CFO Studio Magazine with Robert Falzon, CFO, Prudential

EVENTS EXECUTIVE DINNER SERIES 28 WWW.CFOSTUDIO.COM Q2 2017 UP-TO-DATE TOOLS AND WORK/LIFE BALANCE CAN RESULT IN A HIGH-PERFORMANCE TEAM T here are many ways to define and measure what constitutes a team that is lauded as “high performing,” but when you get right down to it, “it’s all about the people and the culture.” That’s according to Scott Settersten, CFO of Ulta Beauty, the largest beauty specialty retailer in the U.S., based in Bolingbrook, IL. “It’s not just about hitting your financial targets. If you have a team that is unhappy, or doesn’t interact well with business partners, simply making your numbers is not enough. It spans way beyond that.” Mr. Settersten spoke on “Building and Sustaining a High-performance Finance Team” at an invitation-only dinner discussion attended by CFOs fromChicago-area world- class companies. The event was held recently at Morton’sThe Steakhouse in Chicago, and is part of CFO Studio’s Executive Dinner Series. “People need a good environment to work in,” said Mr. Settersten. “They need to feel empowered so that they develop good working relationships across the enterprise and can work effectively to help move the business forward. “You are the leader,” he said to his fellow CFOs in the room. “You own the culture. If you want a high-performance team, it’s up to you to set the pace.” What Each One Values The first pace-setting step in building a top-notch financial team is never forgetting that your employees have a life outside of the office. “Work/life balance is one of the hottest employment issues today,” Mr. Settersten acknowledged. “It’s very important to be open and adaptive to new and different circumstances, and provide your group with a decent chance to achieve the balance they crave and deserve.” He suggested “role-modeling” examples of work/life balance to demonstrate how “it can be achieved without sacrificing on- the-job duties and responsibilities.” This could come in the form of flexible hours or telecommuting options, he noted. In addition, be aware of the generational gaps in the workforce, and be sure to adapt your style when appropriate. “Different folks or groups value different things.” Invest in the tools that can help your team members blossom into high performers. “You owe it to them to provide best-in-class software tools” to help them become more efficient and effective. “Maybe it’s the latest tax software that makes the process easier, giving folks more time to think about the outcome rather than compiling all the data,” he offered. “This will go a long way toward making people feel like you’re investing in them, that you’re concerned about their BUSINESS DEVELOPMENT PARTNERS CULTURE SHIFT