Financial managers must hit the ground running

There is no grace period for new financial managers, who are expected to produce results immediately, a new survey suggests. One in five (21%) of chief financial officers interviewed cited increasing productivity and building rapport with new staff as the equal leading challenges faced in their first 100 days on the job. Boosting profitability was the third most common response, cited by 15% of executives.

The survey was developed by Robert Half Management Resources, and conducted by an independent research firm. It was based on telephone interviews with more than 270 CFOs across Canada.

CFOs were asked, "Which one of the following was the greatest challenge you faced in your first 100 days in your current position?" Their responses:

Increasing productivity	21%
Building rapport with new staff	21%
Increasing profitability	15%
Personnel decisions, such as hiring or staff reductions	13%
Building rapport with your CEO	6%
None	13%
Other/don't know	11%
	---------- 100%

"New financial managers need to make an immediate impact," said David

King, executive vice president for Robert Half Management Resources. "In today's economy, especially, executives may have less time to prove themselves and are expected to demonstrate tangible results."

King noted that while just 13% of CFOs cited personnel decisions as their top priority, managers should not overlook this critical step. "A talented team is essential to enhanced productivity. Financial managers need to connect with their human resources departments to help understand what motivates employees to perform at their highest levels."