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Leaders Insight - with Steve Hammell, Experienced CFO, Industrials & Technology markets

The latest instalment of our “Leaders Insight” series is with Steve Hammell, experienced CFO in Industrials & Technology markets. In an insightful interview conducted by Michael Ball, Partner at The CFO Partnership, Steve shares his journey, the strategic initiatives he’s spearheading, and his vision for the future of finance.Steve Hammell brings a wealth of experience and a unique perspective to his role at Pressure Technologies. With a career spanning over two decades in various financial leadership positions, Steve has navigated through numerous economic cycles and industry shifts. His expertise in mergers and acquisitions, financial strategy, risk management, and operational efficiency has been instrumental in driving the company’s growth and resilience. Join us as we delve into Steve’s experiences, explore the evolving responsibilities of a CFO, and uncover what defines successful financial leadership in today’s environment.What are both the best and the most challenging aspects of being the CFO of a fast paced, listed business?Best aspects; Supportive shareholders with capital to inject into the business, including the ability to provide innovative financing instruments (e.g. convertibles, quasi debt-equity instruments) High quality Boards with NEDs who bring in-depth experience and a steady hand. The public profile helps to attract and recruit high quality candidates and offer incentive structures not available in private companies. Challenging aspects; Everything plays out in the public domain, so the interplay of strategic projects and business performance need to be carefully handled. Short-term share price movements can become a barometer of success rather than progress against strategic objectives and long-term improvements to the business. Regulatory burdens are heavy and the costs of being listed can be prohibitive for any plc with revenue < £30m. What are your opinions about the relationship between a CFO and CEO? What is critically important in building a successful partnership and providing the right support to the CEO?CEO and CFO must have each other’s back and provide a united front with all stakeholders, especially the Board, shareholders and employees. They should complement one another in terms of skills/expertise, leadership style and teamwork. Each needs to have strong leadership characteristics and deliver on their own responsibilities aligned to common strategic objectives. CFO needs to be the financial authority in the company and have command of the numbers, with the ability to simplify complex areas and deliver concise analysis for the CEO to use commercially. CFO should recognise that being CEO can be a lonely place with responsibility for almost every facet of the organisation. The CFO should be a strategic sounding- board and challenge the CEO regularly as an outspoken partner. What new key skills or attributes do you think the next generation of CFO’s are going to need to develop?Technology; Cyber security is becoming a core competence and leadership responsibility of the CFO; ability to develop the cyber defence strategy of the company and work with internal and external resources to provide a robust operating framework and a response capability if the business is attacked. Ability to lead and deliver ERP and data analytics projects as Board sponsor. Ability to harness Artificial Intelligence and automation to deliver value to the business; in manufacturing, this translates to delivering full integration of manufacturing and financial data to drive operational improvement. Procurement; Supply chain integrity, performance and reliability has become a significant issue post-pandemic. CFOs need to be able to develop and lead high performance procurement functions to serve the business and manage operational and financial risk. People; The world of work has changed in the last 5 years with many competing pressures emerging. CFOs need to develop a core set of values to guide their recruitment decisions. CFOs need to develop high performance cultures by harnessing a broad range of skills across the increasingly integrated functions of finance, IT and procurement to deliver first class support to the business. CFOs should focus on big-picture priorities and determine what gets done, not how it gets done; CFOs should therefore prefer to empower their teams and encourage collaborative decision-making. You have worked in some challenging turnaround environments in your career. What specifically are the most essential skills and personality traits that a finance leader needs to be able to steer a business through a turnaround project?Resourcefulness – CFOs must be able to draw on a broad array of skills and a network of dedicated advisors and funders to find their way through complex situations. Resilience and being strong-willed – CFOs must be acutely risk aware but be able to carry on regardless in a dark, uncertain and ambiguous situation where the route to success is not clear and the odds may be stacked against you; CFO’s need a plan B if things go wrong. Change management – turnarounds involve significant change for organisations and create new priorities, pressures and working relationships; CFO is normally in the eye of this storm. Are new technologies like Artificial Intelligence having much of an impact on your role as CFO yet? What impact do you think they will have over the next few years? See above re impact on manufacturing sector. Working patterns and individual priorities have never been as much at the forefront of working life as they are for people now. Is it possible to maintain a reasonable work life balance at C-suite or do you have to accept that there will be personal sacrifices in order to succeed at that level?C-suite responsibilities are time consuming, and you are usually dependent on the performance of others, which requires flexibility and ability to handle time pressure. However, by organising the activities of your internal and external teams, space can be created for your personal life, albeit at certain times the job has to come first. You come from an advisory background yourself. How important is it to put time and effort into building and maintaining a network of trusted advisors that you can go to time and again?Developing long-term relationships of trust with CF advisors, lawyers, diligence providers, tax advisors and a range of debt and equity funders is critically important and enables a CFO to deploy the full suite of skills and expertise required. As a CFO, the businesses I have worked for have been employing not only myself but my entire network (whether they realised it or not!) What is the one single best piece of advice you were given early in your career that still holds true today?Frame your career and skills in terms of the market you operate in and develop the flexibility to deploy those skills in new ways. For myself, I have served the Yorkshire M&A market for over 25 years in diverse roles including CF advisor, corporate banker and most recently CFO and have been able to re-invent myself a number of times using a core set of skills and relationships. Looking forward, I have ambitions to move into non-executive roles and expect the flexibility I have developed over the years to serve me well again. Looking for your next career move in finance or accountancy? At Sharp Consultancy, our expertise lies in matching your potential with the perfect temporary, interim, or permanent position. With a well-established presence in Leeds and Sheffield, our seasoned team of consultants extends their services across Yorkshire and beyond. Don't wait for opportunity to knock, reach out to us TODAY and let's chart your career path together.

