I found a very interesting article in CFO Magazine called “Why is CFO Turnover So High?” They report that 1 in 4 Fortune 1,000 companies changed their CFO in 2007. Smaller companies had a lower turnover rate of 10%, but even that number is 25% higher than it was in 2005. The reasons? You can read my rather loose translation of 6 reasons why the CFO turnover is so high. But my favorite is reason #6) Burn out due to large, complex (and expensive) ERP implementations gone bad! The article says “implementations that should have taken two or three years in some cases took five, six, or more. That tends to burn a person out”.
My response to this last point is that they should have implemented a package like Microsoft Dynamics GP. Implementations take days or weeks, not years. And I have personally never seen a CFO “burn out” due to a Microsoft Dynamics GP implementation – even a complicated one! Hint: In anyone feels close to burn out, there is a lot of ERP software implementations tips on this blog!
What is your opinion? Do you see a higher turnover rate for CFOs today? If so, why do you think this is changing? How is this affecting the staffing industry?