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The role of Mentorship in Finance & Accountancy: How to find and be a mentor

I suspect Mentoring has always been around but the last decade or so has seen it rise to considerable prominence...Its value is probably greater now than it was throughout our history, or at least modern history.I have been exposed to mentoring and mentorship from every angle having proactively sought out my own mentors in the past and in time taken on the role of mentor to others. In my dual roles as a partner within The CFO Partnership and a board director of Sharp Consultancy for over a quarter of a century I have experienced it through osmosis and experience. Mentoring is something very close to my heart.Hopefully in this article I can explain why you should seek out a mentor for yourself, why your skills could make you a great mentor for others, how much satisfaction you might gain from mentoring others and one or two points on what makes a great mentor. Mentoring in Finance:Whilst mentoring can be beneficial in every type of employment and indeed, every walk of life, I believe it has particular relevance in the accountancy and finance sector.Accountants need to develop their management and leadership skills as they progress just like anyone else. They need to develop their self-knowledge and self-awareness like anyone else. They are, however, more exposed to issues regarding ethics and integrity than many other roles/industries. There can be and often is pressure for the results to be better than they are, perhaps to secure further lending or investment, please the boss, even keep their job. More than a few accountants have found themselves at His Majesty’s pleasure having done something they wouldn’t normally have done but have been pressured into. The finance leader (usually Finance Director or CFO) is the key sounding board for the owners/stakeholders; they are often the conscience of the owners. They probably need the ability to say ‘no’ more than other board members – and say yes and encourage. Whilst not responsible for operations, marketing, HR, IT (sometimes they are) and so on they transcend all those areas. They make a mistake – everything can go South very quickly.It is in part for the above reasons that the value of a mentor, someone who can be an independent sounding board, can question you and listen to you, offer opinions and advice is invaluable.Frequently a mentor helps you reach your decision and gives you the confidence to fulfil your plan. They help set challenges into perspective. They ask questions you haven’t thought of and allow you to see things through another person’s experiences. They are calming influencers and confidence builders. As a younger man early in my career I was told the best way of developing fast was to be a sponge, to absorb the greatest attributes of those around me and above me; to become an amalgamation of the best traits of those people. The challenge in accountancy and finance is you can easily find yourself at a relatively young (and hence relatively inexperienced) age in a fairly senior role with perhaps only one or two more senior finance people above you. Even if they are good, it is a very shallow talent pool to learn from. A mentor therefore can help you ‘mentally mature’, hone your decision making, cope with daily stresses, deal with difficult situations, improve as a manager or leader, manage upwards, improve your profile and credibility and build your own personal brand – in effect be the best version of yourself.However, it is worth noting what a mentor is NOT. They are not there to tell you what to do. They are not there to make decisions for you. They are not there to do your job for you. If that is what you are looking for then a mentor is not the solution.Why I became a Mentor:It was a very easy decision for me. By nature, I love helping others (it’s why I’ve loved recruitment for nearly 30 years) and I benefitted so much from formal and informal mentors myself.As an aside, a formal mentor is someone who takes responsibility for mentoring you. Informal mentors are people you surround yourself with who you know you can learn so much from just by being associated with them. There are dozens if not hundreds of people I would class as informal mentors to me; people who probably believe that I have helped them and probably don’t realise just how much they have helped me. Osmosis again!Mentoring someone is surprisingly two-way. You are there to benefit them, but you often benefit from the dynamic yourself. Mentees frequently inspire you to think differently in the same way you hope to inspire them. If you like helping people, then few things are as satisfying as being a mentor. When your mentee has a huge challenge and they are lost at sea, helping them find their way of navigating those choppy waters is one of the most satisfying things you can do. They feel fulfilled. You feel fulfilled.Finding a Mentor:It would be very difficult to try and find a random person to be your mentor. Chances are it will be someone you know well enough to admire and respect. Possibly a colleague, a customer, a supplier, a relative or a friend.You probably need to know them in advance to be sure you’d feel comfortable opening up to them; and be sure they would operate in the strictest of confidence.My first mentor was one of my customers. He was (is) a chartered accountant and at the time had been a partner in private equity for many years. He was inspirational, knowledgeable, vastly experienced in business and because of his private equity experience, had dealt with every size and type of business and every type of management team. I was very nervous asking him, but I plucked up the courage and was surprised by how flattered and delighted he was to be asked.Pick a mentor who might have enjoyed the career and experiences that you hope to achieve yourself. Luckily in finance it’s likely that you have already been exposed to such people.Identify who you’d want and simply ask them in a manner that shows how much you respect them. Give them a very easy way out so they don’t feel trapped in to agreeing ‘I know how very busy you are so there’s absolutely no problem at all if you haven’t got the time or for that matter, if being a mentor just doesn’t appeal to you’.How to be a good mentor:I suspect this is the one area I am least qualified to speak with authority on. I hope I’m a decent mentor, but would I be told if I wasn’t?There are some very sensible things that you can do or avoid doing though:Do ask what they want to get out of the meetingsDo ask what they don’t want to cover Do ask lots of questions; questions where the mentee presents the potential answers.Do explore reasoning; ‘Why’ is not an aggressive questionDo give ideas if requested toDo listenDon’t tellDon’t do it for themDo agree what actions they want to deliver before the next meeting (if that’s something they want you to do)Don’t berate them if they haven’t done what they said they were going to do – you aren’t their managerDon’t be emotional. Be factual. The regularity of the meetings is entirely up to the mentee. I always liked 1 hour every 2-3 months but that’s me. Final Thoughts:Finance is a multifaceted, technical, regulated and challenging discipline. It has huge risks if mistakes are made and can have more ethical/integrity dilemmas than many jobs. Having a mentor in finance can therefore have huge benefits.From a career development perspective, they can make all the difference. Therefore:Decide on what kind of support and advice you would like.Decide what you are trying to achieve in your business and your career.Figure out what kind of prson might have the experience that would be valuable.Do you know anyone like that?Don’t be shy, ask them. Ask them the way I mentioned earlier, and they’ll be flattered (and more likely to say yes).A dog may be for life, but a Mentor doesn’t have to be. If it isn’t working (they all lose their benefit over time) move on to another.Consider doing the same for someone else and mentoring them.

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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.

WHAT IT TAKES TO BE…. A PAYROLL MANAGER with Roxanne Talbot