The key to success in any hiring process is finding the right fit for your organisation. You need to look for someone who suits your organisation’s needs, interests and culture. Finding the right Chief Financial Officer for your company is no exception and requires a lot of efforts since finding the right professional can be challenging. Companies need to decide what type of role they want their CFO to play and what challenges he will have to address.
Know your organisation
Just like candidates go for an interview being aware of their skills, abilities and interests, companies and their teams need to comprehend what truly defines best fit for them. The senior personnel should determine the qualities that a new Chief Financial Officer should possess to work efficiently with them as well as in the company as a whole. Remember, a good fit does not mean finding a clone of your former CFO or other senior managers, especially when you are looking for an individual whose skills, experience and expertise complement those of your current team members or when you wish to grow your organisation to a new level.
Fit with organisational culture can be a complex issue, especially when hiring someone with formal training in accounting and finance or appointing someone for CFO position. How will you determine that a particular individual is the one you want to work with? Chances are that the other person might have different priorities. But, maybe the reason behind appointing a CFO is to bring someone with different priorities in your firm.
Define the role
Defining the role of a Chief Financial Officer is one of the main requirements to find the right individual. A clear understanding of what you expect your CFO to do for you can help you find out what you are looking for in your Chief Financial Officer.
There are a few common characteristics that should be common for all CFOs. For instance, an ideal candidate is someone who is good in accounting and finance, thinks strategically, can effectively communicate with others, is capable of translating and teaching financial literacy, uses a proactive approach to solve a problem and works to accomplish goals of an organisation.
Other responsibilities of a CFO vary according to the needs of a company. If you are hiring your first CFO, you need to determine why you are creating this position to gain clarity as to what will be the tasks that your chosen professional will have to perform and what skills you look for in your candidate. Usually, companies introduce CFO position to address these following needs:
- Building company’s capacity to manage its finances as it grows
- Reducing workload of Chief Operating Officers in the area of finance
- Bringing a high-level perspective to accounting and financial needs of a company
- Educating team members on finance literacy and partner with Chief Operating Officers for decision making
For companies looking to appoint a Chief Financial Officer Australia or anywhere round the globe, it is essential to consider organisation’s needs and plans for growth. Remember, the right CFO can help in desired growth of your company.