My friend Cindy Kraft, who is a CFO Coach to the better CFOs out there, recently wrote a blog entitled CFO Turnover is on the Rise. In it, Cindy points to a study that mentions that more CFOs are being hired because the economy is doing better. She also mentions 4 key points as to what has not changed for CFOs looking for their next career move.
What has not changed enough yet is this: Boards and Owners are still looking at 'who they know' and 'who is in their network' as opposed to doing a real search.
The reasons Board Members and Owners give for not doing a real search is mostly cost related. However, it costs more to a company's reputation to do a bad search, or worse, a bad hire.
We have all seen CFOs and Companies that don't fit well together. Most of the time, it is because the company hired wrong. As hard as it may be for the CFO to find the right company, it is just as hard, if not harder, for a company to hire the right CFO.
Many companies (specifically owners and board members) think that calling some people in their network or using LinkedIn is enough. It's not.
A real search is real work.
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