Why in-person meetings increase the value of peer knowledge exchange and networking.
The “new normal” is here, and with it the return to the tried-and-true value of in-person peer group meetings (with some new innovations).
While virtual meetings are fantastic and will continue to have their place on our knowledge exchange platform, the in-person format continues to foster a much higher level of personal connections that are essential to sharing and learning with and from peers.
With the rise in market volatility, inflation and the decline in economic growth, treasury’s role as the custodian of liquidity and capital is paramount to the financial success of the company. Similarly, other strategic finance functions involved in forecasting, planning and analysis or audit and risk management to drive better enterprise performance have never offered more value. Therefore, the ability to benchmark practices and compare responses to new challenges is imperative for finance professionals and their organizations.
Building a Trusted Relationship. Effective transfer of know-how requires a level of trust that can only be developed by knowing enough about the member(s) you are engaging with. This personal connection is best enabled by face-to-face interaction and allows peers to feel comfortable with sharing their experiences and learning from others.
- The closer the relationship, the more peers are inclined to share in order to get back valuable feedback and learn from others. While we had to pivot to virtual interactions during the pandemic, we are all still wired for IRL experiences.
A critical time for knowledge exchange. It’s become cliche to say we live in unprecedented times, but it’s increasingly evident that we do. Yet few finance professionals in treasury or other strategic finance areas in the office of the CFO have experienced an environment of rising rates, inflation and economic slowdown, especially as they arise amidst commodity and supply shocks, ongoing pandemic fears, war and more.
- However, there is no explicit knowledge, dataset nor playbook for quickly coming up the learning curve, when faced with something so unfamiliar. To determine the best way forward, you really just have knowledge exchange with practice leaders to share what they are considering, doing and learning as they go and learn from what others will share with you about what they are considering, doing and learning.
- No single organization is going to have the tacit-knowledge acquisition capability to get through these unprecedented times effectively.
This is why coming out to meet in person for knowledge exchange with others in your profession is so necessary now.
The opportunity cost is high. No amount of travel cost savings is going to make up for the value of lost knowledge exchange opportunities over the next few years. What’s more, as we emerge from years of working from home and minimal face to face interaction, allowing travel and networking is a critical way to make finance “fun” and retain high-performing talent.
- Preventing IRL interaction will undermine finance professionals’ capability to find quick answers to urgent questions and navigate their organizations during this time of extreme uncertainty.