In this case study, George Wheaton, CFO, (not his real name) embarked on a journey to change the image of the accounting and finance from that of policeman to a one of supporting the business. Everything was up for discussion - the structure , processes, roles and responsibilities, and use of new skills. The overarching objective was to change the culture by aligning the F&A organization with the business units for more effective decision making . For every ten culture change initiatives that fail, George Wheaton was the one that succeeded.

CASE NOTES

Case Study: Strategic Talent Development at RealResources

This script studies the case of Real Resources and its CFOGeorge Wheaton. Faced with a rapidly evolving post-Covid business environment,a retiring baby boomers population, and a distinct view of work by new workers,Wheaton initiated a strategic transformational initiative.

Wheaton's quest aimed to transition the finance andaccounting department's image from that of a 'policeman' to that of a valuablebusiness partner. The transformation focused on not just changing thedepartment's culture but also attracting, developing, and retain talent,positioning finance as a vital part of the decision-making process. Challengesincluded overcoming organizational inertia, generational differences, andshort-term thinking.

Real Resources implemented various strategies for thistransformation, including fostering a talent development culture based onspecific behaviors, a structured recruitment and selection process, on-boardingthrough clarifying expectations, and the crucial role of ongoing coaching andmentoring.

The final sections of the case study discuss approaches toemployee retention and separation, demonstrating that managing talent is aholistic process. The script concludes by contemplating study questionssurrounding the initiative, its implementation, the role of leadership, andpotential vulnerabilities.