Blog

Building a Finance Team for Growth

 Date Posted: August 1, 2020

A pair of glasses with a reflection of a city in the lenses.

If you speak to a CFO in 2020, they will more than likely tell you that Finance today is an enabler and not a back-office processing function. To be successful with this, you need to build a defined finance structure and hire the right people into the right roles.


I have been fortunate enough in 2020 to build two Finance teams for different clients. Putting these jigsaws together successfully has depended a lot on getting the right mindset, obviously along with the skillset, to ensure cohesive & a high performing team.


To ensure that Finance teams can be an enabler they need a robust foundation which of course are the processing and reporting functions. Without best in class and timely reporting, finance cannot enable the business. Automation and effective utilization of the financial system is crucial. You can achieve lean with a good system, but you still need good quality people on your AR and AP sections to ensure that both customer and supplier relationships are built and maintained. These often-junior level roles are in many cases, seen as being less important which is wrong. Strong communication and influencing skills are imperative here as these people are the external face of your finance team!


Accounting and Accuracy are two words that should go hand in hand but this is sometimes overlooked as the wrong people can be hired into pure accounting positions. In this team you need people who are detail orientated and highly technical, who live and breathe reporting and controls. These personality profiles can be challenging to find as people can become bored if they are not passionate about what they are doing. Your reporting and controls team needs to be made up of people who want to do accounting and are passionate about controls.


Aligning Finance to business objectives is where enablement occurs, and this is done successfully by effective communication and stakeholder management. Without the ability to create strong relationships with other areas of the business, where there can be intelligent debate resulting in consensus; the words “Business Partnering” mean nothing. Finance can influence consensus as its function reaches into every part of the organization, therefore, with good interaction combined with divergent thinking skills, finance people can use the information that they have to benefit the business.


Bringing in house some of the responsibilities that would traditionally be outsourced to a third-party provider is also of huge benefit. For example, hiring a permanent head within your Finance team to manage process and change from both a systems and reporting perspective can be of great advantage to a growing business as they are able to build relationships with stakeholders to drive change. A huge hindrance to progress is the resistance to change. For this role, you need someone who has the emotional intelligence to win hearts and minds along with the technical capability and tech savviness to make systems and processes easy to adhere to and fit for purpose. Most importantly, they have to have the ability to get people to buy into new ways of doing things.


Someone who focuses on Treasury but from a corporate finance standpoint rather than cashflow, will be able to provide confidence to investment decisions and manage relationships with Investors alongside structuring the best possible financing deals. These people need to have the confidence and ability to network and build relationships both internally and externally as they will be again an influencer inside the organization and a deal maker outside.


To get best value out of Commercial Finance and Financial Planning & Analysis you need capability and real time visibility within your system but you also need manpower in the form of a team; and just like the processing and reporting teams, FP&A needs to be considered carefully in terms of the different skillset and mindset profiles. Diversity in skill and approach will form a dream team that will enable your business to be the best version of itself.


FP&A drives a business with its functional objectives of forecasting, financial modelling and analysis. You should build out your team with detail orientated, technical wizards who can build great financial models. However, you also need those who can take the numbers, see beyond them and again influence the best way forward for the business based on the information to hand. To get the best results, you also need people who can simplify and even sell financial information to non-financial people.


In summary your finance team should be the engine room of your business, with a plethora of skillsets and personality types, creating different cogs that power one wheel! 

A bald man with a beard is standing with his arms crossed and smiling.

Get in touch with:

David Mackenzie

Group Managing Director

More blog posts
An aerial view of a beach resort with a large swimming pool surrounded by palm trees.

Why Ras Al Khaimah?

