Bench Strength & Succession Planning in Today’s Finance Function
Tuesday, March 1, 2016 | Zak Marar, Head of the CFO and Corporate Governance Practice at Moorland Gray
“The future belongs to those who prepare for it today.” - Malcolm X
Middle East financial leaders are preparing to navigate uncertain regional conditions over the course of the next few years. Amidst low oil prices, corresponding declines in government spend and unforeseen tightening of liquidity across sectors, many institutions with regional presence are relying on their internal finance functions to develop agile solutions that will help ensure organizational success through these challenges and evolving market conditions.
Throughout the region, boards and organizations are progressively more dependent on the foresight, technical efficacy and strategic abilities of their finance executives. Non-optimal internal finance structures are proving costly, and many leading entities are revisiting questions around the caliber, depth, adaptability and sustainability of their risk, internal audit, cash management and broader finance functions.
Having successfully completed 1,200 executive hiring mandates over the last nine years to become the most successful and trusted retained search firm in the GCC, the Moorland Gray Executive Search team has – as partners and advisors – had front row seats to many such difficult, but necessary, board and C-Level discussions, particularly in recent months. We have been privy to many such meetings as clients look to restructure or fortify their finance and corporate governance functions by building well-balanced, commercially astute and sustainably robust teams.
The executive search solutions that these strategies rely upon must always be customized to unique functional, structural and top-down human capital needs. However, there is striking commonality in the risks organizations assume when C-Suite succession planning and bench strength assessments of the executive and mid-to-senior level teams, particularly in finance, remain underdeveloped.
Is concern outpacing action when it comes to the development of succession planning frameworks, even for critical roles and functions? What are the common consequences and recommended solutions?
Please download the whitepaper for access to the executive summary and complete findings.
Written by Zak Marar, Head of the CFO and Corporate Governance Practice at Moorland Gray.
We would like to extend our sincere thanks and gratitude to our panel of CFO contributors. Their support, time, expert insight and guidance have been both informative and pivotal to the success of this whitepaper.