Improving Economy Puts Pressure on Recruiters to Find Top-Notch Candidates
"It's a jungle out there" according to one industry insider
Bellevue, WA -- With the steadily improving economy fueling a number of personnel moves in the corporate finance world, more and more organizations are in need of both interim and permanent financial guidance.
"In fact, it's a jungle out there," said Mark Tranter a partner at CFO Selections, a recruiter of CFOs and other finance executives. "Scores of seasoned CFOs are now switching companies after playing it careful while business was rebounding over the past few years. In addition, the personal liability resulting from the federal Sarbanes-Oxley Act is another reason they are moving to private companies from public corporations. They simply don't want the personal exposure."
"When a finance executive moves on, the company still needs the integrity, professionalism, and overall leadership of a CFO," said Tom Varga, president of CFO Selections, a Bellevue company that recruits and places both full time and interim finance personnel."
"When this happens, there is an immediate imperative to carry on the business plus a long-term need to find a suitable CFO or finance professional as a replacement. Our company addresses both needs. First, we are an outsourcing alternative to adding immediate staff and can quickly have an experienced executive on site. Second, we can conduct a search and recruit the right CFO candidate for the job," added Varga.
More Companies Hiring Outside Financial Expertise
With finance personnel on the move plus the continuing corporate zeal for downsizing, companies are forced to look outside their organization and seek cheaper ways to conduct business. CFO Selections has taken notice of this trend and began supplying interim and part-time CFOs to Puget Sound regional businesses five years ago. Recently, CFO Selections added two partners in a finance recruiting division plus a new office in Phoenix, AZ.
"The situation for both short term and long-range finance functions are as tight as ever." said Tranter. "Personally, I've seen the market go up and down, but the constant is finding the very best candidates for the position, and be willing to pay for top-rate talent. The companies who do, get what they need."
In spite of the rush to fill some high-level openings at west coast companies, there is a continuing desire for the basics. According to trade publications, companies count on part-time CFOs, who often have years of experience heading finance departments, to help them put together annual reports, manage shareholder meetings, review contracts, set up employee stock plans and run background checks on new hires. Hiring an interim CFO for $100 - $200 per an hour gives companies access to experienced CFOs, who normally command salaries of $100,000 to $150.000 and more per year. An average assignment last between 18 and 20 months.
Finance services at CFO Selections range from fine-tuning cash management to mergers and acquisitions, CFO Selections recruits, screens, and places experienced CFOs who can provide the wealth of experience and perceptive analysis that is not normally available on an interim retainer basis. The CFO Selections team is a ready and reliable resource that provides services on an interim, part-time or extended project basis.
"Interim CFOs do more than manage a company's finances," said Varga. "We sometimes help a company through a crisis."
"Several years ago, we helped a local computing company after it was struck by a fire in their Bellevue office. Their one comptroller was on maternity leave and none of the company's other 50 employees could handle the company's finances. We quickly rounded up several CFOs to resurrect the office and a day after the fire they moved into new location in a warehouse. We literally saved the company," said Varga.
About CFO Selections LLC
CFO Selections has provided finance and accounting executive search and consulting services since 2002. The Company focuses solely on locating, recruiting, and offering the highest caliber senior-level talent available. Its team of former CFOs works with clients in a collaborative and problem solving approach to generate maximum results. CFO Selections trusted executives can help your leadership team bridge the gap to profitable growth and tailor our engagements to meet your exact needs.
CFO Selections has offices in Bellevue, WA and Phoenix, AZ. and can be reached by contacting Managing Partner Tom Varga at (206) 686-4480 ext. 132, or tom@cfoselections.com.
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