Caroline Hughes Of Conscious Leadership Devleopment On 5 Things You Need To Be A Highly Effective C-Level Leader Of A Fintech Company

The fintech industry is rapidly evolving, blending technology and finance in innovative ways. This evolution demands leaders who are not only tech-savvy but also adept at navigating the unique challenges of the financial sector. Effective leadership in this dynamic environment is crucial for success. What does it take to excel as a C-Level leader in a fintech company? What are the skills, mindsets, and strategies required to lead a fintech organization to new heights? As part of this series, we had the pleasure of interviewing Caroline Hughes, founder of Conscious Leaders Development.

Caroline Hughes, CEO at Conscious Leadership Development works with leaders to transform organizations and achieve success without burning themselves or their teams out. She has spent 20 years in senior leadership roles, including Head of Change in the Irish Central Bank during the Economic Bailout (Troika) Programme; and Global Head of Leadership Development in CRH plc, a Fortune 500 company.

During her career, Caroline has seen how leaders often sacrifice their health and that of their teams to succeed. She saw this first-hand when she became ill at 44 and had to give up her corporate career at the height of her success. It makes sense then that she would bring all this knowledge together in a unique way. She now works with leaders all over the world to support them to achieve the results they want without risking their personal health and corporate reputation.

Thank you so much for your time! I know that you are a very busy person. Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?

Having pivoted from high school teaching in 2000 to becoming a global leader in a Fortune 500 fifteen years later, and then setting up my own business in 2020 I’ve always been fascinated by what it takes to be a leader and have a successful sustainable career that positively impacts others.

My burnout in late 2019 was the turning point for me as I realized while sitting in a cardiac ward in Dublin there was a lesson to be learned about this balance between constantly striving for achievement and being in a peak performance state that is sustainable overtime. That word “being” is important because for me it’s an inner state that determines how we see ourselves, the world and others — and it fundamentally changed how I saw my own drives play out.

Setting up Conscious Leadership Development Ltd, was a natural next step in my mission to raise awareness about what it means to be a leader in a world. The pandemic changed everything. Organizations are operating at speed with excessive demands for more; while at the same time Millennials and Gen Z are calling us to release command-and-control and deliver a more transparent leadership style that nurtures rather than burns out key talent.

It made sense to leverage my long career in talent management and leadership development and supplement these skills with a formal executive coaching qualification. What I didn’t realize is that in being a Coach (there’s that word again) you have to be willing to be your own case study and be dedicated to exposing your own strengths and resolving your weaknesses so that you can hold space for others to safely explore theirs.

This is why I love working with leaders and their teams. I’ve got the badge of honor from big business and understand the complexity of the day-to-day of international business. Equally, I’ve learned that pushed too far, promising careers get cut short right when they are at their prime. It’s not the well balanced who find themselves pushed off a luxurious high-speed train into the wilderness of burnout. It’s the passionate, high potentials, like me, who over-identify with what it means to go the extra mile until there’s literally nothing left, and the body calls in the tab. It’s a high price to pay. It’s also completely preventable.

It has been said that our mistakes can be our greatest teachers. Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?

When I took up my first senior leadership position, I was full of bright ideas about all the changes I was going to make! There were opportunities everywhere — new succession planning processes, new development programmes, talent programmes etc. So I engaged top firms and got best practice guidelines to develop my thinking. There were PowerPoints filled with beautiful graphs and pie-charts that all sounded amazing but nobody actually understood. Not because they didn’t want to, but because what I was suggesting was too advanced for the environment I was now in.

My ambition for what was possible was welcome, but we needed to learn to walk before we could run.

There was a need to agree some brilliant basics like having common language and definitions for talking about talent. I learned that listening to hear exactly what leaders really needed was more important because then we could co-create a way forward. I learned to give up being right and focus on matching the solution to the point of need. Then I could easily bring people on a journey towards best practice that’s workable and together we built momentum.

Are you working on any exciting new projects now? How do you think that will help people?

I’ve just completed a yearlong piece of work with a company that has gone through rapid growth and the appointment of a new CEO. He has a clear vision to move away from the command-and-control style of his predecessor into a shared accountability model amongst his Executive team. But a year into his role, and he was noticing a significant gap in understanding as to exactly what greater accountability actually meant and was questioning why so many operational issued were floating up to the Executive table for resolution.

My work with the team focused on redefining what it means to be the leader that will serve this new more accountable culture. Guiding a team to switch away from a functional leadership model which was quite silo-based into an enterprise leadership model which fosters a culture of greater collaboration is one of my favorite things to do. It is my deepest honor to hold space for a team so that they access a level of courageous vulnerability and speak to what gets in the way of shifting their own behavior. From there we can wipe the slate clean and articulate a compelling future they can buy-into and deliver accordingly.

Most organizations want to rush to the big vision. Most leaders are so time poor they want to give the team a mission and explain later. In my experience this will work in the short term but eventually frustrate the leader with endless explanations. Doing the deeper work creates shared vision, purpose and values. Implementation and follow-through gets much easier from here.

