As a senior finance professional, you are only too aware of the financial challenges that are currently impacting the accounting industry. Closing businesses, shutdowns and furlough schemes have put additional pressures on CFOs, teams and senior leaders as a whole. At the same time, digitalisation in the industry has increased expenses – whilst also boosting productivity and enabling the use of new business models – and this further increases financial pressures. Currently, CFOs and those in senior interim roles are being focused on in a big way, especially when it comes to adapting to these changes.
How Senior Interim Roles in Finance Have Changed Over the Years
The accounting and finance industry has seen many changes over the years, much of which has been positive, but several leaders are hesitant to truly embrace this. Author Thomas Friedman states that leaders need to move with this change and create stability within it. Clients are increasingly looking at CFOs for resilience, stability and reliability. As a candidate in a senior interim role, you need to factor in various financial situations when making decisions, whilst balancing a whole host of other variables. Economic variables, business processes and geographic differences all need to be factored into the decision making process.
There are many uncertainties in the accounting and finance industry, something that those in senior interim roles are having to navigate. To truly bring dynamic stability to a business, you need to adapt, reinvent and embrace an evolving industry. According to the Global Head of the Finance Practice, Daniel Yates, the most successful CFOs are those who use challenges to bring about change. He explained that the best CFOs use crises to “transform the business, to make it more robust, to future-proof it.”
How Accounting Senior Candidates Can Adapt and Succeed in a Changing Job Market
For senior interim candidates, the challenge is to balance short term financial needs with long term profitability. You need to be able to evolve in a fast changing environment, whilst also being risk aware and resilient. In order to do this, CFOs need to be empathetic and financially aware. You need to be open to a wide range of ideas, able to listen to shareholders and willing to learn from other companies. To do this successfully, you might have to try something new and innovative.
Digitalisation is also a big part of what’s changed within the finance and accounting industry recently. It’s added complexities to the role of CFOs and, according to a survey by Deloitte, 60% of CFOs expect their use of digital, virtual and automated operations to increase. A lot of digital tools – such as those enabling remote working – have been developed in a short amount of time. It’s the role of CFOs to get to grips with these tools, and use them to boost long term business success, productivity and support.
With businesses leaning into remote working, there is a growing need for CFOs to build trust within the business. CFOs need to be able to influence, lead and manage a remote team. This requires efficient decision making, trust and relationships between leaders and workers.
Keeping on top of the changing accounting and finance industry is key if you want to create long term stability within an organisation. You need to find a balance between safeguarding the business from vulnerabilities, whilst also enabling growth and evolution through digitalisation.
If you are a senior finance professional adapting to the changes in the current job market, Cherry Professional are well equipped to find you the best possible role for your skills and ambition. Would a locum role better suit your needs? Find out by getting in touch!