It’s Going to Take More Than a Title to Attract Next-Generation CFO Talent

Russell Reynolds Associates consultants, Romain Clio and Suzzane Wood, recently attended a next-generation CFO event for European talent. This event covered CFO hiring trends, the active CFO market, the key experiences and skills that organizations and boards are looking for in their CFOs, and how these next-generation CFOs can best develop themselves into future finance leaders.

Drawing comparisons to last year’s learnings, common themes included the enduring significance of development, business/digital transformation, and networking, all of which are still crucial focal points for next-generation CFO’s seeking sustained growth and success.

However, current uncertain economic conditions and evolving organizational strategies have prompted many next-generation CFOs to start broadening their finance experience to meet their board’s updated requirements, proactively sourcing mentorship opportunities and become more discerning about external opportunities, only considering those with continuous learning opportunities.

To address this new business context, next-generation CFOs noted the following five key actions:

_{Source: RRA insights from a European roundtable with next-generation CFO leaders, 2023 & RRA’s GLM Survey, N = 1290}

Recommendations to organizations and next-generation finance talent

As a prospective CFO, proactively look to develop a strong bench of mentors and sponsors to help coach you throughout your career. They will be crucial for your development and reaching the top seat. Continue to seek out networking opportunities, such as industry dinners or next-generation roundtables.

As an organization, continually invest in assessing and developing your next-generation finance talent to maintain growth and support success. The CFO of the future will look markedly different from CFOs of the past, and this profile will continue to evolve.

Next-generation talent are becoming more discerning about their next opportunities. To attract and retain talent, ensure your organization has invested in creating robust and fulfilling roles that offer the key experiences these leaders are looking for, including opportunities to continuously learn.

References

1. Russell Reynolds Associates’ European Roundtable Insights & Trends, Russell Reynolds Associates, 2022

2. Russell Reynolds Associates’ H1 2023 Global Leadership Monitor

Authors

• Romain Clio co-leads Russell Reynolds Associates' EMEA Financial Officers Practice. He is based in Brussels.
• Mohammed Khan is a member of the Financial Officers Practice knowledge team at Russell Reynolds Associates. He is based in London.
• Catherine Schroeder leads Knowledge for Russell Reynolds Associates’ Financial Officers Practice. She is based in Toronto.
• Suzzane Wood is a member of the EMEA Financial Officers Practice at Russell Reynolds Associates. She is based in London.