Company leadership is changing. CFOs have emerged as the future navigators of businesses across every industry. They’re switching number crunching for more strategic and operational responsibilities. Companies are increasingly looking to their CFOs as the ‘Chief Future Officer’ with many being prepped to step into the shoes of the CEO.
Recruiting the right CFO is vital to the success of a company, whether it’s in its pre-revenue stage or preparing to go public. Recruitment agencies, like FD Capital, are seeing a rise in demand for headhunting services. Choosing headhunting versus traditional recruitment provides a tailored experience that connects companies with candidates through a proactive strategy.
Headhunting a CFO is the best option for companies that already have a well-established c-suite team or entering an intensive growth period.
Why Companies are Recruiting CFOs
Today’s CFOs have evolved from the time of being number crunchers and presentation presenters. Their data-driven insights put them in a unique position to provide strategic advice on navigating companies through growth periods and economic uncertainty, including the current cost-of-living crisis.
CFOs implement financial systems and strategies that vary from accounting systems to cashflow management and HR resources. The expansion of the role of CFO provides companies with the ability to mould the role to fit their specific needs. CFOs are increasingly being recruited on a part-time, interim, and remote basis.
Headhunting vs. Traditional Recruitment
Companies have the option to use traditional recruitment or opt for headhunting services when hiring a CFO. Both these options provide different strategies to suit companies at different times of their life cycle. FD Capital Recruitment provides clients with the option of using its headhunting services or traditional recruitment.
Headhunting uses a proactive strategy for hiring, while traditional recruitment utilises a reactive strategy, says Investopedia. Headhunters reach out to potential candidates within their network, including those not actively seeking new employment. This recruitment method provides companies with access to high-quality candidates who wouldn’t otherwise be exposed to the traditional recruitment process.
Companies will typically choose to use a headhunter when recruiting for senior roles, including c-suite positions. Utilising a headhunter to recruit a CFO allows for the process to be tailored to find a candidate who meets the exact job requirements.
Traditional recruitment utilises a reactive strategy that focuses on advertising across multiple platforms to candidates who are actively seeking new opportunities. Recruiters will also reach out to candidates within their network to apply.
Why You Should Headhunt a CFO
Why should you choose headhunting over traditional recruitment when hiring a CFO? The expansion of the CFO position means it’s one of the most vital c-suite positions that interact with every aspect of the business. Choosing to use a CFO headhunting service allows you to outsource recruitment to find a candidate who will fit into the company culture and strategy.
One reason why companies choose to work with a headhunter to find a CFO is because of the importance of the CEO-CFO relationship. It’s a partnership that will influence the future direction and strategy of the company. The CFO’s strategic insight and forecasting will be the basis of the CEO’s decision-making process, including providing credibility with financial institutions.
CEOs are increasingly preparing their CFOs to fill their position. Future planning is why companies are choosing to use headhunters to find the best CFO for their organisation.
Choosing to headhunt a CFO gives you access to passive candidates who wouldn’t enter the recruitment process through traditional channels. This wider talent pool will include high-quality candidates within the industry niche and the headhunter’s wider network.
Headhunting provides a more discreet method of recruitment, particularly for positions that a company doesn’t want to publicly advertise. A headhunter will confidentiality oversee the hiring process and privately shortlist and introduce potential candidates.
What Qualities to Look for in a CFO
Headhunting a CFO enables companies to find the best candidate. Every company will have different qualities in mind for their CFO. It’s an ideal opportunity to fill any skills gap that exists within the c-suite team and wider organisation. Many companies, particularly CEOs, lack fundraising skills.
There are four qualities that headhunters typically search for in CFO candidates:
- Digital Literacy
Technology is a vital component of the CFO role. CFOs utilise analytics and technological systems to access real-time data and insights. Having a CFO with strong digital literacy means they can spearhead technological investments within the organisation.
CFOs who conduct internal audits can also identify potential data breaches and implement risk management technology. They can also identify technology and digital systems to invest in to increase productivity and meet company KPIs.
- Strategy Development
CFOs are hired to be an agent of change within their organisation. The pandemic and subsequent economic uncertainty have proven the importance of CFOs in navigating companies through changing situations. Headhunters will search for CFO candidates with experience in strategy development and overcoming economic challenges.
- Team Collaborating
A CFO will collaborate with their c-suite partners and other colleagues. Headhunters will search for candidates with experience collaborating on projects and coordinating across departments.
CFOs will form a close partnership with the company’s finance team, operations department, and IT professionals. Headhunters will identify candidates who can develop new team structures and introduce transformative programs.
- Commercial Background
CFOs may specialise within an industry, while others develop their portfolio around a specific skill, such as fundraising and risk management. Headhunters will search for candidates who have a commercial background within the industry’s niche or experience that suits the company’s current position.
A CFOs commercial background is not always through traditional accounting. Many have transferable skills that include technology, operations, and fundraising. Headhunters will identify the ideal commercial background of a candidate to narrow their search and make it more efficient.
Headhunters are uniquely positioned to find the best CFO for any company. This tailored approach to recruitment enables headhunters to identify the specific needs of organisations to find the most suitable candidate.
Recruiters like FD Capital are experiencing increased demand for CFO headhunting services. Choosing to headhunt a CFO empowers companies to find high-quality candidates who can take their organisation to the next level.