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.
Here is this week’s CFO Buzz
1) Hiring the wrong CFO
An interesting report came out recently on why (the report writers felt that) Hershey’s hired the wrong CFO. While I do see companies hiring what could look like “the wrong CFO”, there can be compelling reasons to hire a Chief Financial Officer from outside an industry. Outsiders playing Monday Morning Quarterback an surmise, but will never truly know, why one CFO with a certain background was chosen. The insiders are the ones who know what they need, and why.
2) Boomerangs revisited
Last week I pointed to an article where CPA firms are being successful with hiring back people that used to work for them. This week, a report from Kronos and Workplace Trends shows that Boomerangs are becoming a more visible phenomenon. This is another reminder as to why you should stay close to the high achievers you used to work with.
3) When industry lines blur
While not a news story itself, I received an advertisement in my inbox that I found newsworthy. Xerox, the famous copy synonymous with photocopiers (for those of a certain age), has started selling “Finance as a Solution”. Yes, Xerox is now in the Finance Staffing and Business Process Outsourcing business. Never would have guessed this. I’m interested to see where this goes, and if they can be successful at it. Stay tuned.
4) Is the CFO Candidate Pool Shrinking?
The title of the article makes you want to read more. The pool referred to in the article is the internal pool of potential CFO successors. I do agree with John Touey that too many companies have to hire new CFOs from the outside because they have not developed potential successors from the inside. This is good news for retained executive recruiters, and for those experienced CFOs who want to get back inside. Less good news for those slogging away internally, hoping to be promoted. Touey makes excellent points, and is worth reading.
5) Great CFOs are Great Time Managers
I talk to a lot of CFOs. They are always busy. Overwhelmed more likely. I’ve hear the word ‘slammed’ used by a few CFOs in the past week. Chief Financial Officers always need help managing their time better. Here are some tips. Use at least one.
Some of Samuel’s other CFO stuff this week
Top Tweet of the week