Encouraging Innovation and Creativity in Financial Teams

 

 Innovation and Creativity pic

Innovation and Creativity
Image: entrepreneur.com

As the former finance manager for Siemens Medical Systems, Diane Kaern earned accolades along with her team for outstanding performance and management of company assets. During this time, Diane Kaern functioned as the team coach to compete on a worldwide level and the team won the championship.

Businesses can promote creativity in their finance departments by diversifying their hiring pool, rewarding risk-taking, and encouraging continuous professional development. When hiring for their finance departments, businesses should look beyond credentials and focus more on skills such as innovative problem-solving and the ability to work in a team. By expanding the hiring criteria, finance departments can attract talent from a range of demographics, which will bring in new perspectives.

Also, for traditionally conservative finance departments, increased availability of data to inform decision-making has made taking calculated risks more feasible than ever. Often, failed projects cause little to no setbacks and can provide a trove of valuable information. To spur innovation, companies should empower their finance teams to experiment with new ideas or projects.

Lastly, the rapid advancement of finance technologies means continuous professional development is a must for people working in the sector. Finance teams should have routine access to professional development programs, including courses that educate them on other areas of the company.

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