How Finance Executives Can Lead Successful Global Teams
A preview of the latest article by our founder recently published on BlueSteps.com, for finance executives leading global teams:
Managing a diverse, global team is unavoidable for executives in finance working for a large global investment bank. Teams responsible for implementing the finance function are generally led by a Managing or Executive Director, a Vice President, and two Associates and/or two Analysts, with the junior resources split between New York and Asia. In the middle, back, and CFO offices at nearly every investment bank, this has been the trend and is here to stay. Managing such a team poses distinct challenges to any executive in this situation, and here are five best practices to get the most out of a global team.
- Divide & Conquer / Trust & Verify. At Columbia Business School, one of the first lessons we learned in our study groups or “learning teams” is the importance of establishing a set of ground rules by creating a “charter” before we started to work on assignments individually or together as a unit. Designed to specify team and individual expectations on norms, behaviors, and interpersonal communication, the charter can be a useful tool when every member of the team buys in and values the importance of being accountable to one another. As the executive of a global finance team, applying the key takeaways of the charter concept can help clarify how your team will interact with you and with one another on specific tasks and deliverables. Putting pen to paper on which team members are responsible for what, when, and where can do wonders for building accountability and transparency.
- Insist on Face-to-Face Daily Communication. Teams that function the best tend to have members who know one another on a personal level. While this level of “intimacy” must develop organically and over time through members going through trials and challenges together, one way to promote stronger bonds quickly is to insist on daily video communications, or at least as often as possible. For the same reason that face-time and business trips are so important to building trust with clients, getting your global team members to put a face on the voice they talk to and hear every day is critical. The intangible benefit of team members interacting face-to-face via videoconference can be tremendously disarming and can encourage trust-building and understanding.
Read the full article on the BlueSteps Executive Career Insider Blog at the link below: