Steward Leadership of financial roles: hire internally or externally?

Posted by Matthew Thomas

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matthew-thomas-2Once your enterprise has defined its financial roles, steward leadership offers a variety of choices in how to staff those roles in practice. Most organizations require some combination of staff, contractors and vendors to fill their full complement of financial roles. Only rarely (and in the largest organizations) can all roles be filled by staff within the company.

 

When determining what roles may (or must) be staffed, contracted, or provided through vendors, there are a number of questions steward leaders ask:

 

  1. What is our enterprise's capacity? In other words, what can we handle on our own where we have the expertise, time, energy, and passion?
  2. What roles can be combined or divided into full-time-equivalent positions?
  3. Where does having an outside contractor add expertise, security, oversight, or other benefits that could not occur internally?
  4. What vendors do we require for software, banking, payroll, and so on?
  5. What roles must be staffed or otherwise provided for outside the traditional finance and accounting jobs?

 

Like what you're reading? Subscribe Now! Each organization's staffing setup will be different. The same enterprise may change its staffing arrangements over time based upon the needs at the time - including the specific people they hire and their skill set and capacity gaps. They don't have to be stuck with one staffing model for all time.

 

As a 3 January 2015 article from The Economist noted, increasingly on-demand work arrangements leave many more options for both workers and companies than previously existed. As the article notes, this is a double-edged sword for both workers and companies. Nevertheless, when determining how to staff financial roles, this increase in on-demand work provides opportunities for enterprises to find innovative ways to deliver excellence.

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Design Group International's Financial Services Roles tool can help steward leaders determine which roles need to be staffed internally and which roles may need to be serviced by outside contractors. While any of the roles could be staffed internally or contracted, the types any given enterprise chooses to staff or contract will be based on that enterprise's current needs and strategy. The tool is free and available here. 

Financial Roles Get the map!

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Topics: steward leaders, Matthew Thomas, steward leader, contracting, steward leadership, Financial roles