When you’re in the know about the latest developments in the financial world, you come to realise that the influence of modern finance leaders and CFOs is expanding across enterprises. This transformation of finance leaders into famous thought leaders mimics the swathes of change that have shaken the foundations of how the finance industry functions today.
Consider the following PwC Pulse survey statistics featuring responses from CFOs and finance leaders across leading companies of the world:
- 83% of respondents believe that acquiring and retaining quality talent is pivotal for growth
- 48% of respondents are already incorporating cutting-edge predictive models for future-proofing business, achieved via digital transformation
- 25% of respondents have already undertaken an inventory overview of their organisational carbon footprint
The above-mentioned numbers signify the ever-evolving nature of today’s successful financial leaders. In that regard, many famous personalities in finance in India and the world have emerged as ‘finance leaders reborn’, thanks to their impressive ability to mesh together key traits of leadership with the finance function. The result? Development of visionary financial leadership models that drive multi-factorial growth.
Many of these top organisation leaders in India with expertise in finance share common traits that deserve research by aspirants aiming to follow in their footsteps. Let us take a closer look.
3 Traits of Successful Finance Leaders
In the modern context, to be a great leader, you should have mastery over two things- empowerment and knowledge. By enabling others around you and empowering your business with a clear vision, you join the cadre of empathetic leaders – something that is now precipitating quite often in the offices of most successful financial leaders.
Today’s financial leaders, to be efficacious, must make a difference in organisational decision-making with broader, data-driven insights and proactiveness. He or she should also have robust team-building principles and must know how to oversee employee productivity, high morale, and a culture of innovation. In that regard, what are the most common traits displayed by successful financial leaders today that enable them to handle the above-mentioned responsibilities? Here are three of them.
- Holistic leadership quality
Being well-versed in systems thinking, famous personalities in finance in India and abroad often display holistic leadership qualities. That means being able to tie together the various disparate organisational functions and systems into a sum greater than the whole. Such finance leaders are equally at ease engaging with the sales and marketing departments. Ultimately, being effective holistic leader hinges upon how good you are at communicating insights, vision, feedback, and goals to derive the best from your teams and individuals.
A notable example of such holistic leadership quality comes in the form of Sandeep Bakhshi – the MD and CEO of ICICI Bank since 2018. Through his effective leadership mantras encapsulated in his ‘One Bank, One Team’ philosophy, Sandeep Bakhshi effected a positive cultural transformation of the bank while improving employee morale, coordination, and productivity. He was also able to construct an ecosystem-based approach at ICICI that created additional value for both customers and the bank itself.
- Having insight into success measurement
Leadership is understanding what to measure to accomplish success. Leaders must be aware of setting the correct targets and assigning those to the right individuals. You will quickly notice the rewards if you can provide employees the opportunity to appropriately use their abilities and excel. In that regard, financial leaders must not simply think about short-term financial gains. It is about planning your growth trajectory for the long haul. Ultimately, every goal you chase should be in service of the larger vision.
That is what many of the top finance leader builders in India have showcased remarkably over the years, such as Sanjiv Bajaj – the Chairman and Managing Director of Bajaj Finserv. As a pioneer of fintech in the country through one of the most prestigious financial services companies in India, Sanjiv Bajaj has built his organization through a laser-sharp focus on long-term goals. His key objectives have always been to innovate and build differentiation in the market sustainably – something that Bajaj Finserv has shown by taking digital finance to the masses and those without access. In doing so, Sanjiv Bajaj has always been crystal clear that he and his employees are ready to forsake short-term opportunities if they hinder long-term success.
- Equipped with high emotional intelligence
Today’s top financial leaders are highly people-centric. This reflects in how they influence, motivate and inspire employees to be innovative, take ownership and deliver results without the fear of failure. Ultimately, the best empowering leaders are those who have high emotional intelligence. A key indicator of that is how much resilience and mental fortitude you have to thrive against setbacks, embrace criticisms, deliver feedback, and maintain high team spirit during tough circumstances.
Emotional intelligence is a characteristic that has been often highlighted by Uday Kotak – one of the most famous personalities in finance in India. As the Managing Director of the prominent Kotak Mahindra Bank, Uday Kotak has often stressed the significance of preserving employees’ emotional intelligence, which is the primary factor in their contentment as well as the drive to perform at work. Through this philosophy, he has been able to build a team driven by a common purpose – one of the many reasons why Kotak Mahindra has emerged as a digital finance and banking leader.
Conclusion
A leader may be anyone, but knowing your business, recognizing what to evaluate, and employing emotional intelligence is a powerful recipe that will set you apart.
Successful finance leaders have now embraced this by heart, thus elevating their station from being mere ‘number-crunchers’ driven only by metrics and profit to holistic, transformational leaders who are the key strategic cogs in the organisation. The likes of Sandeep Bakhshi, Sanjiv Bajaj, and Uday Kotak represent new-age financial leadership icons who continue to uphold traits that elevate them to influential, visionary leaders driving the overarching growth of their companies. Their belief in holistic leadership principles, emotional intelligence, and refined success measurement point toward any aspirant in the financial sector aiming to emulate their laurels.