Despite Upsides of Role Rotation, Most CFOs Do Not Encourage this Practice in Finance: Survey Finds

May 27, 20168:47 am835 views

Despite acknowledging the upside, most CFOs don’t promote role rotation in finance. 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.

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.

Following are the areas where CFOs who promote job rotation allow financial staff to rotate into:

  • Accounting: 72 per cent
  • Accounting operations (e.g., payroll, accounts payable): 49 per cent
  • Compliance: 47 per cent
  • Finance: 42 per cent
  • Tax: 40 per cent
  • Internal Audit: 33 per cent

See: Accounting Professionals in Singapore Can Expect Shift towards More Strategic and Analytical Roles

“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.Role rotation _CFOs

“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.”

Here are some areas according to the survey, wherein executives can discuss 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.

King added, allowing staff to experience different areas of the business can also serve as useful means for 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.”

Also read: Top 6 Emerging Skills for CHROs to lead HR 2020

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