Specialised recruitment firm, Robert Half, is giving the nod to CFOs as the best candidates to take on the newly emerging and crucial Chief Performance Officer (CPO) role, which is expected to be added to executive boards with increasing frequency, as performance becomes the key for organisations seeking to outpace the competition.
The CPO role is that of a core strategist combining comprehensive experience in HR, finance, planning, operations and strategy – exactly the combination of ambition, skill set and professional development afforded by CFOs, according to Robert Half.
The new role has gained popularity in keeping with the increasing focus on overall corporate performance, following the financial crisis and in the face of increasing globalisation and digital disruption, with the prototype named in 2009 by US President Barack Obama. Obama’s appointee, Anthony Politano, says the CPO role comprises six Cs: collect, consolidate and condense performance-related data; communicate the results; collaborate with others; and control and govern the process.
“Companies where the finance function ascends past a purely financial orientation to a more strategic and business-driven approach are generally able to effectively grow at a faster pace than their competitors,” said David Jones, senior managing director, Robert Half Asia Pacific.
“Increasingly the CFO role is evolving beyond the traditional focus on number crunching and cost-cutting to one of providing crucial strategic insights based on a range of financial and non-financial indicators.”
Jones advises CFOs wanting to transition up to CPO to ensure that they have an intensive and holistic understanding of their business and knowing exactly how the finance function can make a real difference.