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Financial Leaders' Hall of Fame 2016

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While the political agenda is likely to be dominated by the local and parliamentary elections this year, the International Monetary Fund (IMF) expects Romania's real GDP growth to reach 4.2% in 2016. In turn, the business community has been increasingly upbeat about the future, a PricewaterhouseCoopers survey earlier this year revealing that about 50 per cent of Romanian CEOs are highly optimistic about the revenue growth prospects for their companies over the next 12 months, up from 44 per cent last year. However, risks are still there and the IMF mission recommends anchoring fiscal policy on a debt-reduction path.




In this context, Business Arena Magazine is proud to announce the 16th edition of its annual event dedicated to the leaders in the financial market:


Financial Leaders’ Hall of Fame 2016!



Some 160 persons from the financial and baking sectors,
directors of investment funds and representatives of some of the largest companies in Romania, together with representatives of the local authorities, high government officials and diplomats will take part in this exclusive event later this year.


Business Arena Magazine proudly recognizes the achievements and successes of banks, financial institutions and business leaders that have found the winning strategies in spite of the difficult economic conditions.


In his opening remarks at last year's edition, CEC Bank President and General Manager Radu Gratian Ghetea pointed out that the business community saw positive prospects for the Romanian economy in 2016. However, there are still grounds for concern. “With both local and general elections scheduled to take place in 2016, those who follow closely the Parliament’s activity may have already noticed that new laws are passed and promises are made with the sole intention to please the electorate. And some of those laws have the potential to become extremely dangerous for the banking system. I see a genuine danger for 2016 and I would like to make an appeal that all bankers and professionals working in the banking sector should do their best to oppose the approval of any populist measures”. Otherwise things seem to be looking up, he said. “I believe Romania has a great opportunity to develop in the right direction, and the banking system will be there, as always, ready to take on any challenges.”        

On the occasion, the CEC Bank President and General Manager also took the opportunity to congratulate Business Arena for its success in organizing this special awards gala, bringing together the most prominent leaders in the financial and banking sectors. 


In preparation for this year’s edition of the traditional awards gala dedicated to the financial sector, Business Arena keeps an eye on the latest developments in the field, and it is also going to invite its readers to submit their own nominations for the various award categories.   

 

For more information please contact Cosmin Stangaciu
at cosmin.stangaciu@business-arena.ro or phone 0755.274.125









And while the winners of our financial awards every year are living proof of what qualities are needed to be successful in this business nowadays, here is a view of what future leaders in this challenging sector may have to face:

What It Takes to Become a Financial Leader of Tomorrow

It’s no secret: In finance and accounting, the stakes have never been higher than they are right now.

Leaders in those fields must grapple with challenges that are, in many cases, far more daunting than those faced by their counterparts in other disciplines. They typically face an enormous, complex and constantly shifting load of responsibilities mandated by the Sarbanes-Oxley Act and other regulations requiring corporations to exercise greater fiscal accountability.
“Their jobs demand more than ever these days,” says Jeffrey Anderson, the associate dean for leadership development at the University of Chicago Graduate School of Business (and, as a CPA and former corporate CFO, a man with a foot in both professions). And that high-pressure environment shows no signs of easing up anytime soon.

Meet tomorrow’s demands

That, in turn, means that next-generation leaders—up-and-coming finance and accounting professionals hoping to someday serve on executive teams—should start preparing themselves now to meet tomorrow’s demands.
Some of that preparation involves participating in leadership-development initiatives such as mentorships and coaching. But in Anderson’s view, it’s equally important for would-be executives to do some work on their own as well.

He says they might start by dispensing with two pervasive leadership myths:

MYTH 1: There’s a single perfect leadership style.

In reality, Anderson says, leaders rely on a wide variety of approaches and traits, and even an individual leader’s style may change from one situation or environment to the next. “We all have experiences that have shaped us, and those experiences are all different,” he says.

But successful leaders do share one trait: “Their approach is genuine, whoever they are,” Anderson says. “If you want to connect with people, they have to know who you are and what you stand for.”

Sounds simple enough—just be yourself, right? Anderson warns that developing a genuine approach is actually a bit more complicated. “You have to have a robust level of self-awareness, and that’s not easy to obtain,” he says.

Leaders need to work at developing a clear, strong understanding of their personalities and their natural skill sets. They especially need to recognize not only their strengths, but their weaknesses—the areas where they need to focus their development efforts.

MYTH 2: Leaders are born, not made.

Anderson, who is also a partner in an executive-coaching firm, vehemently disagrees with that old saw. “Leadership is a learned behavior,” he argues. “I’ve worked with more than 100 executives, and I see the learning occur. I see the changes in their behavior as a result.”
But he cautions that even some top-notch learning experiences in a professional’s specialty area may ultimately prove irrelevant when it comes to leadership. “There’s an old saying that’s applied to newly appointed senior leaders—CEOs, CFOs and so on—and that is: ‘What got you to this job isn’t what you need to be successful in this job,’” Anderson says.

“That’s something that a lot of leaders struggle with: They got to the top by excelling in some sort of technical expertise”—in this case, some kind of accounting or finance capability—“and that’s not what they’re paid to do anymore.” As executives in any field move up, they must learn broader leadership and management skills, often for the first time.

What companies seek
Anderson says companies typically require the following traits in potential financial leaders. You should be able to:
·       Inspire and lead a team
·       Craft and express a compelling vision
·       Communicate well and present credibly
·       Bring unique perspectives to the position.

Fly at the right altitude
Once promising candidates actually step into leadership roles, what’s the biggest single issue they face? Anderson says the most common new-leader mistake by far involves what he calls “flying at the wrong altitude” to manage effectively.
“Some are flying at too low an altitude. They’re involved in details that shouldn’t concern them,” he explains. “Some are at the other end of the scale, focusing on things that are too far removed from the business, and, as a result, they lose touch.”
Wrong-altitude flying typically happens because new leaders haven’t addressed basic questions such as: “What’s my real role here? Where and how do I get involved in day-to-day activities, and at what level?”
Ultimately, answering those questions will help each new leader find the right cruising altitude—and adjust it as necessary over time.  (According to www.esearchjobs.com)


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