How do the numbers shake out for Today’s CFO?
As with most things over the past few years, C-Suite level roles are evolving to keep up with the ever-changing business landscape. The introduction of new technology, shifting work environments and the general sense of ‘what’s next?’ is keeping everyone on their toes and nowhere is that more prevalent than in the role of Chief Financial Officer (CFO).
“Today, the role has transformed into that of the “CF-Know,” someone with a holistic grasp of the entire business and how it creates value and who uses that knowledge to provide insight.”
In the past, the role of CFO may have been viewed as a more behind-the-scenes decision-maker; issuing financial commands from above that could make or break the next big idea. In today’s world – that’s all changed.
CFOs are not only expected to have an organization’s financial situation in check, but their responsibility to the overall health of the company is rapidly expanding.
We know that almost every major decision a CEO makes has financial implications, so it’s not entirely surprising that CFOs are expected to be well versed in, well…almost everything.
“Today’s CFOs are at the front and center of leadership, making key decisions that will impact the company and employee day-to-day operations. As a result, CFOs are having to develop new skills and responsibilities based on these changing demands, while continuing to drive strategic, long-term goals.”
Beyond the numbers
“CFOs have the unique ability to keep a pulse on the business, particularly as more and more companies are in the midst of having to rapidly pivot and adjust.”
Expectations for today’s CFO include keeping an organization up-to-date with more than just the bills. The role requires an elevated level of knowledge on subjects like technology, automation, and growth strategy.
“CFOs are modernizing and refining other processes to enable the business’ growth trajectory, and ultimately boost the bottom line.”
The Game has changed
“The CFO is being called on to be a change agent who can help drive new initiatives and a storyteller who can paint a meaningful picture of where the organization stands and what lies ahead.”
What does this mean for job seekers looking for senior level finance roles?
Flexibility and adaptability are the name of the game. A resume full of relevant experience is a start – but a wide breadth of knowledge across all disciplines is becoming a more common expectation. This may give a few finance veterans pause; but ultimately, those that are willing to grow past what used to be the ‘norm’ for a CFO will have a competitive edge in today’s market.
TZR president, Mark Fisher says they are always looking for the “Swiss-army knife” of CFOs. “The CFO has become a catch all for everything that is NOT sales, marketing and operations. Not only does today’s CFO need to understand the finances and know how to communicate to the leadership and BOD, but most other areas of the company report up to the CFO that may not be their forte. Departments like HR, IT, Risk management, Customer Service, legal and anything else that doesn’t fit nicely elsewhere. So, CFOs today must have leadership abilities to think strategically and lead people who are competent in these other functional areas of the company.” If you’re looking at your current numbers and they’re not working for you, reach out to TZR and we can help you find the correct balance.