The number of CFO and FD appointments made can be a barometer of business confidence, growth and change. We need to look at some of the more granular detail to make any conclusions. However, the headline over our quarter of December to February 2023 is that there were more appointments made across Yorkshire and the East Midlands since we started analysing the market three years ago.

• 22% above the average quarterly number over the past year.
• 25% above the same period last year.

We always share the details with our close network before we publish our quarterly articles. The volume of appointments has come as a pleasant surprise to many this quarter – perhaps a positive contrast to the some of the predictions of an immediate downturn in confidence.

As always, we have looked at a few areas to bring a sharper focus. Using our current CFO Network Annual Report as a benchmark.

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Sectors

The three most prolific sectors have been;

• 32% of appointments have been in the manufacturing / engineering sector. This has almost always been the dominant sector, but this figure compares positively with the 28% of appointments across the past twelve months.
• 17% in the technology sector. With this sector accounting for only 6% of organisations with an FD/CFO in the region, this shows some of the growth it has enjoyed. Not all of these appointments are for the organisation’s first FD, but the majority are.
• 12% in the construction sector. One of the most consistent sectors over the past year.

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Reasons For Recruiting

Positive reasons for recruiting continue to outweigh churn and turnaround recruitment by some margin. These are mostly where an SME has grown to a level that they need an FD for the first time or where a corporate creates a new role.

The data over the past year showed;

The results of the last quarter are largely consistent, with 34% of the appointments being generated due to growth.

“Churn” is at 55% and this can be down to a number of factors;

• Candidates confident to move jobs.
• Disengaged individuals looking for a new challenge.
• Some performance management out

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Gender Diversity

35% of appointments were female. This compares favourably with the overall landscape:

And with the number of appointments over the past year:

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We have been pleased to feature the insights of some of the CFOs and FDs across our region and get some reaction to the market and our Annual Report. Please click here to read some of the recent interviews with Phil White, Kerry Daniels and Kate Noble.