

• Screening and Interviewing: Develop a robust screening and interview process that assesses both technical skills and cultural fit. Involve finance leaders in the interview process to ensure they are comfortable with the candidates' qualifications.

• Onboarding and Training: Provide new finance team members with a comprehensive onboarding program that introduces them to the company's financial processes, systems, and culture.

• Compensation and Benefits: Ensure that the compensation and benefits package is competitive to attract and retain top talent.

Reporting on Business Goals: Collaboration between Finance and HR

Finance teams should play a key role in reporting on progress toward business goals. This information is crucial for leadership and other departments. HR can facilitate this process by:

• Establishing Clear Reporting Metrics: Work with finance leaders to define the key performance indicators (KPIs) that will be used to track progress toward business goals.

• Developing Regular Reporting Schedules: Establish a regular cadence for reporting on financial performance, such as monthly, quarterly, and annual reports.

• Communicating Financial Information: Ensure that financial information is communicated clearly and effectively to all relevant stakeholders. This may involve creating dashboards, presentations, and other visual aids.

• Connecting Financial Performance to HR Metrics: HR can help connect financial performance to HR metrics, such as employee turnover, productivity, and engagement. This can provide valuable insights into the impact of HR initiatives on the company's financial health.

Building a strong finance team is an investment that will pay dividends for years to come. By partnering effectively with finance leaders, HR can play a crucial role in attracting, recruiting, and retaining the talent needed to drive financial success.

We can help you navigate these challenges and build a finance team that supports your business goals. Let us take this off your desk.

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