VideoFink notes that finance is different from other areas of a company because of its regulatory responsibilities. The finance chief is ultimately accountable to third-party watchdogs, who dictate deadlines and penalties. So, CFOs and other financial executives seek control over compliance, and "guard jealously the areas where they have autonomy," adds Fink.
Savvy employers also grant CFOs the freedom to lead, especially if other executives expect to reap the benefits of an effective corporate finance function. "CFOs need autonomy, for example, to restructure the finance team and recruit efficient players," says Bobbie Little, senior vice president of global leadership and learning at DBM's Center for Executive Options.
What's more, the increasing workload heaped on financial executives presents a quality of life issue, Little says. Certainly, finance departments of public companies are being asked to step up compliance efforts to meet a cadre of new rules aimed at curbing corporate corruption. To avoid putting their family and personal life at risk, CFOs may want to find employers who give them a free hand to structure tasks and time to ensure effectiveness, while averting burnout.
It's also worth noting that there are different kinds of autonomy. The best of the bunch, according to CFO recruiter Peter Crist of Crist Associates, springs from a relationship of dependency: the partnership with the CEO. "The CEO and CFO know what sandbox to play in," he says, but they also know they play in the same playground, and recognize situations in which they should overlap.
Bigelow Tea's Janezic suggests that autonomy is earned. To get that respect, however, he says it doesn't hurt when the boss engages in a little micromanaging. Yes, you read that right. Micromanaging "helps when I have to probe deeply so I can answer specific questions [about financial matters]. If you can succeed when being micromanaged, you can build comfort and trust, and the micromanaging eventually loosens."
3. Executive Development Is SOP
After working in the retail and packaged-goods sectors for many years, CFO Bob Briggs came to the healthcare sector as an industry novice. To ease his healthcare learning curve, Kaiser Permanente used what Briggs calls an "enlightened approach." Instead of asking him to dive into the day-to-day finance responsibilities, the CEO suggested that Briggs spend the first six months at Kaiser traveling; visiting company offices around the country and attending industry events. "It was a luxury," he says, "to have the company say, 'Take your time, learn the jargon, meet the people in the industry.' They didn't just throw me in and say, 'You're on your own. Good luck.' "
Knowing that an employer invests resources into executive development is a big plus when assessing a company's corporate culture. If continuing education appeals to you, the experts say to look for companies that promote attending industry events, workload, sessions with executive coaches, or functional networking groups.
As a member of Senior Executives Network, Bigelow Tea's Janezic exchanges ideas with other CFOs in the group. He attends meetings on company time, and on the company dime, a benefit he repays by sharing new perspectives with colleagues. "I tend to come away [from the networking meetings] with a tremendous number of ideas, which I share with other executives through a report."
Management's willingness to provide one-on-one development opportunities is important too, particularly when a CFO could use some coaching in a specific area, such as, as public speaking. "A lot of people take the wrong view of executive coaching," says Jeanne Lambkin of Mellon HR Services. "They think it's remedial help to address a problem." Actually, coaching is a useful support system "commensurate with the responsibilities" of a C-level job.
It can also be discreet. Lambkin explains that coaching provides a sounding board in a protected environment, "where CFOs can confidentially admit 'I don't know something.' "
4.Grace under Fire
All businesses go through fallow periods, particularly during times of recession. It's how managers handle those rough patches that speaks volumes about the collective soul of a company.
Indeed, companies that go through tough stretches without pushing the panic button usually engender a tremendous amount of loyalty among workers. In fact, a company that emerges from tough times can be a source of pride for employees, says Melissa Cruz, who calls her job as CFO of Concord Communications "the best job I've ever had."
Concord, which makes technology-management software, went public in 1997, and has been profitable all but three quarters. (The trio of under performing quarters came in 2001, in the midst of the dot-com crash).
During the three-quarter drought, executives relied on the usual belt-tightening measures, but also doubled the company's investment in sales training. The sales staff then boned up on a new "solution selling" approach that targeted business executives, instead of IT managers. It worked; the company returned to profitability.
By taking a proactive approach to solving the problem, employees came out with a sense of accomplishment, says Cruz. "We were collectively proud."
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