You’ve achieved promotion to a higher-level finance role, and you’re excited about new possibilities – until you realise that this means that you will now be managing former peers.
Managing peers who are now your direct reports can be extremely challenging and needs to be handled well. You will need to renegotiate your role after promotion.
For finance professionals in this position, here are some strategies to help you make that transition a success for you, and your new team.
1. Prepare for the Transition
So, the first thing to remember is that the most successful transitions start long before the actual promotion takes place.
Successfully establishing credibility with your past peers as their newly promoted finance manager means not waiting until you are promoted.
What you do now will impact on your future. For example, if you are in the habit of taking extended lunches or spending more than a few minutes chatting by the water cooler or kettle – it’s time to re-evaluate your behaviour. Otherwise, when you get a promotion, everyone is going to know how you behave – and that won’t get you off to a credible start.
Therefore, it’s critical to establish a high level of character and integrity early in your finance career – and keep it consistent.
Additionally, invest some time considering what type of management style you would like to be known for once you make the transition to finance manager. Then apply these characteristics to how you work with peers now. Put into practice the ideal way you would like to plan, make decisions, collaborate and communicate with others.
This has two advantages: it establishes your working professionalism with others from the start, and it means there are no surprises in your behaviour and style when you gain promotion, as everyone will know what to expect from you.
2. Establish Your Credibility
Take action that will establish your credibility by aiming for your team’s respect, not their friendship.
If a former peer is also a workplace friend, you will, inevitably, need to distance yourself and be aware of the relationship reshaping that will need to happen. A one to one chat should explain how the relationship will be changing and offer an opportunity to talk through the implications.
It’s wise to let your friend know they can count on your support in their role, asking for theirs in return, but be clear that they will be treated equally alongside other members of the team.
Avoidance of office gossip or politics is also critical, as is maintaining a sense of fairness and treating individuals the same.
3. Communication with Your Team
To establish your authority and gain respect, it’s advisable to meet with each member of your team. This enables you to discuss your expectations of working together, provides the opportunity for them to ask questions and allows you to position yourself as an open and transparent manager.
A simple, one-on-one conversation with your team members is one of the easiest yet powerful steps you can take as a new manager.
4. Develop Your Personal Brand
Relationships are built on trust and mutual respect. And it’s the same for your finance team. As part of developing your finance manager role, consider your personal brand and how it impacts your success.
From keeping your LinkedIn profile up to date to taking up speaking opportunities; creating online blogs to networking with other finance professionals – establishing your personal brand will have a positive impact. It helps to create an impression of who you are and demonstrates your inspirational qualities to help you engage and build rapport in your team as well as the wider financial business community.
It’s worth remembering that just because you’ve been successful in getting your dream managerial role in finance, the support you’ve had from your specialist recruiter doesn’t end here.
At Rebus Recruitment, we can offer help and advice as you settle into your new role. Our online candidate hub also covers the latest industry issues you need to be aware of, alongside finance professional top tips – it’s your go-to for the vital support you need as you build your career and work towards your ultimate goals.
P.S. If you’re looking for your ideal finance role, contact Rebus Financial Recruitment or call us on 01282 930930 and let’s have a conversation to explore your options. With our help, you can achieve great things.
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, which historically range from a wide variety of organisations including SME’s to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs; and, in doing so, we match the two perfectly. To find out more, get in contact with one of our team today, or you can call us on 01282 930930.