| CFO RoundTable NYC members and
guests networking prior to our
September 2013 program
While the ultimate goal of any company is to grow, there are often unseen challenges and pitfalls that can stunt growth and threaten the health of the business. Finding the most cost-effective ways to find and retain the best talent, knowing when to consider real estate moves, formulating strategies to handle healthcare reform, and even knowing when to limit your exposure through insurance can stump even the most experienced CFOs.
On Thursday, September 19, The CFO RoundTable NYC gathered 40+ CFO members and guests for “Managing High-Growth Organizations: A CFO’s Dilemma” to discuss the challenges of managing the rapid growth of their companies with their peers.
Organized in small groups, CFOs gathered for session topics on talent acquisition, real estate, healthcare and insurance presented by the following speakers:
| James C. Knox,
Esq., Senior Vice
| Daryl Pigat,
| Kevin Quinn,
| Mark Weiss,
So what did we learn?
Moderated by Kevin Quinn, Partner, Chernoff Diamond
CFOs gathered in small groups
to discuss their challenges to
managing high growth businesses
Much of our discussion focused on PEOs, including their benefits, their costs, and the appropriate time to transition out of a PEO model.
The group agreed that the larger the company gets, the most costly a PEO becomes. However, it’s important to understand the demographics of your employees and their health insurance needs before making a choice to jump to another health insurance model (self-funded, HMO, etc.). For example, the health insurance needs of young, single employees with no dependants differ greatly, both in cost and in offerings, from those who have dependants.
Further, with the provisions in the ACA coming down the pike, it’s incredibly important for CFOs to educate themselves on the health insurance requirements for independent contractors or part-time employees.
For more information on healthcare reform for CFOs, please click here.
On Acquiring and Retaining Talent
Moderated by Daryl Pigat, Metro Market Manager, Robert Half International
Over 40 CFOs gathered for our first
2013-2014 season program!
On the acquisition of talent, CFO attendees agreed that a combination of old and new outreach methods continued to deliver the best talent to their doorstep with minimal cost. Bonuses to employees who refer hired candidates and job listings on LinkedIn still prove to be excellent recruitment vehicles for most companies.
Many companies are also taking the extra step to promote their corporate brand and the benefits of employment through social media, such as Twitter, Facebook, LinkedIn, even Pinterest and YouTube. However, most CFOs agreed that the outreach depends entirely on the level of hire. Executive and staff searches are entirely different processes, and most CFOs expect to invest more time and money into finding the right leader who fits the mold of the culture of their organizations.
The CFOs also spent quite a bit of time discussing the importance of employee retention. All employees are considered high value employees, and to lose a good one to burnout, a competitive offer or otherwise can throw a roadblock in front of company growth.
To combat this, many CFOs have implemented flexible perks in their organizations, including extended vacation days (and in some instances, unlimited vacation days), telecommuting opportunities, extended education investments, employee satisfaction surveys, and more.
On Real Estate
Moderated by Mark Weiss, Vice Chairman, Newmark Grubb Knight Frank
| Many CFOs took advantage of the
networking before and after the
program to connect with peers
On the issue of real estate, many of the CFOs articulated their struggle on two fronts – how to negotiate the right amount of real estate for their growing company, and how to know exactly what they’re getting for the broker fees paid.
In terms of the space itself, it was advised to map your real estate plan to your business plan; thereby anticipating jumps in employment and space before you get too cramped. Further, it was advised to be cautious when a landlord says that they’ll move you when you grow, as that entirely depends on if they have the space, interest and time to relocate you when you’re ready.
And in terms of the broker fees – ask! Many CFOs shared that they regularly interview real estate brokers to compare on price, ability to negotiate and the offerings they have available that would best suit their company and culture.
Moderated by James C. Knox, Esq., Senior Vice President, Financial Services Group, Aon
As many of our attendees have experience in or are currently working with eCommerce companies, the majority of this discussion centered on cyber media policies and insurance.The takeaway message was clear – if you have a website that collects any consumer data, you are liable and need to protect yourself.
Unfortunately, most cyber media policies are so dense that it’s almost impossible to understand them. Therefore, the CFOs agreed that working hand in hand with their agents to truly internalize their policies, their exposures and their risks was the best defense against future issues.
Our thanks to our session moderators for sharing their time and expertise, and of course, our thanks to our 40+ CFO RoundTable members and guests who attended! Be sure to save the date for our next CFO RoundTable NYC program, “Globalization: A CFO’s Guide” on Wednesday, November 20, 2013.
Want to see what other CFO RoundTable events are coming up in the next few months? Click the button below to get started!