How to Recruit Your Next CFO – Alliance Recruitment Agency
This blog helps you understand how to identify an ideal CFO for your company. You will also find insights into the process of CFO recruitment, beginning with the executive search process, then moving on to the hiring approach. You also get tips on reducing overall recruitment time and costs from some of the best CFO headhunters.
The CFO, Chief Financial Officer, is the one who gets your company the trust of your investors, creditors, bankers, and suppliers. The insights, advice, strategic inputs, planning, implementation practices provided by the CFO helps finance leaders in a company reduce every kind of financial risk associated with any dealings, projects, initiatives, and other moves.
Initially, the position was mostly focused on strategic financial planning, implementation of all financial moves and initiatives, supervision of financial risk and compliance management, and related functions.
In the past five years, with enormous changes brought about by financial technology systems in financial activities management, a CFO should also be able to understand how any kind of digital transformation moves and new operations models would impact liquidity, cash flow, business stability, market share, and financial vulnerabilities of a company.
Your next CFO should not be a reflection of your past CFO, who might have had very little experience in financial planning, analysis, and risk management related to emerging operation models. Also, the difference between how financial threats occurred and were managed in the past has dramatically changed from how it is managed today.
It is, therefore, a great idea to work with an experienced CFO recruitment agency. You get the services of expert CFO headhunters who have acquired niche knowledge about the different roles played by a CFO in your industry. Experienced CFO headhunters also know about the best practices in CFO recruitment in your industry and the various methods of mapping talent for the position while avoiding risks.
The first step when it comes to hiring your next CFO is to brainstorm and portray how your ideal CFO will be with regard to your future business growth goals.
Hire Remote Web How Should Your Ideal CFO Be?
Experience – 10-15 Years or Over 20 Years? As CFO is one of the leading positions and most companies prefer hiring a finance professional with 15+ years of experience in financial management in the industry. If you are a startup and require a younger individual with a more proactive approach towards emerging trends in financial management, you could check the level of knowledge and experience in key financial areas related to finance for your startup.
If your company requires a tough individual with exposure to a broad spectrum of financial sector activities, you should look for more experienced professionals. Someone with the ability to manage conventional and modern financial planning and management practices with hardcore industry insights would be someone older with 20+ years of industry experience.
Tract Record – Focus on Organic or Inorganic Business Growth Companies You might be a company that is totally into organic growth and plans to expand markets through your own new outlets, branches, franchises, and operations. In that case, your financial planning and risk management needs experts who have practical knowledge and experience in making these moves possible through good financial strategies.
Your next CFO also should have a track record of accomplishments in organic business growth through robust financial moves. Hiring someone who has led mergers and takeovers might not be the ideal CFO for you unless you envision business growth in the future acquisitions and investments in buying flourishing business units.
Skills – Technology, Risk, Financial Planning, What Else? Moving on to the skills required by this important position, a CFO should have all the necessary skills, beginning with the very basics of financial planning, so as to keep the business safe from any kind of financial problems or losses.
When it comes to financial risk elements, just playing safe does not always help. Your CFO needs to be an ingenious risk management expert who could take risks that work in your favor, increasing your market share.
Ability To Collaborate With External Stakeholders It is no surprise that collaboration is one of the biggest ways of growing a business, and when it comes to the part of stakeholders, the CFO is the one who has your back. A CFO needs to collaborate with external stakeholders to make sure that a market crisis or new regulations, or market dynamics do not put the company in troubled waters. For such achievements, the CFO needs to have outstanding collaboration skills.
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