When you think about who shapes the culture of a company, the CEO and HR leaders are probably the first roles that come to mind. However, the Chief Financial Officer (CFO) also plays a vital role in driving company culture.
The CFO's fiscal decisions ultimately shape the employee experience and send powerful signals about what really matters.
Beyond budgets though, the CFO has a prime seat at the leadership table and a major voice in key strategic decisions around growth, talent, new initiatives and more.
When it comes to shaping company culture when it comes to people, the CFO can have a massive impact in the following areas:
Workforce investment
As mentioned before, CFOs control the budget. Here, their decisions speak volumes about the company's view of its workforce.
Are they willing to allocate funds for training and development programs that enhance employee skills and growth?
This not only improves employee satisfaction but also fosters a culture of learning and continuous improvement.
Compensation and benefits
The compensation package, including salary, bonuses, and benefits, is a major factor in employee morale and engagement.
A CFO who champions competitive pay and comprehensive benefits demonstrates that the company values its people as an investment. This can lead to a more loyal and productive workforce.
Performance management
CFOs can work with HR to create performance management systems that are fair,transparent, and focused on development. This fosters a culture of accountability and continuous improvement, where employees feel valued for their contributions.
Work-life balance
By advocating for flexible work arrangements,generous vacation policies, and well-being programs, CFOs contribute to a culture that respects employees' personal lives and reduces burnout.
Employee recognition
CFOs can find creative ways to recognize and reward employee achievements. This doesn't always have to be financial - it could involve public recognition programs, additional paid time off, or special events. By acknowledging good work, CFOs help create a culture of appreciation and motivation.
