SPOTLIGHT ON…PART-QUALIFIED AND NEWLY QUALIFIED

Leaders Insight - with Steve Hammell, Experienced CFO, Industrials & Technology markets

The latest instalment of our “Leaders Insight” series is with Steve Hammell, experienced CFO in Industrials & Technology markets. In an insightful interview conducted by Michael Ball, Partner at The CFO Partnership, Steve shares his journey, the strategic initiatives he’s spearheading, and his vision for the future of finance.Steve Hammell brings a wealth of experience and a unique perspective to his role at Pressure Technologies. With a career spanning over two decades in various financial leadership positions, Steve has navigated through numerous economic cycles and industry shifts. His expertise in mergers and acquisitions, financial strategy, risk management, and operational efficiency has been instrumental in driving the company’s growth and resilience. Join us as we delve into Steve’s experiences, explore the evolving responsibilities of a CFO, and uncover what defines successful financial leadership in today’s environment.What are both the best and the most challenging aspects of being the CFO of a fast paced, listed business?Best aspects; Supportive shareholders with capital to inject into the business, including the ability to provide innovative financing instruments (e.g. convertibles, quasi debt-equity instruments) High quality Boards with NEDs who bring in-depth experience and a steady hand. The public profile helps to attract and recruit high quality candidates and offer incentive structures not available in private companies. Challenging aspects; Everything plays out in the public domain, so the interplay of strategic projects and business performance need to be carefully handled. Short-term share price movements can become a barometer of success rather than progress against strategic objectives and long-term improvements to the business. Regulatory burdens are heavy and the costs of being listed can be prohibitive for any plc with revenue < £30m. What are your opinions about the relationship between a CFO and CEO? What is critically important in building a successful partnership and providing the right support to the CEO?CEO and CFO must have each other’s back and provide a united front with all stakeholders, especially the Board, shareholders and employees. They should complement one another in terms of skills/expertise, leadership style and teamwork. Each needs to have strong leadership characteristics and deliver on their own responsibilities aligned to common strategic objectives. CFO needs to be the financial authority in the company and have command of the numbers, with the ability to simplify complex areas and deliver concise analysis for the CEO to use commercially. CFO should recognise that being CEO can be a lonely place with responsibility for almost every facet of the organisation. The CFO should be a strategic sounding- board and challenge the CEO regularly as an outspoken partner. What new key skills or attributes do you think the next generation of CFO’s are going to need to develop?Technology; Cyber security is becoming a core competence and leadership responsibility of the CFO; ability to develop the cyber defence strategy of the company and work with internal and external resources to provide a robust operating framework and a response capability if the business is attacked. Ability to lead and deliver ERP and data analytics projects as Board sponsor. Ability to harness Artificial Intelligence and automation to deliver value to the business; in manufacturing, this translates to delivering full integration of manufacturing and financial data to drive operational improvement. Procurement; Supply chain integrity, performance and reliability has become a significant issue post-pandemic. CFOs need to be able to develop and lead high performance procurement functions to serve the business and manage operational and financial risk. People; The world of work has changed in the last 5 years with many competing pressures emerging. CFOs need to develop a core set of values to guide their recruitment decisions. CFOs need to develop high performance cultures by harnessing a broad range of skills across the increasingly integrated functions of finance, IT and procurement to deliver first class support to the business. CFOs should focus on big-picture priorities and determine what gets done, not how it gets done; CFOs should therefore prefer to empower their teams and encourage collaborative decision-making. You have worked in some challenging turnaround environments in your career. What specifically are the most essential skills and personality traits that a finance leader needs to be able to steer a business through a turnaround project?Resourcefulness – CFOs must be able to draw on a broad array of skills and a network of dedicated advisors and funders to find their way through complex situations. Resilience and being strong-willed – CFOs must be acutely risk aware but be able to carry on regardless in a dark, uncertain and ambiguous situation where the route to success is not clear and the odds may be stacked against you; CFO’s need a plan B if things go wrong. Change management – turnarounds involve significant change for organisations and create new priorities, pressures and working relationships; CFO is normally in the eye of this storm. Working patterns and individual priorities have never been as much at the forefront of working life as they are for people now. Is it possible to maintain a reasonable work life balance at C-suite or do you have to accept that there will be personal sacrifices in order to succeed at that level?C-suite responsibilities are time consuming, and you are usually dependent on the performance of others, which requires flexibility and ability to handle time pressure. However, by organising the activities of your internal and external teams, space can be created for your personal life, albeit at certain times the job has to come first. You come from an advisory background yourself. How important is it to put time and effort into building and maintaining a network of trusted advisors that you can go to time and again?Developing long-term relationships of trust with CF advisors, lawyers, diligence providers, tax advisors and a range of debt and equity funders is critically important and enables a CFO to deploy the full suite of skills and expertise required. As a CFO, the businesses I have worked for have been employing not only myself but my entire network (whether they realised it or not!) What is the one single best piece of advice you were given early in your career that still holds true today?Frame your career and skills in terms of the market you operate in and develop the flexibility to deploy those skills in new ways. For myself, I have served the Yorkshire M&A market for over 25 years in diverse roles including CF advisor, corporate banker and most recently CFO and have been able to re-invent myself a number of times using a core set of skills and relationships. Looking forward, I have ambitions to move into non-executive roles and expect the flexibility I have developed over the years to serve me well again. Looking for your next career move in finance or accountancy? At Sharp Consultancy, our expertise lies in matching your potential with the perfect temporary, interim, or permanent position. With a well-established presence in Leeds and Sheffield, our seasoned team of consultants extends their services across Yorkshire and beyond. Don't wait for opportunity to knock, reach out to us TODAY and let's chart your career path together.

