In today’s fast-paced and ever-evolving business landscape, continuous learning, employee engagement, and people-centric leadership have emerged as pivotal factors in achieving organisational success. Fredy Aga, Chief Financial Officer of Trust Bank sat down with DigitalCFO Asia to share his valuable insights on these critical aspects that shape the modern workplace.
Creating a Culture of Continuous Learning
Fredy is a strong believer in the power of continuous learning, and he thinks it’s crucial not just for individuals but also for teams.
From a personal perspective, Fredy highlights the importance to never stop learning. He tells his own story of moving from different finance jobs across various businesses and functions including technology and innovation which allowed him to gain important tech knowledge that helps him in his current role as Trust’s CFO.
Fredy sets yearly learning goals for himself, like learning Mandarin, getting a diploma in business and financial journalism, conquering his fear of swimming, and even trekking to Mount Everest’s Base Camp. He believes that learning new things not only broadens your knowledge but also helps you overcome personal fears.
When it comes to his team, Fredy is passionate about helping them grow both professionally and personally. He regularly checks in with team members, has one-on-one meetings, and creates opportunities for them to shine at outside events. He’s proud that colleagues outside the finance department recognize the excellence of his team members.
Fredy also stresses the importance of learning from others’ experiences. He says that a one-hour conversation with a wise person is as valuable as reading a thousand pages of a book. Sharing knowledge is a big part of Trust’s culture, with activities like lunch and learn sessions, hackathons, and guest lectures from industry experts.
Effect of People-Centric Collaboration in A Team
When asked about people- centric culture, Fredy emphasized the importance of three key characteristics—authenticity, humanity, and openness—in creating a people-centric culture within organizations. He shared insights from his own experiences to illustrate these principles.
Fredy stressed the significance of authenticity in interactions and shares, “I believe that being genuine and true to oneself is crucial in corporate life.”
He shared an anecdote from his past in which he had to convey potentially unfavorable revenue forecast insights to his CFO. However, because it was an honest representation of the situation, it ultimately bolstered his credibility.
Fredy emphasized two more critical aspects. The second one was embracing our humanity. He acknowledged that organizations are made up of individuals, and small acts of kindness, like knowing the names of staff, can foster a positive workplace culture.
Lastly, Fredy stressed the significance of openness, both in physical spaces and mental attitudes. He pointed out that Trust Bank’s open office design mirrored their commitment to an open culture. Furthermore, he encouraged cultivating a growth mindset and nurturing intellectual curiosity as qualities that can significantly enhance one’s career journey.
Employee Growth and Its Impact on Team Performance
Fredy shared his comprehensive perspective on growth, highlighting its diverse dimensions. He articulated this by saying, “I believe that growth can manifest in one’s professional journey, personal skill development, and career advancement.“
He further explained that career advancement encompassed both vertical growth within an organisation and horizontal growth through cross-functional mobility, geographical shifts, and the acceptance of challenging assignments.
To illustrate his point, Fredy shared a personal example from his career. He recalled being assigned to lead a global project in Singapore aimed at standardising reporting in consumer banking. This project involved redesigning reports, overcoming resistance to change, and outsourcing some reporting functions to a Finance Shared Service Center in India. Despite the initial challenges and stress, the successful completion of the project enhanced his credibility and showcased the importance of seizing growth opportunities.
Fredy pointed out that getting better and growing in your job or personal life requires taking the initiative, staying determined, and being open to facing challenges because these experiences help you learn and improve.
To explain this, he shared a story about a junior financial analyst named Jane. She had potential, but her analytical skills needed work. Fredy gave her feedback and supported her with training, mentoring, and hands-on projects. As a result, Jane quickly became better at her job. Her improvement didn’t just help her; it made the whole team work more efficiently and helped the company. Jane eventually got promoted.
Fredy wanted us to understand that when one person grows and gets better, it can inspire others to do the same, creating a culture of improvement in the team or company.
Strategies for Maintaining High Employee Engagement
Fredy delves into the multi-faceted realm of employee engagement, encompassing various dimensions, including learning, performance management, and wellness initiatives. He emphasises the importance of employing diverse strategies at different times to foster this engagement.