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The role of a payroll professional has evolved significantly in recent years and is very much recognised as a very skilled and expert role that requires qualifications and considerable experience to deliver a successful service.

As part of a regular series of articles where we talk to those in different roles and industry sectors, we caught up with Roxanne Talbot who has many years’ experience working in payroll to discuss her career to date, what she looks for when recruiting new team members and what those looking to forge ahead in the sector should consider in order to achieve success in this complex and challenging role.

What was your first job in payroll and how has your career developed?

My payroll career began in my early 20’s working for DWP as a HR and Payroll Advisor processing payroll for people working within the Jobcentre Plus. After a few years of working for DWP I moved to McKesson Shared Services to process Payroll for the NHS – both roles gave me a tremendous amount of experience and knowledge which gave me the confidence to advance my career further.

I then moved into a more challenging role as an Assistant Payroll Manager for Education Placement Group where I studied and achieved my Foundation Degree and BA(Hons) in Payroll Management and Applied Business Management. After five years, I had gained significant experience and had enhanced my knowledge and skills to allow me to apply for a role as a Payroll Manager and was successful. I am now employed by a Government Department, managing and delivering a complex and challenging payroll that continuously keeps me on my toes!

Have you always wanted to pursue a career in payroll?

I’m very much like a number of payroll people – I was lucky that this career chose me, and I am so glad and grateful that it did. When I landed my first job as a HR & Payroll Advisor I had actually applied for a job as a Jobcentre Advisor! I had no idea that I would be placed as a HR & Payroll Advisor, but ever since that day my love for payroll has continued, and my eagerness to be successful in this profession has grown stronger!

I love payroll because each day is never the same. I love the customer service side of things; but my favourite part is the fact that legislation and payroll requirements are constantly changing and improving. There is always something new to learn that keeps you engaged and striving for more.

What would you say are the key qualities and skills that someone must have in order to succeed and build a career in payroll?

Payroll is extremely important within every organisation and holds a huge responsibility and I would say there are two distinct parts to the role which require very different qualities and skills.

Firstly, payroll is a customer service-based role. You are, maybe without realising it, delivering a paramount service that requires you to be patient, understanding, compassionate, eager and have a desire to solve problems that will resolve and restore faith.

