If you are an HR/benefits executive or manager who works with a chief financial officer who is a vocal critic of certain benefits programs, then you probably dream of the day when that individual will leave the company.
Yet according to new survey, it’s only wishful thinking. The average tenure for a CFO will most likely increase to 12 years, up from eight years a decade ago. Robert Half Management Resources, an executive staffing firm, commissioned the survey, which interviewed more than 1,400 CFOs who worked at U.S companies that employed 20 or more workers.
“The new survey was conducted during a recession, a time when job opportunities are fewer and the risks associated with leaving a position are perceived to be higher,” explains Paul McDonald, executive director of Robert Half Management Resources.
In the survey, CFOs were asked: “What do you think is the average tenure for someone appointed CFO at a company?” The responses show that 19% of executives thought CFOs were likely to stay on the job 16 years or longer, while 12% believed that the average track record to be 11 to 15 years. Still, 57% of CFOs estimated that the average tenure to be five to 10 years.
“A company's success or failure is more dependent on its CFO now than at nearly any time in the past,” McDonald says. “While the CFO role is extremely demanding, particularly in times of financial crisis and increased regulatory mandates, it carries with it significant professional rewards, including direct involvement in all aspects of company management, from corporate strategy to business development.”
