CFO Buzz is a news feature capturing top stories affecting CFOs. This feature is published Fridays so that CFOs can gain perspective over the weekend, allowing them to challenge themselves and think about how to improve their lives, careers and companies.
1) CFOs end up as roadkill on the path to CEO
Recent research shows that COOs get promoted to CEO much more often than CFOs. This should not be a surprise for most CFOs. My advice: you should become indispensable to your COO. It’s likely he will become your next boss.
2) More on: How long should it take to hire a CFO?
In a world where the key players at a company can agree on the kind of person they need as their next CFO, are willing to make this hire a priority, and use a top-notch executive search firm experienced in hiring CFOs – it can take between 3 and 4 months. How long does it take in the real world? This article points to companies that have taken a lot longer than they should. And they even asked me for my opinion.
3) Who’s your Successor?
Succession planning for key executives is critical for the ongoing success of any organization. Yet, if all corporations did succession planning properly, executive recruiters wouldn’t be so busy (see previous article). As someone that has helped CFOs prepare their succession, my personal experience shows that most CFOs do not do this well.
4) Why your company sucks at Big Data
Many CFOs will admit, in camera, that they don’t have a proper handle on Data Analytics. And they should for various reasons, including making the biggest impact at their organization, and that CFOs that really know what they are doing with Data are worth more.
5) Become a better interviewer
And a better interviewee. These tips in Harvard Business Review are something all executives should keep in mind as they look to hire the best for their teams. Remember – you can only be as good as your team allows you to be. Hiring better requires interviewing better.
Some of Samuel’s other CFO stuff this week
Tweet of the week
— Cathy Logue (@CatLogueAmbit) February 11, 2016