Secondly, payroll is complex, challenging and ever changing and because of this, those working in payroll are required to understand the legislative requirements around processing all types of payments and how they should be treated in respect of Tax, NI and Pension. There is so much to know in this field that it requires a person that is determined, dynamic, adaptable, flexible and strives to always do things right!

What advice would you give to someone looking to pursue a career in payroll?

For those entering the field, payroll is a rewarding, fast paced, intricate and customer focused role that will keep you interested and focused. You can leverage your career by doing qualifications and gaining more experience, and I would certainly recommend that you look to attend industry events that will help broaden your thinking and determine your future career goals.

If you are looking to move into a more senior role, firstly, don’t be scared! If you have the knowledge and experience, be confident that you have the ability to fulfil the role as a senior officer, assistant manager or manager – wherever you are in your path. Look to gain as much experience as you can by challenging yourself to step into areas of payroll that you have not dealt with before to build your knowledge and skills. If you have a good manager, they will welcome your eagerness and will look to set objectives that will help you achieve goals.

When it comes to recruitment, what do you look for in your ideal candidate and what makes them stand out from the crowd?

When recruiting the imperative thing for me is the person’s attitude. Whilst technical skills are required, it’s vitally important that the person is able to connect with the customer, to understand the impact payroll issues can have and has the willingness to go the extra mile to resolve any problems. Not only does someone need to have great analytical and problem solving skills, but I also look for an empathetic person that has a desire to help.

How do you think the role of a payroll professional has evolved in recent years?

The role of a payroll professional has evolved so much over the years and now, more than ever, it is recognised as a very skilled and expert role that requires qualifications and considerable experience to deliver a successful service. It’s evolved in a positive way and is now recognised as a career and not simply just a ‘job’ and the important contribution that it makes to the successful running of an organisation will see it strengthen.

Organisations are realising the management information and data that can be derived through payroll can help them to understand their businesses better which will aid them in making positive, impactful changes that will add value.

What has been the biggest change or challenge to affect payroll?

Whilst payroll faces continual changes through the introduction of new legislation or changes to regulations, undoubtedly the biggest challenge that those working in payroll faced - and continue to face - is the COVID-19 pandemic. Whilst my organisation was fortunate in that its workers were front line and we did not need to use the furlough scheme, like all organisations it still added additional pressure to the payroll function with increased reporting requirements for the business, large scale absence administration, legislative updates, business communications and the adaptation of working from home.

What additional changes to working practices have come as a result of COVID-19?

The COVID-19 situation has affected all those working in payroll; requiring quick adjustments to be made that would ensure delivery as usual with little or no impact to employees pay.

In addition, many organisations had to adapt quickly to the transition of working from home to ensure tasks were completed as normal and the service was uninterrupted. Managers also had to develop stronger trust in their teams and processes; and whilst it is challenging to manage teams virtually, the pandemic has made a number of organisations realise that they can depend on teams working from home and have a better productivity rate.

One particular area of focus was the move from face-to-face training and development to virtual video call. Whilst as an organisation, we are fortunate to have a virtual option, it’s much harder to deliver training and keep people engaged. It required people to become more creative to keep people engaged through those sessions – especially during a time when all interactions were virtual.

How do you see the future for those working in payroll?

The future of payroll looks positive, yet it becomes more challenging and complex each day. Each year payroll becomes more affiliated and recognised as a career path, rather than just a job.

CIPP have worked hard to get people and organisations to recognise payroll as a profession and their vision is starting to be realised. I anticipate that organisations will start to emphasise the importance of gaining payroll qualifications to help engage, upskill and give employees confidence in the services they provide.

Additionally, there will no doubt be further changes to payroll legislation that might see additions to statutory payments, and reporting requirements that will help organisations to further analyse their organisations to help embed equal opportunities within organisations.

Sharp Consultancy specialises in the recruitment of temporary, interim and permanent transactional finance professionals across the full spectrum of roles including accounts payable, credit control, payroll and purchase ledgers. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for positions throughout Yorkshire and beyond. CONTACT US today to find out more.