February 5, 2025
One of the most frequently asked questions whenever I interact with clients or candidates is – how I ended up in Ras Al Khaimah? Personally I didn’t know much before relocating from Dubai, and had to do quite a lot of research and comparison on living in RAK. I thought shedding some light on my move could be helpful to reveal the potential of this emirate and highlight several factors that makes it an attractive destination, as well as a perfect base to settle down. Whether you are considering relocating from overseas, other Emirates, or simply curious to know more about Ras Al Khaimah, I’ve put together a few paragraphs to highlight the most important aspects. Low cost of living. Over the years, Ras Al Khaimah has started to gain popularity for its affordable, family-oriented lifestyle. As the emirate has developed its infrastructure, housing options and entertainment, more and more residents are choosing to live in RAK. The cost of living in Ras Al Khaimah is significantly lower than popular emirates such as Dubai and Abu Dhabi. Business start-ups made easy. Entrepreneurs and investors from around the world are finding it easier than ever to start a business in Ras Al Khaimah, taking advantage of its skilled workforce, excellent infrastructure, and its strategic location, with one third of the world’s population within four hour’s flying time. The great thing about Ras Al-Khaimah is that it is a “no tax” emirate, meaning that there is zero corporate income tax, but also zero personal income tax for those working in Ras Al-Khaimah. Additionally, 100% foreign ownership is allowed, which means that it’s a good place to both do business and build your assets. The government has also made it extremely attractive for people who seek to start new companies, and there is no restriction on the maximum number of shareholders you can have. Employment in Ras Al Khaimah. Well, I think this is where my role as a HR Recruitment Consultant at Mackenzie Jones comes in handy, I am based in RAK and know the market and the best companies to work for. I am unique as no other consultancy has invested in RAK. It has been just over four months since David called me to join the team, and offered a unique opportunity, that I could not refuse. This was exactly what I needed, being a mom of two, who is long ago ready to go back to work, but has zero time to look for opportunities, and limited to go back full-time. That call has changed my life, as not only did I get a chance to work for a top recruitment company in Dubai, without having to relocate anywhere, as well as the opportunity to work remotely. I know, sounds like a dream coming true, right!? Now that I am actively expanding clients and candidates’ network, focusing on opportunities to support multinational and regional businesses that have facilities in RAK, 70% of the roles I am currently working on are based in Ras Al Khaimah. RAK is home to more than 38,000 businesses from 100 countries representing over 50 industries, including internationally renowned yet home-grown businesses such as RAK Ceramics, Al Hamra Group, RAK Properties, Julphar Pharmaceuticals, RAKBANK, RAK Rock, RAK Ports etc., to name a few. Finally, infrastructure and loads to do. With fast-growing tourism and leisure sectors, Ras Al Khaimah offers its residents and visitors a truly unique experience, from mountains, deserts, and ancient cultural sites … to beaches, mangroves, and excellent entertainment. It offers 64 kilometers of pristine beaches and is home to Jebel Jais, the highest peak in the UAE at 1,934 meters. The Emirate reached over 1 million visitors in 2018 and is on target for 2.9 million in 2025. After living in RAK for a little over 4 years now, I have fallen in love with the beautiful surroundings, family-friendly lifestyle, no-hustle vibe, relaxed way of life and loads to do around picturesque landscapes, beaches, world-class hotels at a very close proximity. Let alone living within a walking distance to the beach offers a vacation feel to the everyday life, making it special. So, if you are my candidate from the future and I ever approach you for a job, please make sure you read this! Taking a decision to relocate is never easy, but I’ve been there and know exactly what you are going through. Please feel free to reach out to me for any additional information on job opportunities in RAK or if you need a career advise! Speak soon. Olena Sopacheva Consultant – Human Resources Mackenzie Jones Middle East
A man is holding a dollar bill in front of a pile of money

