Conveying Financial Information in Nonfinancial Terms is Top Challenge for Finance Staff
TORONTO, July 9, 2015 /CNW/ - For individuals on the outside it can often feel like those in the financial world use a language all their own, with enough acronyms, formulas and jargon to make their head spin. So it's no surprise that financial professionals have trouble trying to get across complex financial information to coworkers. In a Robert Half Finance & Accounting survey, chief financial officers (CFOs) said their greatest challenge when working with those in other departments is conveying financial information in nonfinancial terms (49 per cent).
CFOs were asked, "Which one of the following do you think is the greatest challenge for accounting and finance professionals when working with coworkers in other departments?" Their responses*:
Conveying financial information in nonfinancial terms |
49% |
Learning to interact with a variety of personalities |
30% |
Prioritizing conflicting deadlines throughout the enterprise |
15% |
Managing stress arising from crisis situations |
6% |
Don't know |
1% |
101% |
*Responses do not total 100 per cent due to rounding
"The ability to clearly communicate thoughts, ideas and concerns, regardless of departmental barriers, is pivotal to large-scale business success," said Greg Scileppi, president of Robert Half, International Staffing Operations. "Effectively conveying the ways in which financial initiatives integrate with other programs encourages employee collaboration, and inspires innovative momentum toward achieving shared goals."
Scileppi added that taking the time to find ways of articulating dense financial information can go a long way to building respect among colleagues across departments. "Putting in the effort to create reference points such as a keyword spreadsheet, or a definitions index for financial terms demonstrates an appreciation for knowledge-sharing, and overall cooperation and support."
Following are five tips to improve cross-department collaboration:
The survey was developed by Robert Half Finance & Accounting, the world's first and largest specialized financial recruitment service. It was conducted by an independent research firm and is based on telephone interviews with more than 270 CFOs from Canadian companies.
About Robert Half Finance & Accounting
Founded in 1948, Robert Half Finance & Accounting, a division of Robert Half, is the world's first and largest specialized financial recruitment service. The company has more than 340 locations worldwide and offers online job search services at roberthalffinance.ca. For finance and accounting career and management advice, follow our blog at blog.roberthalffinance.com. Follow @RobertHalf_CAN on Twitter for additional workplace advice and hiring trends.
SOURCE Robert Half Finance & Accounting
Image with caption: "Cross-Departmental Challenges (CNW Group/Robert Half Finance & Accounting)". Image available at: http://photos.newswire.ca/images/download/20150709_C8679_PHOTO_EN_441336.jpg
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