-Deloitte: Juggling diverse stakeholder personalities is key to CFO role
-Deloitte survey: 50% of CFOs consider themselves Drivers, and 30% see themselves as Guardians
-Deloitte: Misreading personality leads to workplace inefficiency, poor team dynamics and personal brand damage
CFOs juggle with many diverse stakeholder personalities as part of their job requirement, and often times, knowing how to interact with these individuals can mean the difference between success and failure. As such, a framework identifying distinct patterns of behavior - dubbed "Business Chemistry" - was created by Deloitte with the aim of not only improving individual interactions, but also influencing strategy.
"Business Chemistry" is the product of the collaboration between Deloitte and scientists from the fields of neuro-anthropology and genetics. It consists of a personality system that leverages modern computational techniques to bring a data-driven approach to understanding personalities. In the recent issue of CFO Insights report issue by Deloitte, the Power of Business Chemistry, these different Business Chemistry types are outlined along with the various tactics in which CFOs can leverage these types to their advantage.
Business Chemistry uses a series of 70 behavioral questions to reveal four dominant personality patterns, which are:
Drivers: analytical thinkers who are intellectually creative and prefer experimentation over theorization
Pioneers: blue-sky ideas people, whose adaptability allows them to thrive in multiple environments
Integrators: masters of empathy and nuance, particularly skilled at understanding the broader context of an issue
Guardians: people who prefer concrete reality, particularly skilled at providing structure and minimizing risk
A Deloitte survey of CFOs of large companies reveals that more than half consider themselves Drivers, and 30% consider themselves Guardians. As such, Business Chemistry as a tool can not only be used to help recognize personality patterns in colleagues - which would help gain insight into how to connect on a personal level and build effective teams - but also helps create awareness of one's own predilections and tendencies.
Consequently, CFOs who understands their own Business Chemistry are better suited to engage and influence stakeholders, manage team strengths and weaknesses and flex to multiple roles, as needed.
"This report is particularly relevant to the Middle East region because of the additional challenge that CFOs face here - namely, working with people from a wide variety of cultural backgrounds" explains James Babb, Partner and CFO Program Leader, Deloitte Middle East. "Understanding the cultural differences between people on top of their individual personality traits makes it even more challenging for a CFO to relate to the people he is working with, establish trust with them, communicate with them effectively, and find the common bonds upon which to build a healthy chemistry within a culturally diverse team", he adds.
Business Chemistry is not only about creating a personal advantage, but also about creating a competitive advantage by creating better alignment within teams, better engagement and relationships with stakeholders and a better understanding of how to change perceptions and build credibility within the CFO role.
To read the full report visit: 'CFO Insights: the Power of Business Chemistry'
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About Deloitte & Touche (M.E.):
Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is the first Arab professional services firm established in the Middle East region with uninterrupted presence for over 87 years. Deloitte is among the region's leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with over 2,500 partners, directors and staff. Deloitte has been annually classified as a Tier 1 Tax advisor in the GCC region since 2010 by the International Tax Review World Tax Rankings.
About Deloitte:
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence.
Deloitte's professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from cultural diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Deloitte's professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities.
Contact:
Nadine El Hassan
Title: Public Relations Regional Leader
Deloitte Middle East
Tel: 00961748 444
Email: nelhassan@deloitte.com
© Press Release 2013
