Finance and Accounting leaders have a significant role in the success or even failure of the company’s individual development program for their team members. They set the right expectations and meet with every team member to record goals and schedule training. Though the individual development process requires a substantial effort by each person, managers guarantee greater success by making sure every team member has a written plan with a timeline and resources identified.
Why should team leaders get so involved? Isn’t individual development an individual responsibility? Yes, but why would we not get involved to ensure our people are improving continually? We see individual development as an investment. We will always take the risk for spending resources even if a team member may leave us in the future.
Finance and Accounting Managers Lead and Influence the Individual Development Plan Process:
Leaders own the process
- As with everything, what we believe is important will influence what our team believes is important. Other leaders may disagree with me, but I believe that leaders must take full control of this process to ensure each team member has thought about their career to determine the right goals. It is our duty to grow our people.
- As leaders, we set the example by having a plan ourselves, and we will ensure that each team member has a written individual development plan.
- Do you have a team member who should be groomed for higher responsibility? Ensure this team member has the resources to complete the right training, attend conferences and workshops, and gain experience to build success.
Set the right expectations
- Our culture should be built around team and individual development and improvement.
- Schedule one-on-one meetings to discuss goals, performance improvement areas, a formal education plan, and the completion of professional certifications and licenses.
- I expect each Finance and Accounting professional to strive for an advanced degree and at least one certification or license.
- Leaders prioritize and then communicate what resources can be used for training.
Teach, coach and mentor
- Team members should be planning both short- and long-term goals based on the career they desire.
- Coach by asking open ended questions that allow the team member to self-discover their own path.
Coordinate for company resources
- Due to possible budget constraints, you must assess and prioritize available company funds to best use what you receive.
- Maximize the use of free training and ensure you know all the programs your company offers such as tuition reimbursement. Team members who will be assuming new responsibilities may require training that uses company funds.
Evaluate the program
- Describe what success means to you for this program and establish the right team culture that encourages the self-improvement process.
- Talk to your boss about how you see your team progressing and ask for more resources.
- Are your team members accomplishing their goals? Keep a record of training and how skills are improving. Do your team members show improvement in their performance? Continually update each team member’s plan. It’s obvious as leaders that we can mentor, schedule training, talk about goals, but your team members must put in the effort to get it done. Mentored effort is more powerful than coercion.
“The growth and development of people is the highest calling of leadership.” Harvey S, Firestone, Founder of Firestone Tire
Our team members will often follow what we believe is important. If we believe in continuous improvement, then our team members will have more buy-in to the process. As leaders, we set expectations and the type of culture we desire begins with our own attitude and actions.
As a leader, how can you better influence and maximize the individual development process?
Please comment or email me at comment@stephenmclain.com.
Copyright 2018 – Stephen McLain
