The approach to the HPFF transformation process consists of five key steps (see Figure 1): (1) develop a clear and compelling HPFF vision and HPFF transformation action plan, (2) execute the HPFF transformation actions, (3) sustain the momentum of the HPFF transformation, and (4) institutionalize the HPFF. We now describe each (sub)step and propose specific activities that you can undertake during each (sub)step. In Figure 1 there are several boxes (and lines), which are dotted; these denote sub-steps that directly address the change process individual people will go through during the HPFF transformation process.
Sub-Step 1.1
The first step in the HPFF transformation process consists of creating a clear and compelling HPFF vision (sub-step 1.1 in Figure 1). Every successful HPFF transformation has a vision that is both easy to communicate and attractive to all financial professionals as well as to the internal stakeholders of the finance function (such as the Board and line management). A clear and compelling HPFF vision should describe the aspects, characteristics, and outcomes of the desired state of the finance function as an HPFF. A positive and inspiring vision of HPFF is created by managers and financial staff together, which makes people enthusiastic and creates something they can believe in. The HPFF vision contains the purpose of the transformation and the reasons it is worth undertaking, and it describes the positive differences between the current and the desired state of the finance function. Emotional arguments are used in creating and conveying an appealing picture of HPFF by describing strong positive benefits of a successful transformation using words with an emotional and positive connotation and metaphors. The vision is made appealing by using alluring names, images, pictures, slogans, music, colors, and humor to create good feeling about the HPFF. Active language is used to convey the dynamics of the transformation. When presenting and discussing the vision, emotions are used to convey warmth and sincere commitment. Fears about the transformation are reduced by emphasizing the opportunities being an HPFF brings. The consequences of what HPFF will mean for the finance function and the financial professionals are made tangible by explaining the implications of becoming an HPFF for the structure, processes, and people of the finance function. What will or will not change is made clear, and assurance is given that good things, such as existing social security arrangements, will not be tampered with. The role that financial professionals can and will play in the HPFF transformation is also discussed. Thus, financial professionals can picture what HPFF will bring them, how they will personally benefit from it (“what’s in it for me”), and how they can contribute to it. They may not necessarily understand all the ins and outs of HPFF and its implications, but they can certainly believe in it. The financial professionals can almost “smell” and “touch” HPFF. They can start the transformation with an image of the end goal in their minds.