Yet, at the core of Fredy’s perspective lies the belief that providing employees with a profound sense of purpose is the linchpin to sustaining their engagement. He recognizes the critical role of elucidating the “why” behind their work, enabling them to grasp how their contributions align with organisational objectives. Fredy highlights finance’s pivotal role in conveying these goals, particularly as the nerve centre of the organisation.
Fredy shares his practice of imparting the broader organisational vision to his offshore teams, emphasising the need to invest time in elucidating the significance of their work. The key takeaway is that engaged employees aren’t seen as mere service providers but are valued for the substantial contributions they bring to the organisation, instilling a profound sense of purpose and engagement among offshore teams.
Furthermore, Fredy mentions Trust Bank’s commitment to wellness initiatives, such as yoga sessions, running, and cycling, designed to enhance employee well-being and nurture a positive culture beyond the confines of the workplace.
Discussing the tangible impacts of employee engagement, Fredy outlines several areas where engaged employees make a positive difference. Firstly, he notes that engaged employees tend to cultivate more positive team dynamics, fostering enthusiasm and a spirit of positivity. Secondly, he underscores that engagement fuels innovation and creativity, often resulting in unexpected process improvements and more insightful reports.
Fredy illustrates the power of engaged employees through an example involving his offshore team, who voluntarily enhanced the presentation and depth of their trial balance when they grasped the broader organisational goals.
Additionally, he highlights that engaged employees often translate into higher customer satisfaction, especially when employees embrace organisational values like “do it for smiles.” Lastly, Fredy underscores that employee engagement leads to tangible financial outcomes, such as heightened efficiency, increased revenue, and enhanced productivity.
Balancing Financial Responsibilities and Employee Engagement as CFO
Fredy acknowledges that CFOs are often stereotypically seen as left-brained and quantitative, which means they might not naturally prioritise the people-centric aspect of their role. However, he highlights the increasing expectation for CFOs to strike a balance.
First and foremost, Fredy emphasises the critical role of communication, recognizing finance’s pivotal position as the organisational nerve centre. To ensure everyone is aligned with the organisation’s direction, he conducts regular town halls and openly shares the company’s Objectives and Key Results (OKRs). Moreover, he encourages the simplification of complex financial concepts to enhance overall understanding.
Additionally, Fredy places a strong emphasis on resource allocation while considering the well-being of the workforce. He doesn’t merely rely on cost-benefit analyses when evaluating expenditure requests but takes into account their potential impact on people. In his view, striking a balance between financial considerations and employee well-being is crucial.
Lastly, Fredy discusses the importance of financial literacy, a subject he deems essential. He actively shares his knowledge with interns and graduates, aiming to foster a broader understanding of finance and investment. By doing so, he hopes to equip future professionals with a well-rounded skill set that extends beyond the confines of traditional finance.
Measuring Impact of People-Centric Approach on Team Performance
Fredy believes that organisations typically employ a set of tangible measures to gauge engagement and employee satisfaction. At Trust, these measures include pulse surveys conducted quarterly, which cover various aspects like employee happiness and perceptions of leadership. Additionally, they use Employee Net Promoter Score (ENPS) to assess engagement and growth-related metrics.
However, Fredy acknowledges the significance of informal indicators. These include intuitively gauging team morale and assessing factors such as innovation, collaboration, and overall engagement. He stresses the importance of leaders being attuned to their teams’ well-being and dynamics.
Regarding the evolving landscape of leadership in Asia, Fredy expresses a progressive view. He is personally opposed to strict hierarchical structures and believes that they can hinder creativity and innovation. He highlights the importance of having a culture that promotes openness, approachability, and friendliness, particularly to attract and retain millennial employees who value such an environment.
Fredy shares an example from Trust’s culture, where leaders from various departments, including himself, volunteered to assist with customer service during a sudden surge in demand. This exemplifies Trust’s culture of collaboration and the willingness of leaders to engage directly, irrespective of hierarchy.