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In the first of a new series, we’ll be examining in detail a particular area of accountancy and finance recruitment and finding out more about the current market for both candidates and employers from one of our highly experienced consultants.

We caught up with Jack Curtis, Business Manager in our Sheffield office to find out more about the part-qualified and newly qualified market in South Yorkshire, North Derbyshire and surrounding areas.

Jack joined Sharp Consultancy in 2020 having previously spent several years with a well-known national recruiter. Having graduated from the University of Lincoln with a degree in Sport Science, he was keen to pursue and career which would allow him to combine his interest in supporting individuals develop their skillset alongside his natural flair for sales – recruitment proved to be an ideal fit.

At Sharp Consultancy, each consultant has a dedicated area of focus and expertise; tell us a little about the area in which you specialise?

Currently, I specialise in the placement of part-qualified and newly qualified finance and accountancy professionals across South Yorkshire, North Derbyshire and surrounding areas. I work with businesses – both on an exclusive and contingency basis – ranging in size from SME to global PLC.

What is your assessment of the current marketplace and what are your expectations of how the coming 6 to 12 months will look?

As we approach the end of 2021, many businesses have begun to recover incredibly well from a troublesome COVID induced 2020 – some have been more fortunate to surpass and beat sales targets and forecasts! Through regular conversations with many businesses from varying sectors in the region, I expect for this extremely buoyant marketplace to continue into 2022 – admittedly perhaps not at the same growth rate, but nevertheless still incredibly positive.

Many businesses are looking ahead with much more confidence, and, as they develop their growth strategies and targets for upcoming period, it is imperative that they invest and ensure the correct staff are in place to accommodate that business growth. As a result, we would expect to see continued market growth over the next 6 to 12 months.

What are the main recruitment challenges currently being faced by businesses in the region?

The main challenges being faced centre primarily around candidate availability and this is something which is being felt across all levels of accountancy and finance, from junior positions right through to senior appointments.

Another key challenge is the adjustment to or a return to pre-COVID working patterns. Over the course of the pandemic, the majority of workers - particularly those in office-based roles - have found that the enforced home working offered a level of flexibility and agility which many candidates have become accustomed to. Many businesses are now looking at how they balance employee flexibility with a return to the office and when recruiting for roles that are specific to being in the office five days a week, this can present additional challenges during the recruitment process.

What should employers be doing to overcome these challenges?

