Since the quality of people and their dedication to their work directly impacts your business and its success, strategic priority should be given to enhancing the efficiency of this resource, both in the short and long term.

Undoubtedly, every position should be occupied by individuals genuinely passionate about their profession, driven by dedication rather than merely a paycheck. If you, as a financial professional, find yourself disengaged from your work, uninterested in your daily tasks, and lacking the eagerness to independently and willingly develop in your profession, it’s imperative to reassess your priorities and goals and seek alternative avenues for your energy and time.

Given that – excluding sleep – work comprises the most substantial and productive portion of our lives, engaging in a job one dislikes is imprudent. However, the intrinsic satisfaction derived from work does not diminish the importance of fair monetary compensation. Ideally, compensation should cover all basic needs for oneself and one’s family, considering the high level of skill required.

There are instances where the salaries of accountants and financial coordinators may be lower compared to those of other staff members within the company, aligning with market standards. Unfortunately, if the market dictates such circumstances, then commercially-oriented organizations may be unable to offer significantly higher compensation. To maintain motivation and enhance the standard of living for such specialists, they should proactively seek self-improvement opportunities to expand their expertise and scope of responsibility.

As the CFO – unlike other senior managers – primarily serves shareholders rather than the CEO, motivating them should rely on long-term strategic objectives, particularly the capitalization of the business. This approach helps to mitigate conflicts of interest, particularly reducing the risk of making short-term decisions to boost current business efficiency metrics. Often, in companies, reports may be manipulated, either intentionally or unintentionally, to meet annual bonus targets, leading to short-term initiatives beneficial to management but detrimental to the company’s long-term value. The task of the financial leader, alongside the board of directors and internal auditors, is to structure processes to strike a balance between short-term objectives and the company’s strategic goals, averting conflicts of interest among different staff groups and organizational objectives.

Employees engaged in financial management should be motivated by a substantial fixed salary to reduce reliance on variable components tied to the company’s annual performance. Variable components should be introduced for specific projects requiring extraordinary efforts, such as M&A deals, investment rounds, IPOs, audits, or due diligence[2] conducted within tight time frames. This approach applies not only to the financial director, but also extends to key members of the finance department.

Returning to the competencies of a financial professional, they must possess comprehensive knowledge of the business and its operations. A modern financial manager requires a broad perspective and a profound understanding of processes beyond finance and accounting. Even an accounting clerk or cashier and accounts manager must grasp the organization’s business processes, value creation chain, competitive landscape, and consequently, recognize their role in sustaining the company’s performance and growth.