The Norman Broadbent Interim CFO Practice has seen a 69% increase in demand in H1 2018 vs H2 2017. The majority of this demand has been driven largely by Digital Transformation and greater uncertainty following geopolitical and market upheavals.
Clients have experienced unprecedented levels of risk around Brexit, Change & Transformation and Digital Security. Many discussions around the Board table focused on around monitoring the economic impact of risk and understanding where the true value lies. This has led to uphveals in the PS&A reporting, auditing and risk management processes.
Throughout Q1, the Norman Broadbent Interim CFO Practice saw a common theme developing on the CFO’s agenda, which is focused around building a closer alignment between value creation and risk. As the CFO role becomes more commercially focused, there has been a demand for closer alignment between both of these areas within the TMT sector.
This demand has come from a variety of organisations, ranging from those in the FTSE 250 through to SMEs. In the main, clients have been seeking experienced CFOs and Senior Finance professionals with Board experience within the TMT sector.
In summary, our research has identified that the reasons for this spike in demand is because of:
- A breakdown of relationship with the CEO
- M&A activity
- Issues around Financial Data Integrity and Restatement of Accounts
- A need for IPO/Sale Experience.
The first reason highlights the growing partnership between CEO and CFO. Given that the CEO is often the final decision maker, there is a strong need for the CFO to be a sophisticated influencer, skilled relationship builder with strong upward management skills, who is able to offer advice and support. When this relationship breaks down, it can result in the CFO leaving.
With demand high for commercially driven CFOs who are able to take on the broadest of roles, along with the additional requirement to fulfil gender diversity needs, it can often be 9-12 months before a new CFO commences employment. In many cases, clients do not have the luxury of time.
Our ongoing relationship with the TMT community continues to drive demand for CFOs and Finance Directors, both pre and post-sale. Many requirements focus on improved reporting and cost efficiencies across a business (including the creation of SSC), as well as improvements to the finance TOM and up-skilling of existing staff.
With demand high, and Talent in short supply, clients increasingly see Norman Broadbent Interim as a low-risk, delivery-assured option. This is due to our strong networks, and a reputation for undertaking the most sensitive of roles where the utmost discretion is required. Our Interim Executives undergo robust due diligence, and our introductory and ongoing engagement process ensures expectations for all parties are met.
If you would like to find out how Norman Broadbent Interim Management can help your organisation, please contact Jonathan Stringer, Director and Head of our Financial Practice for an initial and confidential discussion.
Email:
jonathan.stringer@normanbroadbentinterim.com