Journey to CFO: empowering female leaders in finance
The latest Journey to CFO panel event took place on Thursday 18th April at The Lighterman in London. Principal consultant Jo Sanders and partner Louise Corbally, from our accountancy and finance team, were joined by a panel of female finance leaders made up of Megan Walbyoff (Luno), Claire Howling (HS1), Maame-Yaa Bempah (Ballymore), Claire Delicata (Toyota) and Charlotte Frijns (Publicis Groupe), to discuss ways of overcoming the barriers facing women in finance.
The evolving role of CFO
“When you look at a career path, don’t just look up but look sideways to develop skills you don’t have. That sidestep may transport you further up on the next one. Don’t be a one trick pony and don’t be too narrow.” Charlotte Frijns
The role of a CFO has broadened considerably in recent years. It’s not enough to know about balance sheets, profit and loss, control and audit anymore. You need to understand what’s happening across the organisation and in the wider business world. That means integrating new technology, improving processes, changing the structure of the organisation and looking for opportunities for growth. It’s all about being a more commercial CFO and, where necessary, bringing in support from elsewhere in the business.
Over the next five years, the role looks set to continue expanding both in scope and complexity. We could see more CFOs implementing technology like automation, Power BI and AI, as well as increasing their focus on financial planning and analysis (FP&A). Although that means a big learning curve for finance leaders, there was a feeling that this is a particularly exciting time for CFOs.
How organisations can be more inclusive for women in finance
Advertising flexibility
Some members of the team will be excluded by a conventional 9-5 or work events held in the evening, due to family or other commitments. For organisations, it’s not just about offering flexibility, but advertising flexibility. It’s no use telling your people they can work flexibly if your senior leaders are online at all hours. If parents need to pick up their children from school and want to make up the time later in the evening, they should feel able to do so. That’s why advertising and role modelling flexible working practices will empower your workforce. Communicating with your team on an individual basis will help you understand their needs and avoid subconscious bias.
Inclusive hiring practices
“Networking events like golf maybe aren’t that inclusive for women. Consider women for opportunities rather than the old school tap on the shoulder.” Claire Delicata
In the past, people have got senior jobs through a clandestine conversation – a tap on the shoulder or a meeting in the pub – which doesn’t allow anyone else to put themselves forward. Openly advertise senior roles so that your team know about the opportunities that are open to them. Give all your people the chance to get involved in company events by holding them in the office, during work time. Setting up programmes for women can also help you understand their challenges and be more inclusive.
Focus on delivery
It shouldn’t matter how your people are working provided it’s their choice. The focus shouldn’t be on hours or location – it should be on delivery. For leaders, it’s about managing performance and acknowledging that people have other things going on outside of work, but are still dedicated.
Flexibility is a two-way street; a truly flexible environment revolves around mutual trust. Your people need to trust that they can work in a way that suits their needs, and you need to trust them to get things done.
Navigating imposter syndrome as a female leader in a male-dominated field
“The more senior I get, the more I realise everyone is winging it.” Claire Howling
Almost everyone has self-doubts, but it’s important to realise you’re there for a reason. Diversity of thought is important in any team, so share your voice with those around you. Being the only female in the room can be empowering.
If you work in a technical sector where you’re not necessarily an expert – crypto, for example – you might wonder how you could add value to the business. But you’re not there for crypto – you’re there for your commercial background. Think about what you can bring that those around you can’t. It’s worth being in the room if you have something to bring to the party.
Women can often be a barrier to their own success, holding themselves back from senior roles due to a lack of confidence. Speaking to senior people is invaluable when it comes to overcoming self-doubt. You’d be surprised how many leaders never stop doubting themselves. No one knows everything, so remember you don’t need to tick all the boxes.
“Take a deep breath, go for it and figure it out when you get there.” Megan Walbyoff
How mentorship and sponsorship support the advancement of women
As you look to climb the finance ladder, networking is important on so many levels. For one thing, meeting other aspiring finance leaders, who may be on the same path as you, shows you that you’re not alone. At the same time, finding out how senior women achieved their position gives you something to aspire to, and the chance to draw parallels with your own career. These role models are crucial in helping you visualise yourself as a leader.
“We are here so there is nothing stopping you getting to this position too. To see yourself reflected in people here is a real value.”Maame-Ya Bempah
Mentorship has been an important part of all our attendees’ careers. It’s important to have guidance from someone outside your direct line of management who can offer you support, act as a sounding board and give you new perspectives on how to approach your challenges. It’s a mutually beneficial relationship that’s all about sharing experiences and solving problems. Reach out – there’s always someone who wants to be a mentor or to be mentored.
Male allies are hugely important in championing women and raising their profile in the organisation to increase their chances of being considered for opportunities – even more so in the era of flexible working. There is no longer an expectation that a woman will spend more time with the children. Flexible working practices give both parents the chance to play an active role in childcare, levelling the professional playing field. In 10 years, perhaps we’ll refer to CFOs or finance leaders without having to specify if they’re female.
Summary
The role of CFO is getting broader. As well as the day to day of running a finance team, you need to have experience in commercials, FP&A and change management. Take every opportunity to expand your skills and showcase your wider business knowledge.
The relationships you build in the business are a massive part of your journey. Your allies are your biggest advocates. At the same time, the more you get to know the board, the more they will understand your capabilities and the less intimidating it will be taking the step up to your next role.
It’s equally important to build your network outside the company. Develop your relationships with people you meet at events and get involved in LinkedIn discussions on areas of interest. That’s when you’ll be approached about potential roles and speaking opportunities. Build your profile, grow your skills and get yourself onto organisations’ radars.
Join Journey to CFO
Journey to CFO is a series which aims to provide inspiration, insights and advice to current and aspiring CFOs through events, thought leadership content and community. If you’d like to sign up to Journey to CFO or you’d like to speak to us about finding your next role, please contact our accountancy and finance team.
