What is the Process of Hiring a Business CFO?
Does your startup company need a CFO in the UAE? How can a CFO ensure financial stability and security when planning important business moves?
There are many ways in which you can get CFO services. There are numerous CFO for hire services providers worldwide that offer CFO consultancy services. But if you are looking to recruit a CFO, you must be apprised of the following information and insights.
The first step is to evaluate the kind of services you need. You can then assess whether a CFO for hire services company would serve you better or hiring a CFO for your company would be more suitable.
Decide the Type of CFO Services You Need
An interim CFO or Chief Financial Officer is highly experienced in the field of finance. An interim CFO is responsible for assessing your company’s financial condition and deploying ideas for a better financial future. They ensure that the essential processes of the company continue without disruptions. Note that an interim CFO joins the company temporarily.
A project CFO is essential if you want CFO recruitment for specific expertise. Note that a project CFO is valuable when you need authoritative financial expertise. A project CFO can work on single and high-priority projects with complete ease. They are adept at realizing target outcome value. You can also reach out to a CFO for hire services company for project-based CFO services requirements.
A virtual CFO guides tactical planning and sales. A majority of the services offered by a virtual CFO are the same as an in-house CFO. You can choose the kind of services you need and enter into a contract that suits your company the best. A virtual CFO offers assistance from remote places. Virtual CFOs are suitable when agencies don’t have enough budgets.
CFO – Part-Time but Permanent
If the level of involvement you want from a CFO is limited and it could be managed within 30-50 hours in a month or through a 10-15 hours a week contract, then it is ideal to hire a CFO on a part-time but permanent basis. You would need to have a detailed discussion internally about the optimized ways in which you can benefit from such a contract.
Full-Time CFO in Permanent Position
CFOs are finance professionals that supervise a company’s operations in various areas from a strategic and business perspective. A full-time CFO ensures financial compliance, financial planning, and risk management, as well as sound management of financial operations leading to insights for improving cash flow, funding, debt management, revenue management, and other matters. You can augment your company’s financial bottom line with a full-time CFO.
Form Internal CFO Recruitment Committees
Form a C-Level Committee for Final Decision Making
Forming a C-level committee is the best way to implement the hiring decisions. Officers holding C-level positions are regarded as one of the company’s most powerful and influential members. The decision of the C-level members will be final when hiring a CFO.
Form a Mid-Level Committee for Supervising Recruitment Activities
A mid-level committee comprising various company members will be essential in managing the organization and execution of all the recruitment phases and activities in coordination with and according to the instructions of the C-level committee.
Frame the CFO Position-Based Specifications, Duties, and Performance KPIs
When hiring CFOs, you should be aware of the metrics and KPIs that will be used in measuring the performance of the CFO. It should align with the CFO position-based specifications and duties.
Prepare a CFO Profile Description Document – PDF or Other Format
Preparing a CFO profile description and job responsibilities is one thing and getting the approval of the top-level committee is another matter. This involves a lot of coordination and feedback as well as research and suggestions. The final version needs to be documented for reference throughout the CFO recruitment process.
Hire CFO Headhunters
Consult With Agency Offering CFO Headhunters Services
CFO headhunters are professionals with extensive experience in CFO recruitment and in the recruitment of other top-level executives managing finance and risk management. Their access to diverse talent resources enables them to find and attract the best-match CFO candidates to consider working for your company.
Focus On Passive Candidate Search
Passive candidate search and targeted engagement is an essential part of the CFO hiring process. Note that passive candidates usually don’t apply for a position. As an employer, you would be contacting them directly. With the help of CFO headhunters, it is possible to engage with outstanding CFO candidates in your industry.
Let the Agency Conduct Due-Diligence of Top 3-4 Selected CFO Candidates
It is a good idea to let the CFO headhunter of the CFO recruitment agency you hired to conduct due diligence. This allows an objective analysis of a candidate’s performance and suitability based on specific criteria.
Let External Industry Expert Assess Industry Knowledge, Legal and Financial Expertise
By collaborating with an external industry expert, you will be in a beneficial position to assess the industry knowledge and competencies of the CFO. An external expert will be able to offer you rich insights during the interview session.
Design Interview Formats That Objectively Assess Candidates Based on Position-Based Requirements
Interview formats are essential to make the recruitment process easier. Based on the interview formats, you can ensure the overall effectiveness of the face-to-face interview session. The interview formats should be such that the position-based requirements can be assessed in a fair and objective manner.
Evaluate Culture Fit and Personality Traits
Consider informal or formal interview sessions that are focused on evaluating the culture fit and personality traits of the candidate. The new CFO you are hiring should be able to fit into your company’s culture and ethics.
Frame Terms of Offer Based on Compensation Research
You can frame terms relevant to your company’s CFO based on compensation research. Compensation research is ideal when selecting a candidate and negotiating a salary. Ensure that the compensation and the terms of offer justify the kind of expectations and responsibilities you have drawn for the CFO job profile.
Do Not Let A Genius Candidate Go – Be Ready To Revise Salary and Benefits to Some Extent
Note that you will come across many candidates who will not agree with your remuneration and salary package. But that doesn’t mean that you should let them go. You should always be ready to revise the compensation structure to some extent considering the kind of value and advantages the candidate can bring to the table.
Do Not Delay Sending the Offer Letter / Contract
After finally screening a candidate, don’t ever delay sending an offer letter or contract. When you delay sending an offer letter, the candidates can go to other companies. So always try to send the offer letter at the earliest.
So as you can see, the CFO hiring process is quite overwhelming to be managed internally. The best way to hire a CFO is by collaborating with a headhunting agency. A good CFO headhunter will allow you to find the best talent based on your needs. Follow the strategies stated above to get the best candidate.
Alliance Recruitment Agency-UAE
Consult with an Alliance Recruitment Agency headhunter to hire the best CFO for your company. Our background of 12+ years in C-level recruitment has enabled us to acquire a rich, diverse, and global talent pool network. Find an outstanding candidate by partnering with us for CFO recruitment.