The Covid-related uncertainty has resulted in CFOs being asked to do more and more. Many would argue this is nothing new; however, the message ‘less time in the weeds - more time looking ahead’ is more important than ever as CFOs seek to restructure areas such as FP&A, treasury and financial reporting, to get them fit-for-purpose and to deliver optimum results.
CFOs have had to become comfortable with uncertainty, drive change, adapt to survive, pivot quickly, ditch the tried and tested, and be more accepting of radical solutions. Whilst no one is advocating a complete reversal of their instinctive conservatism, there are clearly occasions when a ‘low-risk/no-risk’ default position may not be best.
Alongside technical acumen, commercial and leadership intelligence are critical in ensuring CFOs play the combined roles of strategist, operator, leader, steward, and catalyst for change. With these increasing demands, it is becoming more challenging for businesses to find the right mix of skills, attitude, and competencies when appointing a finance professional. Some companies already find it difficult to prioritise which competencies are most critical to business success. Even when they do, assessing candidates based solely on the most rigorous interview process is never perfect, especially in the current climate when face to face interviews may not be possible.
Due to the many challenges associated with recruiting a finance professional, many businesses (and recruiters) often simplify the process by interviewing individuals with appropriate experience, shortlisting candidates based on personal ‘fit’. For an increasingly complex and demanding role, this is a flawed process that can lead to poor hiring decisions. More sophisticated businesses have integrated assessment not only into their recruitment process, but also for future development and succession planning purposes.
While Covid-19 continues to pose a serious threat to long-term vacancy and employment rates, those still hiring have discovered new innovative recruitment processes which will give them an advantage when competing for talent in the future.
These organisations that continue to recruit have faced numerous logistical challenges. Social distancing makes it difficult to interview in person, HR departments are operating remotely, and processes such as right-to-work document checks have had to happen over video. Figures Gartner show 86% of businesses have been conducting virtual interviews during the pandemic, and 85% are using new technology to onboard employees. Candidates that were keen to move pre-pandemic may now be hesitant to move. So now, perhaps more than ever, it is important that those companies hiring can demonstrate a professional and positive candidate experience.
In terms of the hiring process, there has often been an initial telephone screening followed by a virtual interview via Zoom or Teams. Onboarding has simply moved online. Videos are used to show how certain activities should be carried out in practice, and employees can also access additional e-learning modules.
Perhaps the most positive impact of Covid-19 has been a realisation that remote working does not necessarily affect productivity. With a continued shift towards flexible working, it is likely companies will prefer recruiters to expand the scope of a search away from a solely regional focus. This has enabled companies to access to a much broader (national) talent pool when looking to hire.
By conducting a virtual process an audit trail of data and documentation has been created, which is an opportunity for an employer to gain better insights into the candidate journey and make long-term improvements to each stage.
The pandemic has also helped to “innovate and rethink” elements of the recruitment process. Incorporating video calling technology to allow for remote interviewing is something that will remain, at least for initial interviews. Similarly, adapted induction programmes have proved efficient. Put simply, if a recruitment process does not involve face to face interviews then companies really need to add more into their process to properly validate the hire.
At Norman Broadbent Group we ensure Psychometric Assessment is a key part of our Search methodology. Using our in-house expertise, we deploy the most optimal Assessment approach. Typically, 2-3 candidates are taken through an Assessment process to remove subjectivity and help optimise hiring decisions. Even where the best candidate for the role is clear, Assessment is helpful in identifying and confirming developmental areas before an employee starts work.
Norman Broadbent Consulting routinely reviews existing and developing CFOs for both selection and development. The issues mentioned above – the increasing need for CFOs to proactively drive change, to show great resilience, to possess enhanced influencing skills, and the need to take a much broader view of the business and commercial context – are all features we can measure and benchmark. Given that many of our clients must do more with less, meet year-on-year increases in professional requirements and are faced with increasingly complex commercial choices, the need for effective talent management is more prevalent than ever before.
If you would like to find out more about The Norman Broadbent Group and how we can help your organisation, please contact Marcus Blackburn or Dr Stephen Sloan for an initial confidential discussion.