I'm a chemist by training. I've worked on Wall Street, spent a stint in media, and built my own consulting firm. Eventually, I landed in the tech world as a financial leader — today, I'm CFO at MentorcliQ, which provides HR software for companies to mentor and connect their employees at scale.
All this is to say that my background isn't what you'd call "conventional" for a financial leader. But thanks to my circuitous path, I've experienced firsthand the value of diverse perspectives for solving complex business problems.
But what does diversity really mean in the context of finance? And how can we, as financial leaders, foster environments that not only attract diverse talent, but also nurture and retain it?
These are questions I've grappled with throughout every chapter of my multifaceted career, and they've led me to develop strategies that transcend traditional notions of diversity, equity, and inclusion (DEI) — a concept I believe is paramount for building high-performing, innovative finance teams.
Key Takeaways:
Broaden your definition of diversity beyond demographics to include varied educational backgrounds, career experiences, and thinking styles.
Critically examine job specifications and focus on core skills rather than rigid qualifications to attract a more diverse candidate pool.
Build a "full circle" network that spans all levels of an organization to tap into a wider range of talent when hiring.
Implement regular one-on-one meetings and an empathy-first approach to feedback to create an inclusive environment that retains diverse talent.
DEI Goes Beyond Demographics
When we talk about acronyms like DEI in corporate contexts, it's easy to fall into the trap of focusing solely on visible demographics like ethnicity or gender. While these aspects are important considerations — research even suggests more diverse teams lead to better business outcomes — my experience has taught me that true diversity encompasses a much wider spectrum of attributes and experiences.
Diversity manifests in many ways, including:
An unorthodox educational background: A team member with a STEM background will approach financial problems differently than someone with a traditional accounting degree. Both perspectives can be constructive in different business contexts.
Varied cultural experiences: An employee who has lived in multiple countries may bring a global mindset to financial strategies — a trait that can be invaluable for companies with international growth aspirations.
Industry experience: Someone who transitioned from marketing to finance might offer valuable insights into how financial decisions impact brand perception.
Generational diversity: Having team members from different age groups can provide a balance of fresh ideas and seasoned wisdom.
Cognitive diversity: Different thinking styles, such as analytical, creative, or strategic, can lead to more comprehensive problem-solving.
This expanded view of diversity isn't just about ticking boxes; it's about creating a team with a wide range of life experiences. This is key to mitigating groupthink — a phenomenon that can result in harmful outcomes ranging from overlooking risks in financial forecasts to failing to respond appropriately to market changes.
Strategies for Recruiting and Hiring Diverse Finance Teams
Throughout my career, I've found that diversity in hiring often starts with questioning assumptions and being open to candidates who don't fit the traditional mold.
Hire for Potential, Not Pedigree
One of the most impactful changes I've made to my own hiring process is to critically examine job specifications. Often, financial leaders default to requiring certain degrees or certifications without considering whether they're truly necessary for the role — and the truth is that while you may need one CPA, you probably don't need an entire team full of them.
I've taken risks on unorthodox candidates in the past, and it has paid off in spades down the road. For example, years ago, I hired a woman for an administrative role handling payroll and timesheets who didn't have much relevant experience — it was her first job out of college. Despite my co-hiring leader's preference for a more traditional admin, I saw potential in this candidate's curiosity and growth mindset. We hired her, and while she performed the admin duties, we challenged her with data and analytics tasks.
After a year, when a finance role opened up at the organization, she was offered the position without competition. She excelled in that role before leaving for other opportunities. Six years later, when I needed a number two for my finance team, I reached out to this woman once again. She expressed interest and ultimately came on board. She's now grown to a VP-level position, having built her entire finance career around that initial admin job, and become a trusted colleague in the process.
Tweak Your Interview Process
In my experience, especially in fast-growing tech companies, adaptability and a willingness to learn are often more valuable than technical skills — the latter can be taught, while the former is a matter of ingrained attitude. During interviews, I ask questions designed to suss out soft skills and personality traits. I prioritize potential and problem-solving prowess over how someone comes across on paper. I'm also sure to be clear with recruiters about the specific skills I'm on the lookout for, so they can fine-tune their search in the earliest stages of the hiring process.
Once you get to the later phases of the interviewing process, ensure that panels of existing employees who interact with candidates are diverse themselves — again, using a definition of diversity that applies to cognitive styles and professional backgrounds in addition to demographics. This not only helps you assess how candidates might engage with different team members, but also signals to prospective hires that your organization values diversity across the board.
Leverage Your Network Strategically
While personal networks can be valuable, they can also lead to homogeneous hiring if not tapped into thoughtfully. A few ways to consciously diversify your network include:
Engaging with professional organizations that focus on underrepresented groups in finance
Attending industry events and conferences outside your immediate circle
Cultivating relationships with professionals at various career stages, not just those in senior positions
To this last point, I believe in creating a "full circle" network that spans up, down, and across all levels of an organization. I have a mentor who I can go to for advice and guidance, but I also maintain connections with people who are junior to me. This is particularly helpful when hiring for roles farther down the corporate ladder — my peers at the CFO level might not be able to recommend, say, an AP specialist, but somebody two clicks down the chain of command might know multiple qualified candidates.
Moreover, I view every interaction as an opportunity to expand my network. Even when I interview candidates who aren't the right fit for a particular role, if I find them impressive, I make a point to stay in touch. After filling a position, I might reach out to strong candidates who didn't get the job to say, "While it didn't work out this time, I enjoyed our conversation and would love to stay in contact." This keeps the door open for future opportunities.
Retention and Support: How to Foster an Inclusive Finance Environment
Recruiting diverse talent is only half the battle; retaining and supporting that talent is equally important. Here are a few strategies I've found effective in creating an inclusive environment where diverse team members can thrive.
Host Regular One-on-Ones
I make it a point to have regular one-on-one meetings with my team members — weekly for direct reports, and every other week for indirect ones. These serve multiple purposes, including:
Providing a dedicated time for team members to voice concerns or ideas
Allowing me to understand each person's working style and career aspirations
Offering opportunities for mentorship and guidance
I think of these conversations as a two-way street: I want to understand how the employee thinks through things, and I want to share my own perspective or approach. Instead of saying, "This is wrong; fix it," I'll look into the rationale behind a certain decision or action. I'll ask, "Can you help me understand why this was done that way?" A lot of times, I come out of these sessions having learned something myself.
Think Outside the Corporate Playbook
As a financial leader at numerous startups, I've learned that it's crucial to resist the urge to simply replicate structures from large companies. When I'm tasked with setting up a finance function from scratch, I remind myself to critically evaluate whether established practices truly fit our specific needs and growth stage.
I regularly question my team about the effectiveness of our processes, seeking their feedback to refine our systems. This ensures we're aligned with our company's goals without creating unnecessary work. By doing this, we develop a finance function tailored to our unique environment, rather than blindly following norms established by larger, more mature companies. In other words, it's about using DEI to customize an environment that works for us — not just copying what's worked elsewhere.
In my opinion, the most effective finance teams are those that embrace diversity in all its forms – from educational background and industry experience to thinking styles and problem-solving approaches. By broadening our understanding of this concept, I believe financial leaders can build teams that are more representative, innovative, resilient, and ultimately, more successful.
For CFOs looking for advice on building diverse, equitable, and inclusive teams The F Suite can offer valuable resources — apply to join today.
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