How recruiting an interim Finance Director helps with finding the right person for the long term

September 9th 2021 | Posted by Phil Scott

How recruiting an interim Finance Director helps with finding the right person for the long term

How recruiting an interim Finance Director helps with finding the right person for the long term

The relationship between the Finance Director and CEO is arguably the most critical one in an organisation.

So, filling a finance director vacancy is something that requires time and dedication. However, pressure to maintain a stable financial environment can lead to decisions being rushed.

Many organisations are realising that they can avoid this situation by hiring an interim finance director. There are several valuable advantages to be gained from doing this.

How an interim finance director can help

Interim finance directors can be hired at short notice. This means that they can come in before the permanent possessor of the role leaves thereby ensuring continuity.

A reliable finance professional can then remain in place for several weeks, or months, allowing the CEO more time to find the ideal person to fill the role on a permanent basis.

The interim can even support the CEO in making his decision by:

  • Providing an experienced opinion.
  • Helping with the creation of a job description.
  • Giving an opinion on potential candidates.

The interim finance director can continue in the role until the right candidate is found and has completed their notice period. They can then remain in place until a successful handover is completed.

It’s clear that hiring an interim professional can be advantageous but this is only the case if the right professional is brought into the organisation. The most forward-thinking companies ensure that careful attention is paid to making the right decision even though the interim will only be filling the role for a limited period of time.

Finding the right person for the interim

It’s a given that any interim finance director must have technical finance skills. But the most prudent organisations recognise that there are other vital skills, abilities, and traits to look out for including:

  • Motivation and a willingness to bring a fresh perspective to the organisation.
  • Industry knowledge and insight to benefit the business.
  • The ability to operate without a personal agenda and in accordance with the best interests of the business.
  • Industry experience preferably in a business at a similar stage of growth.
  • The ability to fit in with the culture of the organisation.
  • Complementary skills that add to the effectiveness of the finance team and the organisation overall.
  • Soft skills that are a good fit with the needs of the organisation.

From a practical point of view, recruiters also know the importance of ensuring any interim is reliable and committed to maintaining the role until a permanent finance director is chosen.

Organisations that pay careful attention to bringing in the right interim finance director have the benefit of knowing that the professional they hire will ensure the financial stability of the organisation and put their knowledge to use ensuring that the business’s financial operations are optimised before the arrival of the new permanent finance director.

This puts the organisation in the best possible position and allows the permanent holder of the role to begin building as soon as they take over in the position.

If you are an FD/CFO looking for your next role, register with us. If you are on looking to hire an FD/CFO, get in touch.