Finding a CFO for any business can be a challenge. You need to be sure the candidate understands your business and how to not only maintain it financially but how to help it grow. When you are running a not for profit organization, the CFO becomes even more important. He or she needs to keep track of every financial transaction and understand how to adjust things should you start making too much of a profit. To keep everything in accordance with the tax laws, it is best to hire an executive search firm that specializes in nonprofit organizations.
A company that headhunts or recruits for executive positions has a far larger base of candidates than your organization's human resource team. Not only will they advertise and send notices across the country and even to foreign countries, they will also have lists of people who are looking for a new position. If you give the search company a list of exactly what it is you are looking for they can even send the information to executives who may not be actively seeking a change but might be willing to move to your company if the price and benefits are right.
When your HR team is the one doing all the searching, they must also go through with going over the applicants, doing the interviews, and doing all the vetting. This can take a lot of time and money when you consider the cost of background checks. The HR team is probably already kept busy with the day-to-day chores of payroll, tracking vacations, finding the best benefits packages, etc. In addition, when it comes to hiring an executive, you and the rest of the board should be involved. When a professional company handles things, they will do everything right up to presenting you with the very best of the available candidates. You will have fewer people to interview and know that those you do see are well-qualified for the position.
You do not want to end up with a new hire who is not going to work out for your organization. Letting a team that does nothing but find nonprofit executive CFOs handle things will greatly reduce the chances of a "bad hire." When you consider that not having the best CFO could result in the company failing and legal action against not only the organization itself but also all members of the board of directors it only makes sense to use an NPO executive search company like Scion Executive Search.Share