Let’s now shift to the central focus of our discussion. The fintech industry is known for its fast-paced and ever-evolving nature. How do you lead teams through periods of significant change or disruption? What strategies do you use to maintain team morale and productivity during such times?

In fintech where change is constant it requires a significant mindset shift around away from managing disruption to embracing it as a core capability for growth and constantly shape the future rather than be reactive to this.

I’ve developed a highly collaborative and forward-thinking leadership approach using my “Clarity First Model”. This means engaging teams in shaping the future, you create an environment where ownership and buy-in are natural outcomes.

This agile mindset, where change is viewed as an opportunity rather than a threat, really sets the stage for continuous improvement. Having open debriefs on key projects helps not only to improve delivery but also to strengthen communication and alignment across the team.

At the end of the day, when we are dealing with significant change and disruption, we need to be clear in what we are trying to achieve and keep repeating it. Otherwise, teams get stuck in the mundanity of the day-of-day and morale issues increase.

Finally, one of the biggest morale killers is when leaders don’t walk their talk. For example, if a new technology is meant to improve efficiency and collaboration, the process of implementing it should reflect those values — leaders need to model efficiency and collaboration from the start. It’s frustrating for teams when leaders say they want one thing but their actions show the opposite.

How do you come up with goals for your area of responsibility within the organization?

There’s a Venn diagram in my mind that shows Company Strategy / Divisional Strategy / Team Goals and the sweet spot in the middle is individual contribution and capabilities needed to get there.

I think it’s important that everyone knows how one team or function contributes to the overall impact of the organization — otherwise it easily becomes a them-and-us narrative and teams become over-dependent on their leaders to remove roadblocks rather than using the bigger vision as a magnet to come up with new ideas, collaborate differently, be innovative etc.

How do you manage reporting to a board?

When reporting to the board, the key thing to focus on is clear, concise, and strategic communication and follow through on commitments. In my experience, boards always appreciate transparency, ownership and clarity of direction.

While putting board papers together can result in quite a large pile on the editorial floor, the focus on high-level insights and strategic implications should always point towards the discussion that you want to have. Meeting their basic needs of a concise summary of key metrics, milestones, and challenges, and align the discussion with their priorities without getting lost in operational details is a skill in and of itself but worth it to journey manage the Board throughout the year and retain confidence even in the face of challenge.

It is important too, to manage the time outside of formal board meetings to build relationships and understand key personal drivers so that the relationship is not transactional in nature. Individual members often see themselves as mentors as well as investors or NED’s. In larger organizations I’ve often put programmes in place where Board members mentor high potential talent to broaden their capabilities and strategic foresight, so that their step-up into the responsibility of a board reporting role can go smoother.

Do you have any specific strategies that you use to manage your teams?

I use two main tools — one is a “Productivity Gridlock” identifier and the other is a “Team Vitality Index” — both of which are reinforced by team and 121 coaching and development.

The Productivity Gridlock identifies where we are spending the most time and outlines the impact of that. It identifies where it serves the organisation well and outlines the risks if nothing changes. My clients use it to highlight key work patterns which then becomes a starting point for introducing greater prioritization, effectiveness and efficiency.

The Team Vitality Index takes an “inside out” look at the energy and engagement of the team members themselves. It’s particularly useful in fast-paced organisations where the extra mile is simply normal and toxic over-achievement patterns can take precedence over being in a peak performance state. While both will get the job done, I know from personal experience that achievement can come at a very high price. This index helps leaders understand the current state of their team and identify areas that may need attention to prevent burnout and other retention issues and ensure long-term productivity and growth.

Fintech companies often disrupt traditional financial services by focusing heavily on customer experience. Can you describe a customer-centric initiative you spearheaded and the impact it had on business?

5 years ago I delivered a €12m leadership programme in a Fortune 500 for 10,000 leaders worldwide. It was sponsored by the CEO & Board to deliver positive safety outcomes. There was consensus that this was the right thing to do, but there were varying levels of appetite for actually delivering it.

I was clear that a “Head Office” solution had limited chances of getting traction where it really mattered — after all, the plush corporate offices are a far cry from the realities of what it’s like to work in a manufacturing plant!

I gathered together a project team consisting of Talent Development, Safety and Operations managers from across the business who would inform the content and the roll-out approach. The team ensured the content was relevant to the business areas — everything from role plays to real situations which arise were drafted.

We were committed to giving positive PR for early adapters to encourage adaption. Members of the team got spotlighted by the CEO for pioneering the programme and engaging in this new global collaborative approach. Leveraging the positive relationships I had with a number of MD’s in businesses I enrolled them to pilot the initial modules. This meant we could test content, delivery models and get testimonials internally to measure the impact. Five years later, this methodology and programme is still being rolled out as a model for customer centric approach because for the first time ever this organization had

• Safety outcomes were greatly enhanced as leaders had more tools to use at their point of need.
• “One” leadership programme globally which gave common language and methodologies for the front line.
• Greater ownership and accountability for what it means to lead.

