A $1B Annual Revenue, Retail Company, Publicly Traded on NASDAQ
A coaching engagement was initiated by the CFO to support the newly hired VP of Finance to quickly upgrade the department’s performance. The CFO was dissatisfied with the Finance team’s focus on reporting numbers rather than actionable interpretations. Additionally, several department heads were dissatisfied with the skills and performance of the Finance team. The coaching focus centered on creating and communicating a vision and building a high performing, engaged team.
Pre/post coaching internal customer satisfaction surveys regarding quality of financial reporting and skills of the finance team showed an improvement of 25%. The VP’s team demonstrated commitment to her vision. 90% of the team stayed in the department. They actively participated in training to hone new skills and demonstrated a willingness and ability to change how they approached financial reporting. As a result of the best fit discussions, 10% of the initial team moved to more administrative roles within or outside of the company. The VP hired replacement talent that was experienced with the type of financial reporting she was introducing. The CFO reported that he was well satisfied with the quality of the new financial reporting and the team’s ability to provide actionable insights. He noted that business unit heads told him that the reporting was more useful. He stated that the new hires increased the overall talent level of the department and improved succession bench strength.