Balancing Finances: Exploring Part-Time Head of Finance Recruitment
Balancing Finances: Exploring Part-Time Head of Finance Recruitment
Part-time Head of Finance recruitment is a process tailored for businesses that need strategic financial leadership but may not require or cannot afford a full-time executive in the role. This can include small to medium-sized businesses, startups, non-profits, and even larger organizations that are undergoing restructuring or downsizing. The part-time Head of Finance is responsible for overseeing the financial operations of the company, providing strategic analysis and advice, and ensuring the financial team’s activities align with the company’s business objectives.
Key Steps in Part-Time Head of Finance Recruitment
1. Define the Role
- Scope of Work: Clarify what responsibilities the part-time Head of Finance will have, which could range from strategic planning to day-to-day financial operations.
- Hours Required: Determine how many hours per week the role will entail and whether those hours will be fixed or flexible.
2. Identify the Ideal Candidate
Identifying the ideal candidate for a part-time Head of Finance role is a nuanced process that balances industry experience with strategic acumen and technical proficiency. Here’s how to delineate the ideal profile:
Experience Level
- Depth of Expertise: A startup or SME may require a candidate with a broad range of experiences who can manage the full spectrum of financial responsibilities. Look for someone with a proven track record of establishing solid financial foundations and supporting business growth.
- Industry Knowledge: A candidate with experience in your specific industry can be invaluable. They will bring an understanding of the unique financial challenges and opportunities your business may face and may also provide industry-specific contacts and insights.
- Leadership Experience: Even in a part-time capacity, the Head of Finance may need to lead a team, interface with senior management, or deal with external stakeholders like banks and investors. A candidate with strong leadership experience can navigate these interactions more effectively.
Skill Set
- Strategic Vision: The ideal candidate should be able to contribute to the strategic direction of the company. They should have the foresight to plan for the future, considering both the financial implications of business decisions and the business implications of financial decisions.
- Financial Management: Proficiency in core financial management is a must, including expertise in budgeting, forecasting, financial analysis, and developing financial reports that offer insights into business performance.
- Compliance and Reporting: Knowledge of relevant financial regulations and compliance requirements is crucial. The candidate should be well-versed in ensuring that the company meets all its reporting obligations and adheres to financial laws and standards.
- Technology Savvy: An understanding of current financial software and tools is beneficial. The Head of Finance should be comfortable with implementing or using financial systems that can streamline processes and provide accurate financial data.
Additional Considerations
- Cultural Fit: The candidate should share the company’s values and be able to integrate with the existing team and corporate culture, even if their presence in the office is limited.
- Communication Skills: They need to communicate complex financial information to non-financial team members clearly and concisely, ensuring that key stakeholders can make informed decisions.
- Flexibility: Adaptability is particularly important for a part-time role, as the candidate must be able to manage a variable workload effectively and adjust to the changing needs of the business.
Finding the right part-time Head of Finance means looking for a candidate who not only fits the technical bill but also brings a level of seniority and credibility to the role, capable of steering the company’s financial strategy and contributing to its overall success.
3. Sourcing Candidates
- Professional Networks: Tap into industry contacts, finance-related associations, and online professional networks like LinkedIn to find suitable candidates.
- Recruitment Agencies: Partner with agencies that specialize in finance and part-time executive placements, as they can provide a curated list of qualified candidates.
4. Selection Process
- Screening: Review applications and screen candidates based on their fit with the defined role requirements and company culture.
- Interviewing: Conduct thorough interviews to assess their strategic and leadership skills, as well as their ability to deliver in a part-time capacity.
- Assessment: For some roles, it might be appropriate to include a practical finance assessment or request a strategic financial plan as part of the application.
5. Make the Offer
- Compensation: Develop a compensation package that is competitive yet reflects the part-time nature of the role.
- Flexibility: Many candidates seek part-time roles for the work-life balance they offer. Ensure that the role is structured to meet those expectations without compromising on the delivery of results.
6. Onboarding
- Integration: Develop a robust onboarding process to integrate the new Head of Finance into the company quickly and effectively.
- Alignment: Ensure they are aligned with the company’s strategic goals and understand the expectations and metrics by which they will be measured.
Key Attributes of a Successful Part-Time Head of Finance
- Strategic Thinking: They should be able to provide high-level strategic insight to guide the company’s financial direction.
- Efficiency: Ability to manage time effectively and deliver results within the limited hours allocated to their role.
- Communication Skills: Strong communication skills are essential to manage the finance team, work with other departments, and report to the leadership team.
- Adaptability: The capacity to adapt to the unique challenges and dynamics of working in a part-time executive role.
Conclusion
Recruiting a part-time Head of Finance requires a targeted approach to find a professional, we recommend using our sister company FD Capital.
Adrian Lawrence FCA with over 25 years of experience as a finance leader and a Chartered Accountant, BSc graduate from Queen Mary College, University of London.
I help my clients achieve their growth and success goals by delivering value and results in areas such as Financial Modelling, Finance Raising, M&A, Due Diligence, cash flow management, and reporting. I am passionate about supporting SMEs and entrepreneurs with reliable and professional Chief Financial Officer or Finance Director services.
