Reed's Tim Vye, Divisional Director of Reed Finance Comments on the 'Global State of Mind: the New Breed of Finance Director'

    LONDON, ENGLAND, March 17, 2011 /24-7PressRelease/ -- Tim Vye, divisional director of Reed Finance and specialist recruiter for senior-level finance jobs, comments on how this has resulted in businesses seeking finance professionals with a global mindset, as well as the requisite financial and leadership skill required in a top Finance Director.

The economic turmoil of recent years has forced businesses to consider new ways of working. More businesses than ever before now operate on a global scale, whether as a result of a need to expand into overseas trade or because of cross-border acquisition activity.

Since the beginning of 2010, Reed Finance has identified a trend for many of these businesses to attempt to streamline their operations by moving key functions, including their finance team, into one central hub. As a result, international employers now expect their top-level finance people to possess a more global skill-set than has previously been required.

One central finance hub
Consolidating operations allows the finance departments of internationally-dispersed businesses to work more harmoniously as one global entity. The main benefit of this to businesses is improvements in productivity through a more commercially-focused finance department. There are also additional economic benefits, as overheads are dramatically reduced through moving to one central location.

Reed Finance has noted that this centralisation trend is especially prevalent in FMCG and utility companies as they often have multiple locations in different countries.

Many multinational FMCG companies are establishing shared-service centres, which require finance professionals who are used to working in a fast-paced environment with a diverse range of cross-border stakeholders. At Reed Finance, we have also observed this trend in high-tech manufacturing companies that export into many different overseas markets.

Having one finance hub that oversees global operations also gives a business complete oversight and control of the company's purse strings at a time when 'lean business' is paramount - something that has long been the mantra of manufacturers.

Companies with headquarters in the UK and Ireland are also beginning to rein back from having lots of finance teams spread out over Europe. Instead they are now focusing on boosting the size of their teams 'at home' which is undoubtedly good news for the UK jobs market.

Of course, there is still some off-shoring of high volume processing work. However, in the market that Reed Finance operates in - senior-level finance professionals - these are more HQ-based roles and less commonly off-shored.

FD's need a global mindset
Employers are seeking exceptional candidates who have the requisite skill set and global outlook to lead their centralised finance functions. As a result they require candidates to possess a set of skills which differ from the traditional skill-set normally associated with senior-level finance positions.

Finance professionals who are looking to reach senior posts in blue-chip organisations may find they are asked to work overseas for spells to gain broader experience. Employers are expecting top candidates to be willing and able to relocate for periods of time which also has the benefit of giving the employee experience of working within other economies - useful awareness when a business is operating in a global economy.

Consequently, if you are required to work abroad or to liaise with foreign divisions of a company, employers will be seeking candidates with knowledge of a foreign language. If you do not already possess these language skills it may be useful to undertake a course in a key business language to increase your employability.

Another key skill that will differentiate candidates is an understanding of international accounting standards. Finance professionals with experience of reporting under IFRS and foreign financial reporting frameworks will immediately have an advantage.

There is well-documented evidence that finance professionals are becoming ever more important to their MDs and CEOs. Companies are looking for candidates who can clearly add value to the bottom line through demonstrating strong commercial acumen. With uncertain economic times still ahead, businesses want to bring in strong financial leaders to help bolster existing management teams. Therefore, candidates who can demonstrate that they can take on a strategic role within a company will do well.

The trend for a central finance hub is certainly one to watch, as multinational companies look to optimise the way their finance department operates whilst reducing overheads such as wage bills. A new, more widely-skilled breed of finance professional will be required to fill these emerging roles. At Reed Finance we expect this trend will only continue to grow as overseas trade expands and cross-border acquisition activity increases.

Website: http://reedglobal.com

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