One of the most important relationships at the senior level is that of the CEO and Finance Director. so it’s critical to put time and resources into finding the right fit for the FD position. It can seem a costly, time consuming and overwhelming prospect, particularly if it involves C-Suite conversations, but it's essential that you take this time to reflect on the role, what you would like the next FD to oversee and shape the role to suit your growing business.
Here is where an experienced Interim Finance Director can help you bridge the gap, allow you to better direct and shape the role and processes to suit your organisation’s needs, as well having someone onboard to keep your existing finance operations running.
The changeover of a permanent FD can open up a mix of complications, which if left unaddressed could mean it is filled by the wrong person, which can have a domino effect and be detrimental to your finance department, so it’s beneficial to recruit the right Interim Finance Director to manage this transition.
There are many benefits to hiring an interim finance professional, but here are 3 reasons why hiring an Interim Finance Director can support you in recruiting a Permanent Finance Director:
Bridge the Gap
The permanent FD required at present may not be available immediately and an experienced interim FD provides seamless cover and continuity to day-to-day processes, ranging from a few weeks to a few months.
Sometimes, a team without a leader can be misguided and feel a little displaced, so the presence of an interim Finance Director will bring stability to a finance function at what can be an unsettling and uncertain time for the existing team.
The C-Suite can then continue to concentrate on company revenue-generating activities without being distracted by accounting and finance responsibilities.
Relevance During the Hiring Process
A temporary solution to your Finance Department can support you with the recruitment process by providing a professional opinion. Your interim support will be experienced, highly knowledgeable and multifaceted with their approach.
They can help you to draft the job specification; taking time to reflect on what you would like from the future permanent Finance Director, perhaps skills you didn’t have in the previous.
An Interim FD can help you review candidate applications. Knowing what is good and what is not so good in a CV can sometimes be hard to spot if you’re not working directly in the field, so the experience of the interim support can help you filter the best candidate for your position,
Once the permanent candidate is recruited, the interim can cover the incoming FD’s notice period and provide a comprehensive handover to ensure they are fully briefed and able to seamlessly integrate into the business with a thorough onboarding program.
Confidence and Reliability
Beyond the recruitment process, many key stakeholders, such as your clients and investors will be reassured that a competent, knowledgeable and reliable FD is in place through the transitional phase, so as to not disrupt the ‘business as usual’ operations.
Similarly, the interim FD can also provide additional support and mentoring to phase the incoming Finance Director into the new environment.
Freelancers/Contractors do not require the additional provisions which are expected by a permanent member of staff, which may include additional costs to total remuneration, so the business rests assured that the hiring and onboarding process is the most efficient one, in both time and money.