Employers need to recognise that there is currently a shortage of candidates which has come about as a result of a number of factors. Competition is stiff and we actively work closely with hiring managers to ensure they take as flexible an approach as possible when looking to bring in new team members. How this looks will vary – from a candidate’s technical experience to their personality to study support etc – and it is vital that we work consultatively with each organisation to prioritise candidates who are the ‘right fit’ for their particular needs.

Our in-depth and up-to-date knowledge of the marketplace enables us to provide the best possible advice and feedback to our clients and, by responding positively and flexibly, it is those business that have found themselves best placed when it comes to attracting and securing the highest calibre candidates.

What particular skills are currently in demand?

Commercial skillset is certainly in demand; businesses that are performing well understand the value of having a strong commercially focussed Management Accountant or Business Partner and what that individual can add into the organisation. Mitigating risk and maximising opportunities are at the forefront of any business looking to grow in today’s market!

What should candidates be doing to take advantage of this opportunity?

To take advantage of this, candidates should be asking their current employers for an insight and further exposure into the budgeting and forecasting process alongside as much stakeholder management as possible. This will enable them to develop their skillset far beyond the technical and reporting experience they will have to date and will add a new dimension to their accounting arsenal.

What should candidates be looking for when considering a new role opportunity?

Moving jobs can be difficult at the best of times – however if you establish what are the most important things that you would want from a move at the outset, it will ensure the rest of the process is far smoother. For example, if a key motivator in looking for a new role is the limited growth opportunities at your current organisation, ensure the businesses you are interviewing with provide enough clarity and detail around the progression opportunity, business growth and mentoring and development. I can’t recommend strongly enough the need to ask as many probing questions as possible – the recruitment process is most definitely a two-way street - and don’t be afraid to be assertive and seek out examples of previous or current employees and their journey within the business.

What advice would you give to a part-qualified candidate about the next stage in their career development?

Understandably, the salary package is a very attractive point of any offer made to a candidate – especially in today’s market. That being said, any part-qualified finance professional (regardless of background) should strongly prioritise the level of exposure that they will have in the role they eventually choose to accept. Money can be an overly influential factor and, unfortunately, can often mask other limitations within that specific role or business which could potentially harm a candidate’s development and studies further down the line.

The priority for any active studier, should be attaining their full qualification including getting their practical experience signed off and ensuring that they join a business which aligns with their values and will prioritise supporting their progressing to gaining qualification.

What advice would you give to a newly qualified candidate about the next stage in their career development?

Once qualified, it is key to understand that there is no immediate need to move employers and it is paramount that you take your time to reflect on your career to date and to understand what environments and roles you have thrived in and, more importantly, have enjoyed.

The next step in your career (post qualifying) will be pivotal in how your future career shapes up – for example taking a more ‘typical’ progression route through to Finance Controller or Finance Director or moving into a more specialised department such as Commercial/Finance Business Partnering through to Commercial Manager. Whichever path you choose, it is vital that you ensure you are moving for the right reasons and going into a business or sector in which you can progress and that compliments your interests and skillset.

Finally, what advice would you give to a client about recruiting part-qualified or newly qualified candidates?

When recruiting any part-qualified or newly qualified candidates, businesses need to ensure that they are prepared to and are happy to invest in that individual. For example, if you are looking to bring on board a part-qualified candidate who is actively studying, you will need to recognise that – from a technical point of view - you are not getting the finished article and their studies will need to be prioritised. As such they will need a supportive working environment and line manager who will empower them to progress and develop alongside a role offering full exposure to accounts that will enhance their studies, as they progress through their exams.

During the interview processes it is also important to mention that technical skills can be developed and improved but personalities are limited to change; it is pivotal to onboard the most suitable candidate that reflects the culture and values of the business, and I would strongly recommend investing in the best personality fit as possible.

To find out more about career and recruitment opportunities for part-qualified and newly qualified accountancy professionals, contact Jack on 0114 261 1700 or jackcurtis@sharpconsultancy.com.

Sharp Consultancy specialises in the recruitment of temporary, interim and permanent finance professionals. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for positions throughout Yorkshire and beyond. CONTACT US today to discuss your recruitment needs with a member of our team.