Despite Acknowledging the Upside, Most CFOs Don’t Promote Role Rotation in Finance
Toronto, ON – In the quest to develop and retain staff, finance executives recognize the value of allowing employees to move into roles in different areas of the company. Chief financial officers (CFOs) in a Robert Half Management Resources survey said the benefits of job rotation include giving staff broader exposure to the business, gaining fresh perspectives and enhancing recruiting and retention, professional development and succession planning.
CFOs See Benefits of Job Rotation, But Many Don’t Promote It
Greatest benefit of role rotation in companies:*
|Offers staff exposure to different business areas 29%|
|Gains fresh perspective on existing roles 27%|
|Enhances recruiting and retention 18%|
|Accelerates professional development 12%|
|Strengthens succession planning 12%|
|Don’t know 3%|
Do you promote role rotation for your teams?
Where CFOs allow finance staff to rotate into:**
|Accounting operations 49%|
|Internal audit 33%|
Source: Robert Half Management Resources survey of more than 270 CFOs
*Responses do not total 100 per cent due to rounding
** Only asked of CFOs who promote role rotation; multiple responses allowed
© 2016 Robert Half Management Resources
However, many organizations have yet to put role rotation into practice. The majority of respondents, 53 per cent, said they do not promote these opportunities to their finance teams.
“Role rotation is a professional and business development opportunity that most companies do not take advantage of,” said David King, Canadian president of Robert Half Management Resources. “It is an effective way for employees to access new skills and expertise for future advancement within the company, while opening the business to fresh insight and perspective through collaboration.”
King added, allowing staff to experience different areas of the business can also serve as useful means of attracting top employees for new positions. “Driven professionals want to be a part of an environment that promotes career growth and advancement; role rotation offers them the chance to challenge and evolve their current skills, while preparing them for future leadership positions.”
Robert Half Management Resources highlights who executives can talk to about whether role rotation is right for their team:
- Employees: Do staff members want the ability to move among different business units? A “yes” means employers should look more closely at offering these opportunities – and find out which rotational roles interest workers.
- Line managers: Solicit recommendations from your department’s supervisors about potential job rotation candidates. Explain to managers the benefits of bringing in individuals from other parts of the business, and ask about the skills they would look for in these arrangements.
- Consultants: Consulting and project professionals offer an external perspective and have observed what has worked at other firms. Tap their insights about how your organization could benefit from this type of program and best practices for implementation.
- Network contacts: If your peers outside the company have overseen rotational opportunities, ask them about do’s and don’ts, benefits, and drawbacks.
About the Research
The survey was developed by Robert Half Management Resources and conducted by an independent research firm. It is based on telephone interviews with more than 270 CFOs from a stratified random sample of companies in Canada.
About Robert Half Management Resources
Robert Half Management Resources is the premier provider of senior-level finance, accounting and business systems professionals to supplement companies’ project and interim staffing needs. The company has more than 145 locations worldwide and offers assistance to consultants and hiring managers at roberthalfmr.ca. Follow us at blog.roberthalf.ca and @RobertHalf_CAN on Twitter for additional workplace advice and hiring trends.
For further information contact: Naz Araghian, (416) 865-2140, [email protected]