The Rise of the Counteroffer

May 17, 2022
Well, COVID seems to be in the rear mirror (business wise anyway, not so sure if it will ever be beaten completely) and the economy around the Globe has bounced back, with the UAE predicted to be at 2.6% GDP growth compared to 1.9% in 2019 ( https://www.statista.com/statistics/1275916/uae-gdp-growth-forecast/ ). So as the economies improve, we are seeing a growth in the job number in the GCC with a focus on UAE and KSA. According to a recent report the job numbers have increased by over 30% compared to 2021 (LinkedIn Jobs index 2022). These are great stats but what does it really mean on the ground? Well, Mackenzie Jones has seen a trend appearing of job counter offers. This has been happening for years but recently it has happened a whole lot more. There are a number of reasons: The ‘COVID gap’ almost stopped all new hiring and if anything, most companies reduced their active workforce. An exodus of talent back to their home countries and also the ‘PIF’ effect (the PIF companies sucking talent into Riyadh). The UAE has been a good hunting ground for the ever-insatiable job market in Saudi Arabia, particularly the PIF companies. Companies are realizing that they need to keep their talent and the spin up costs and time outweigh hiring new talent. So, what is the solution? It is about how you start the process of hiring that really makes the difference. As a company looking to go to the market and hire the right person you need to do a few quite simple things: Make sure that you and the management team are aligned in what you need and brief the consultancy on exactly what you want. Make the candidate journey experience very positive. I have just been through a process with a client (a very good one) that has completely ignored this and even if they were offered the job, I am pretty sure the candidate will reject the offer. The usual issues, too many interviews, no positive or negative feedback and a very extended interview process. Frustrating for everyone but this is becoming increasingly common these days. (Remember rejected candidates can become your best PR tool, odd, but if you do it right then they will sing your praises!). Get the offer right, do not low-ball candidates. The days of people accepting less than they are on is over…. make it a compelling offer that is about the company, culture, flexibility at work and the salary. A killer combo that when delivered properly is a winner. The notice period is often forgotten. Landing a candidate is only half the battle. More candidates are lost through counter offers during the notice period. Simple weekly updates to reaffirm you are the best place for their career. Remember their existing workplace has up to 3 months to convince them that they are the best place to stay. More money…often the candidate will fall for the more money option and the environment they know. Safety, especially after COVID, is a strong motivator! However, the statistics show this is not a solution. Over 80% of candidates that accept a counteroffer will leave, as the issues are rarely just money. So, in summary, if you look after your team and value them then they will stay but be mindful, the average tenure in the Dubai job market is only 18 months. A sign of the times or the new norm? Pay is often very low on people’s real motivations for leaving or joining a company. The main reason people leave their jobs is because they don’t like their boss, don’t see opportunities for promotion or growth or are offered a better job (and often higher pay); these reasons have held steady for years. (Harvard Business Review https://hbr.org/2016/09/why-people-quit-their-jobs#:~:text=In%20general%2C%20people%20leave%20their,have%20held%20steady%20for%20years ) As the market continues in an upward trend, we will see the talent supply squeezed even more and at MJ we are now actively sourcing from other markets particularly Hong Kong and Singapore. As KSA keeps sucking talent from the surrounding markets there is no sign of this stopping. So, keep an eye on your talent and make them feel valued. An age-old winning combination!
A futuristic airplane is flying through space.

What are we doing here?

February 15, 2022
Where are you spending most of your conscious day today? If you are reading this, then the likelihood is that you are in your workplace (whatever that might look like – office, spare room, sofa, coffee shop). So basing my question on the workplace, this opens up more questions that we can ask ourselves before we get the answers. Why do we choose to work where we work? Why do we choose to work in the industry that we work within? Are we specialised and if so why do we choose to work within the specialism that we do? The commonality is choice. Ultimately we have a choice…in certain circumstances choices may be limited, but they always are there. I don’t think that I’m telling you anything you don’t know or haven’t heard about, but personally, I have always welcomed a reminder that I have the power to decide when it comes to how and where I work. Why do we choose to work where we work? In my opinion (I base this on why I choose to work where I work), it’s about being challenged, recognised and rewarded. Being Challenged If work is repetitive, then it can be boring. If it’s boring then I’m going to want to look to be somewhere interesting and it will just be a stepping stone to get where I want to get. I like to solve problems, I love to plan. When I studied chemistry in school, I enjoyed writing up experiments, from hypothesis to conclusions and I loved carrying out the steps and getting the results…I have forgotten how I did it now, but I do recall really enjoying making aspirin as part of an A-level project. This desire for a challenge has remained with me throughout life and it will perhaps come as no surprise that this is something that is considered to be the most important factor when choosing a job. Recognition and Reward Being valued and having the metaphorical pat on the back, high five, ‘well done mate!’ makes a difference. How this manifests can vary and it’s important that you are recognised in the way you want to be recognised… employers need to wise up to this; in fairness, many have. This can be an announcement, a certificate, a public gesture or something as simple as a thank you email or handshake. Being rewarded in the way you want to be recognised is an indication that you are important and valued by your employer. Thankfully the last few years have witnessed an increase in the number of organisations employing people within HR whose role is specifically to work within the reward and recognition area of the organisation. This has been hugely important in the retention of valuable members of staff who would be moving on elsewhere in order to find their happy workplace. So going back to the answer to the question – why are we here? It’s down to you to decide the finer details, but given that you have the luxury of choice, I think it should be that you enjoy the challenge and receive the recognition that your success deserves. If you don’t feel challenged and are not being noticed then do something about it; the change starts with you….we can help you though, so get in touch. Here is my latest blog on being challenged and rewarded….two things that are personally very important to me. If you are looking for a new rewarding challenge within the recruitment sector, get in touch with either me Raj Thind or Jas Sanger. We’d love to talk with you.