Decision-making in fintech involves assessing various risks, including technological, financial, and security risks. How do you approach risk assessment in your role, and can you give an example of a tough decision you made that involved a significant risk?

Fintech companies need to recruit highly specialized talent, but often struggle to compete with established tech giants and other well-funded startups.

In succession planning cycles it’s important that we keep in lockstep with the Board and the CEO about roles which may have either limited succession pipeline or the incumbent is a high flight risk. External talent scanning, market mapping can give an overview of the depth of talent available in the market and their affordability. However, internal development is often underutilized.

Succession plans are only as strong as the pipeline of talent that supports them. Having a strategy whereby high potential talent are deployed into the most strategically important roles — even if they are not 100% ready — is critical. By placing high potentials in these critical roles, you are effectively pressure-testing your succession planning efforts, allowing you to adjust course where needed and “grow your own” leadership from within.

This signals internally that you offer a full career path which aids retention at all levels. It also signals to the individuals that you have the confidence in them to fulfil their potential by broadening out their skills and capabilities in a new area. There is inherent risk in placing talent in roles they may not be fully ready for, but this can be mitigated through strategic support systems. These might include mentorship or sponsorship from senior leaders; leadership development programs or coaching and continuous feedback loops to ensure they are adapting well.

Based on your experience and success, what are the “5 Things You Need To Be A Highly Effective C-Level Leader Of A Fintech Company?” How have these 5 things impacted your work or your career?

1 . Leading through Being– When you’re a C-Suite leader everything you do gets put under the microscope, therefore knowing exactly who you are and being consistent regardless of circumstances. Get familiar with your inner MD and create a leadership style that’s unique to you. These build trust with your team and create the leadership culture by design rather than default.

2 . Empower Others — By creating an environment to deliver “with and through others” we are providing teams with the opportunities, resources, and guidance they need to succeed. This not only enables leaders to operate at the level they need; it also accelerates the development and retention of key talent who ultimately deliver organization strategy.

3 . Align Actions with Values — In other words, walk your talk! Make decisions and follow-through on the commitments you make to employees, stakeholders and customers. When a leader’s values are clearly reflected in their actions, they create loyal followership.

4 . Drive Long Term Impact — Leaders who think strategically can anticipate challenges, stay ahead of trends, and navigate complex environments. Being able to move from vision to concrete actions, ensuring that the strategy is communicated and understood across all levels of the organization.

5 . Sustainable Peak Performance — Focus on the broader elements of consistent performance emphasizing resilience, continuous improvement, and maintaining high standards over the long haul. It’s about building a culture where excellence is not just a one-time achievement, but a sustained goal and employees can thrive without burning out and losing their health.

Looking ahead, what do you believe are the key trends that will shape the future of the fintech industry? How are you preparing your clients to adapt to these trends, and what role do you see leadership playing in this adaptation?

Ultimately the pace of advancement of any Fintech business will be dependent on its ability to raise capital and their availability of talent who can deliver at the point of need.

The rapid growth of the sector has led to a fierce competition for skilled talent, particularly in areas like technology and data analytics. Companies struggle to attract and retain qualified professionals amid rising salaries and benefits offered by competitors.

Around 42% of tech workers indicate high levels of burnout, with many considering leaving their jobs due to overwhelming workloads​. Burnout is closely linked to retention issues, with stressed employees showing a higher likelihood of seeking new job opportunities. About 23% of workers experiencing stress express a desire to quit, and 33% intend to look for a new job within the next year. This is a considerable concern for FinTech companies, which often operate in fast-paced, high-pressure environments.

Leaders therefore need to move from being the subject matter expert to cultivating the culture of peak performance which is not marred by excessive work patterns and toxic over-achievement.

If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger.

My movement is to enable highly driven leaders to develop their own personal vitality index for peak performance which can be delivered into their teams and organizations. This enables our best people to have sustainable careers making high impact.

I firmly believe that it is only when we take an “inside-out” approach to peak performance, that we can eradicate the toxic overachievement mentality that results in highly driven leaders losing their health and robbing the world of their full impact.

How can our readers further follow your work online?

You can email me directly on caroline@consciousleaders.ie to set up a call; or connect through my website www.consciousleaders.ie and join my mailing list or follow me on https://www.linkedin.com/in/caroline-hughes-coach/

This was very inspiring. Thank you so much for joining us!

About The Interviewer: Kieran Powell is the EVP of Channel V Media a New York City Public Relations agency with a global network of agency partners in over 30 countries. Kieran has advised more than 150 companies in the Technology, B2B, Retail and Financial sectors. Prior to taking over business operations at Channel V Media, Kieran held roles at Merrill Lynch, PwC and Ernst & Young. Get in touch with Kieran to discuss how marketing and public relations can be leveraged to achieve concrete business goals.