Why do Finance Professionals Need Coaching in 2023?

According to statistica.com, there were approximately 1.1 million staff working in the UK finance sector in 2021. Clearly, the jobs in this industry will encompass staff from administrative levels up to leaders in finance and directors. The broad scope of roles and responsibilities in this sector mean that there are career opportunities for any professional who seeks a job with purpose and prospects. If you are currently working in finance, you may be seeking to take steps to improve your career options and gain that all important promotion. Perhaps you see yourself as a leader of the future and want to develop the emerging talent base that will be present in your organization in the future. In addition it is important for finance professionals to consider the fact that there is uncertainty in the job market at present. It is more important than ever to secure your place in the industry and to make yourself indispensable in an era when inflation and uncertainty are part of the fabric of the modern world of finance. It should come as no surprise that many finance professionals are actively seeking the guidance of a coach in 2023. This article explores some of the key reasons why finance professionals benefit from coaching.

Improved career prospects

The finance industry is a highly competitive environment. It is one that has seen the rise of fintech companies looking to enter new financial niches and the use of increasingly sophisticated IT to give companies a competitive edge in the services that they provide. In short, it is an industry that is beginning to venture into new markets and harness new ways of working to improve the offerings of its products and services. Professionals in finance will find that new roles that are heavily specialised will begin to emerge in the coming years. New skills may be needed to accomplish these roles and there may be a need for employees to think proactively about where they wish their career to progress. This is where the assistance and guidance of a coaching firm can help both the individual and the companies they represent. A highly qualified coach with a thorough knowledge of the world of finance (such as the coaching staff at Theta Coaching Services) will be able to help finance professionals navigate through potential career paths and assess the skills they need to develop to progress. This coaching process can help the finance professional to gain clarity over their future direction and plot a career path that signposts the skills and knowledge they already posses and what needs to be developed.

Work / life balance

In 2023, the need for a healthy work / life balance has never been greater. Many finance professionals find that it can be all too easy to take on extra tasks or work late at the expense of their home lives. Whilst this mentality is admirable, it is rarely the most sensible course of action. A lack of time for your personal life can lead to problems at home, increased levels of stress and the risk of suffering burnout at work. Clearly, this is not a good strategy for either your career prospects or your home life in the long term. Thankfully, professionally run coaching services are well versed in recognising the signs and symptoms of burnout (excessive fatigue, irritability, problems sleeping, poor concentration etc) and can help to signpost changes that a finance professional needs to make to either avoid burnout or recover from its effects. By gaining a greater understanding and control over your work / life balance it is possible to perform at your best throughout a career whilst avoiding situations that can cause burnout. See here for more information on how you can take meaningful steps to improve your work life balance.

Coaching for female finance professionals

It is a fact that the higher positions of employment within the finance industry are still male dominated. Recent statistics indicate that whilst the proportion of males and females in entry level positions remains broadly equal, senior positions are far more likely to be filled by men. For example, in the venture capital sector, only 4.9% of partners are female. In addition, fewer than 10% of senior roles are held by women in private equity firms. Reasons for this gender bias are varied, but a key theme involves the lack of female role models in senior positions who can inspire the next generation of female leadership and senior management. Once again, coaching can help to give female finance professionals the skills they need to rise to senior positions. This can be achieved by mapping out what steps need to be taken, what skills need to be gained and by assessing any challenges or obstacles that may stand in the way of progression. By having an impartial and knowledgeable coach to guide you in this journey you will find that clarity can be gained over the path that needs to be taken and any potential weaknesses that may hinder your career can be resolved. For instance, some female finance professionals find that public speaking can be challenging, especially when presenting at board level. This can severely limit the potential to rise to senior positions, where public speaking is often an accepted part of the job. An experienced coach will be able to suggest ways in which any fears of public speaking can be overcome.

Developing leadership

There is a need for senior finance staff to possess strong and well developed leadership skills. An effective leader will lead by example and will, in essence, be a role model for the ethos of the organisation. Many companies seek to develop their own leaders in-house as they recognise that cultivating a team of leaders internally can help to retain the most talented employees and promotes an organisational culture that reduces employee churn. Effective leadership is a skill that takes time an patience to learn. Many in-house leadership courses may seek to take candidates that already show leadership traits and therefore it is vital to have a thorough grounding in the practices and principles of leadership. By working with an experienced coach the employee can find ways to assess their own leadership potential whilst working through any barriers to success or building on pre-existing traits that will be required.

Protection in an uncertain future

As a final point for the need for coaching in the finance sector, it is recognised that the current economic climate is unpredictable and challenging in 2023. This can lead to senior managers contemplating job cuts or restructures to their teams in order to remain competitive and viable. In addition, the finance sector is becoming increasingly dependant on advanced tech which is leading to the need for more highly specialised roles and higher levels of IT fluency in the workforce. Put simply, your job role may be subject to change in the foreseeable future and it is important to be able to accept any changes with confidence and positivity. By seeking the services of a coach it will be possible to talk through how any proposed changes will affect you and what changes will be needed to meet the new challenges. Consider in addition that simply by committing to a program of coaching you are demonstrating to your employer that you want to progress and develop in your career. This employer recognition can be invaluable when job cuts or restructures are on the horizon and there is a need to keep the brightest and best in the company.

To sum up

There is a distinct need for all professionals in the finance sector to consider utilising the skills and expertise of a qualified coach. Coaching for finance staff has a wide range of uses and benefits from helping to map out future career paths to improving your work / life balance. Female finance professionals may gain considerable benefit from coaching as senior positions continue to be male dominated and it is necessary to devise a bespoke strategy for career advancement with the assistance and clarity of thought that can be gained from coaching.