The CFO'S Perspective

How Do I Let Go of an Underperforming CFO?

According to CFO.com the most common reasons for a CFO change are:

  1. As a follow-up move to a CEO change
  2. A voluntary decision to pursue a better opportunity
  3. To get the right personnel in place to take a growing company to the next level

The article goes on to say, “Finding out precisely how many finance leaders have been asked to take a hike in the wake of accounting fiascoes, earnings disappointments, failed mergers, or unsound investment decisions is trickier, since most of them are effectively silenced by generous severance packages.” While this article speaks directly to publicly traded companies, the same rationale holds true for private companies. We know that firing a CFO for performance-related reasons is by no means the most common reason for separating. However, it is difficult to pinpoint the percentage of companies that have let their CFO go due to underperformance because neither party is going to readily admit that was the reason for dismissal. However, it certainly happens. And when it does, the process poses a uniquely difficult scenario.

Firing an executive of any sort is a daunting task, but letting your CFO go provides an added host of challenges. Since companies task their CFO with the financial management of the company a CFO may possess critical financial knowledge and planning information that can be lost when they are terminated.

Topics: CFO Staffing HR Leadership Change Management Interim CFO Transition

How to Win the Talent War in Accounting and Finance

The war for talent that emerged amid The Great Resignation is still going strong in the areas of accounting and finance. As Hannah Green explains,

“The accounting sector has a problem with numbers. Specifically, it’s becoming harder and harder for firms to attract top talent. Why? There just aren’t enough talented bodies to go around. In what’s come to be known as the ‘war for talent’, top firms are finding it increasingly difficult to secure and retain highly qualified finance and accounting professionals.”

Topics: Recruiting Finance Accounting Hiring Staffing HR

How Much Will Raises Be This Year?

With so much economic uncertainty the employment landscape in 2022 will likely remain tumultuous. Information about how many people are employed, where, and for how much is going to continue to dominate the business news headlines. And much like last year, compensation will be at the forefront of many employees’ minds as they watch their cost of living increase and worry whether their pay will keep pace.

Of course, for the nation’s unemployed, discussions about how compensation may fluctuate this year remain inconsequential. And for small businesses that have been doing their best to absorb rising costs without laying people off or shutting down, the idea of giving raises this year is likely going to be a moot point. But for middle management, executive leadership, and HR personnel at mid-sized to large companies, the question of what to expect in the way of raises remains critical to business planning.

So, what should you plan for a raise this year?

Topics: Recruiting Economic Trends Hiring Planning Staffing Financial Projections HR Budgeting Forecasting Expenses Salaries

The Difference Between Retained and Contingent Search

When you need to fill a leadership position, who can help find the right candidate for the role?

Recruiting companies fall into one of two camps, either retained search or contingent search firms. Understanding how these approaches differ is key in determining which is a better fit for your hiring needs.

Over the last 15 years, we have worked with more than 2,000 consulting and search clients, placing CFOs at companies spanning a wide variety of industries. In that time, we have evaluated innumerable recruitment prospects, giving us unique perspective into the types of questions, misconceptions, and concerns that arise during the hiring process. The most common questions we hear are regarding the nature of retained search as prospective clients try to determine what kind of recruiting firm is going to be best for their open role.

Topics: Recruiting Search Services Hiring Staffing Interim CFO

How Do I get My Accountant to Come Back to the Office?

Employers that want their employees back in the office again are asking themselves the question, “How do I get my employees to return to work?” However, many employees are asking their employers, “Why should I return to work?” in response.

The resulting dichotomy has created a sticky situation for companies that are facing labor shortages and revenue challenges well over a year and a half into this crisis. For key departments like accounting and finance, the pressure is further elevated because these kinds of skilled roles are a hot commodity right now, making them even harder to replace.

Topics: Trends Staffing HR Leadership Change Management Transition COVID-19