CFO Hiring For Software Company Leading To Successful M&As, 100% YOY Revenue Growth
Our C-Level Recruiters Transformed CFO Recruitment Outcomes Leading To Tremendous Opportunity Gain and Business Growth For Client
Summary:
A US-based software company with operations in several countries required a Chief Financial Officer to direct its inorganic growth in the most financially secure manner.
Despite spending about 400 man-hours of their HR team over 5 months, USD 15,000 in flight and commuting arrangements of selected candidates, and about 100 hours of C-Suite time, the vacancy could not be closed.
After hiring the services of the Alliance Recruitment Agency, a CFO was hired within 80 days – a CFO who proved to be an outstanding C-Suite member and achieved all targets.
The Situation
A software company with operations in 10+ locations in the USA, India, and Philippines was planning to double its size and revenues through a couple of takeovers and acquisitions. The company’s C-Suite comprised a CEO, CTO, CIO, and CAO, and its revenues had started to cross USD 50 million.
The client required a Chief Financial Officer to direct its inorganic growth in the most financially secure manner while strategically planning to win targeted investor interest.
Challenges
No Success Achieved Despite 400 man-hours of work done by the HR team. The company had also spent quite some money on arranging interviews – flight and hotel arrangements for one-day visits and other expenses. All the interviews and discussions took 100 hours of C-suite time.
The major challenges were the following:
- The CFO candidates shortlisted had outstanding track records in the IT industry but had little experience in financial analysis, risk management, and duties related to the takeover of offshore firms.
- The ideal CFO candidate for the company should have Asia-focused business growth and regulatory experience in addition to the financial management of M&A transactions – it was difficult to judge that from CFO profiles sourced from CFO search websites.
- 10+ candidates with the most promising profiles were selected by the HR team, but none had a highly relevant track record – this came to light only after personal interviews.
- The software company required international CFO search expertise – which was lacking in the HR team and local recruitment service partner.
Executive Search Solutions And Approach
When the CFO search project was handed over to Alliance Recruitment Agency, the software company requested fast services to avoid further delays in their M&A plans.
Our CFO executive search team in the US coordinated with its colleagues in Asia to form a strategy that led to successful CFO recruitment within 80 days.
Within 10 days – Ideal CFO candidates were identified and best-match personas created:
Our US-based CFO recruiter asked the client to fill out a custom-created form that led to a clear understanding of CFO hiring objectives, expected KPIs and performance expectations of the ideal CFO candidates, and the creation of ideal CFO profiles and personas.
Within 30 days – The software company found five best-suited CFO candidates following two rounds of virtual interviews:
The ideal CFO personas were shared with our Asian cfo recruiters. Ideal candidates were found through specific parameter-based algorithmic searches of our database, C-level recruitment knowledge bank, and job advertisements at selected platforms on which our agency has access.
10 candidates were contacted and interviewed by our CFO recruiter, out of which 7 considered moving ahead for a career change.
Within 50 days – The company found an outstanding CFO candidate with the most relevant track records, accomplishments, and experience. The offer was made.
Three C-suite members of the US-based company came to Asia. An external expert from one of the top global technology consultancy companies was added to the interview panel. After rigorous screening, a unanimous decision was made, and a candidate was finalized for the position.
Within 80 days – Following some carefully-planned negotiations done by our CFO recruiter, the job offer was signed, and the CFO vacancy was closed.
The CFO candidate had various hesitations about the position at the software company after he identified some key risk areas in proposed mergers and acquisitions. Also, the candidate did not find the compensation very attractive. Our CFO recruiter conducted a compensation benchmarking and analysis and suggested a remuneration package to the employer client that inspired the latter to make a better offer, which was accepted by the candidate.
Outcomes for the Client
- Best-Fit CFO Candidate Hired Within 80 Days
- Benefits of International CFO Search and Virtual Interview Support Enabled Tremendous Time Savings for C-Suite.
- Optimized CFO Recruitment Procedure Prevented Unproductive Hiring Costs
- The Quality of CFO Search Improved By Our CFO Recruiter – leading to the elimination of the wrong approach that could not have resulted in best-match CFO identification and hiring.
About Alliance Recruitment Agency
We are a wide network of recruitment and executive search teams offering a range of recruitment solutions worldwide.
Our ability to source highly specialized candidates within a short period of time is one of our key strengths. Our extensive recruitment experience also makes us an affordable recruitment partner, as we are able to get a lot done with less time, investment, and hassles.
