Leaders of Modern Finance – Learning From Different Cultures ft. Deepak Doegar
On this episode of the Leaders of Modern Finance podcast, host Ken Boyd is joined by Deepak Doegar, CFO at GAVS Technologies.
A Global Background
While Deepak has worked for multiple international organizations throughout his storied career, he spent a significant amount of time working for GE. The decade he spent at GE would serve as a microcosm for not only his career but his philosophy of work as well.
Deepak rose quickly through the ranks at GE, seldom staying in one role for more than two years. With each new position came an opportunity to travel and work in a new environment. Over the years, Deepak spent time working in India, China, Europe, the UK and the US. Each region offered its own unique approach to business, life and culture that Deepak was forced to learn in order to find meaningful success. Engaging people from a host of diverse backgrounds came relatively easy to him having grown up in a family that constantly hosted business guests from all parts of the world. Because of this, Deepak’s varied travels were not so much a culture shock as they were an opportunity to cement an already learned appreciation for diverse peoples and cultures.
This background in global industry would go on to benefit Deepak as a finance leader. Today’s international world of modern finance is a complicated web of competing standards, regulations and norms. By working in multiple different countries, Deepak was not only exposed to many of these varying standards but had to modify his approach to work within these different systems. He learned to adapt to diversity in culture and business in an experiential manner, building relationships with colleagues around the world and having to pivot his methodology to fit within varying structures.
Such a trial by fire enabled Deepak to internalize several valuable lessons that have made him a more insightful finance leader.
Lessons in Diversity
The most striking thing for Deepak during his well-traveled career was the vast array of methods that different organizations use to accomplish the same task. Many finance leaders might be tempted to think that their finance team structure, budgeting method, workforce software, or board reporting is the right tool or system. However, as Deepak learned, there is seldom one right way of doing business. It’s more often the case that different approaches are just that: different. Rather than labeling any given system as “right” or “wrong,” Deepak encourages his fellow finance leaders to adopt a posture of openness, being willing to try new systems and structures instead of being too set in their ways.
This attitude of humility is valuable for several reasons. Chief among them is that it may lead to systemic improvements within an organization. If there are multiple ways to approach a problem, an organization may find that adopting a different approach may actually prove more effective. Being able to see methodologies as having different strengths in different situations, rather than putting them on a spectrum of superiority, opens up possibilities for the growth and development of an organization’s systems. It allows for tweaks and fine-tuning and keeps a business from becoming too stale in its operational approach.
For the individual finance leader, a posture of openness is also a posture of professional development. As Deepak puts it, no one ever learned anything by staying in their comfort zone. In this context, it might be said that no one ever learned anything without trying something new. Deepak owes much of his skill and knowledge to his exposure to diverse systems, and he encourages his peers to be intentional in exposing themselves to similarly diverse methodologies. This exposure allows for a broader understanding of financial principles as a whole, instead of a specific understanding of an organization’s individual standards. That greater knowledge allows a finance leader to be more adaptable to different scenarios and roles within different organizations.
Experiential learning in diverse systems is not only a professional aid but a personal one as well. An unexpected hurdle that Deepak had to overcome in his many regional transitions was the way that language and cultural norms can impede communication. As he learned, the same words or phrases might convey very different meanings depending on his audience’s cultural background. Learning to understand these differences and navigate them in a sensitive, respectful manner made Deepak a more effective and patient communicator. This of course has benefits in modern finance work but also helped Deepak grow personally.
For him, these communication skills are essential for modern finance leaders to not only navigate business partnerships but professional and personal relationships as well. When taken together, the knowledge of how to adapt to various systems and the ability to communicate across cultural barriers make for a well-rounded finance professional capable of thriving in almost any environment.
Systematic Advice
To help facilitate learning through diversity, Deepak proposes a career approach that he calls “PITCCHED.” This acronym encourages a systematic approach to learning and professional development.
“P” refers to peer-to-peer relationships. Developing these relationships is one of the most effective ways to gain knowledge of different perspectives, methodologies and cultures. Relationships with diverse people are an excellent avenue for learning.
“I” stands for “influence,” which Deepak notes is very different from power. Influence comes through establishing a track record of knowledge and skill, and creates opportunities for vertical mobility through proven success.
“T” reminds Deepak to take risks. Such risks often involved stepping out of his comfort zone and engaging systems and cultures that were unfamiliar to him. Those risks broadened his knowledge and diversified his skill set to make him an adaptable and successful finance leader.
The first “C” stands for “collaboration.” Collaboration provides another opportunity to learn from different perspectives and cultures. Being intentional in partnering with peers with different backgrounds will inevitably teach the communication skills Deepak sees as so valuable.
The second “C” goes hand in hand with the first and serves as a reminder to seek conflict management skills. This should be a natural consequence of developing relationships and partnerships with diverse colleagues, but it’s important to also be intentional about developing this skill as well.
“H” stands for “hunger.” As Deepak sees it, improvement doesn’t come without effort. To achieve meaningful professional development, finance leaders must stay hungry for that improvement.
“E” is a reminder that respect and trust are earned, not given.
The final letter, “D,” stands for “drive,” and is the final letter for a reason. Finance leaders can only drive businesses forward if they have the above-listed skills and attitudes. To be a true leader, one must put in the effort to develop the leadership qualities outlined by Deepak.
When they fully commit to this systematic approach to professional development, leaders can hone the skills and attitudes that Deepak has developed over his career. With time and patience, these steps will naturally build finance professionals into better communicators and appreciators of diversity, and make them more comfortable and adaptable in a host of different situations. In time, Deepak’s advice can create knowledgeable, empathetic and successful finance leaders.
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