The Talent Equation for the Evolving CFO

CFOs play a critical role in enabling and empowering tangible impact in any organization. That impact isn’t tied to just “numbers.” Rather, it is inclusive of what I refer to as executing on the “talent equation.”

I recently shared my thoughts on the topic during an engaging discussion on the evolving role of the CFO, alongside fellow Columbia Business School alumni and CFOs of Ancestry, Cognizant and Estee Lauder.

The conversation was both timely and personal as I prepare to transition into my next role as Prudential’s vice chairman and as I reflect on the experiences in my own career that have helped me to appreciate the critical interdependency between the success of an organization and its talent.

Here are some key takeaways, which I believe are foundational to the “talent equation”:

Connecting talent with purpose. I’ve built a career that spans more than three decades at Prudential because of my strong connection to the company’s mission and culture. I spend a lot of time ensuring that others feel just as connected. At Prudential, it’s about helping them to understand that the work we do enables us to fulfill the promise of financial wellness that we make to our customers. When employees have a strong sense of purpose, they are aligned and connected to the strategic direction of the company, which creates a culture of employee engagement, and in turn enhances both productivity and retention.

Enabling talent to hone competencies well beyond Finance. I am a strong proponent of developing well-rounded professionals (“Financial Athletes”) who can serve as strategic partners to the business. In the world of Finance, people stop learning after they complete a certain number of closings and forecasts for a given business. So, while strong technical skills are essential to early success, career progression at later stages requires a broader set of competencies around business acumen and soft skills such as communication. In fact, I credit strong communication skills as the reason I was able to take on the role of CFO. The ability to communicate effectively with investors, the board and other stakeholders is essential. By providing opportunities where people can build diverse skills sets, you nurture experienced leaders that can have the most impact on the enterprise.

Encouraging talent mobility to support development and retention. I’ve had distinct careers at Prudential, having had experiences in investment management, investment banking, corporate functions, and even the chance to work internationally, which helped me to build some degree of cultural dexterity and better business acumen. These experiences have taught me the value of mobility and diversity of experiences, which we’ve incorporated into the creation of Prudential’s Finance talent development programs – programs that offer the full spectrum of international, rotational and consulting assignments that range from weeks to months to years. It’s proven to me that mobility is an effective tool for developing, engaging and retaining top talent.

Optimizing the “talent equation” is how Finance functions can continue to have an enormous impact and add value to any business. I’m curious to hear your thoughts as well, especially as the world of Finance continues to evolve and so, too, do the expectations and responsibilities of the CFO.

I welcome your thoughts in a comment below.