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Board members are being tapped to take over as CFO (Wall Street Journal)
An increasing number of companies are turning to their own boards of directors to find suitable chief financial officer candidates.
Peter Crist, chairman of recruiting firm CristKolder Associates, tells The Wall Street Journal that shifting a former CFO from the board to management is “an easy play.”
More companies in today’s market are asking retired CFOs to join their boards, just in case a replacement is needed for their current finance chief.
A Robert Half study conducted in 2014 found that more than three-fourths of CFOs did not have a successor in mind. By adding a former CFO to a company’s board, a short-term replacement can be put into place should the need arise.
Financial recruiting firms are looking for CFO and finance executive candidates who have three very specific skills.
Paul McDonald, senior executive director at Robert Half, told Business Insider these executives must possess the ability to read business signals from across all departments, communicate effectively, and influence business decisions by collecting the most valuable information.
Robert Half determined the top skills required for financial executives based on the skill sets of recent job placements.
Why finance professionals want more career development feedback (CGMA Magazine)
The pressures being placed on finance executives, especially millennials, is leading to requests for more abundant feedback and career development.
CGMA spoke with several finance professionals to find out why they are requesting more feedback to further develop their careers.
Misty Geer, an accounting supervisor with Halliburton, says it boils down to “a lot of pressure on millennials to get up to speed and to do it quickly.”
She argues that as baby boomers begin to retire and technology is upending processes, “without the feedback, we don’t know whether we’re on the right track. We don’t know whether we’re performing as expected and whether the work product we produce is adding value.”
Five different types of mentor and coaching sessions are recommended by CGMA’s experts.
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