Good people are staying put
Over the last twelve months, I've noticed a real shift in the conversations I'm having with CFOs, Finance Directors and Financial Controllers.
A few years ago we'd start with salary or the next step up. These days, one of the first questions I get is how stable the business is.
Plenty of talented people are happy to take my call and hear about a new opportunity. Resigning is a very different story, and the phrase I keep coming back to is an old one: "Better the devil you know than the one you don't!"
If you're hiring senior finance talent, that mindset is worth understanding. The challenge often isn't finding people with the right skills, it's convincing good people that leaving what they've got is worth the risk.
Stability has become a selling point
Most finance professionals have watched restructures, hiring freezes and redundancies hit businesses that looked perfectly secure only a year or two earlier. They're close to the numbers, so they know how quickly things can turn.
That's why candidates are doing far more homework before they'll consider a move. They want to know how profitable the business is, who owns it, why the role is open and what happened to the last person in the seat. They'll ask how long the CFO or CEO has been there and whether the business is investing or cutting costs.
I don't see that as candidates being difficult. They're doing exactly the kind of due diligence you'd want from a good finance leader.
Something I've learned is that the questions a candidate asks early on usually tell you what will make or break the offer. If they keep coming back to funding or ownership, a vague answer in the first interview is often what loses them in the final one.
The risk premium of changing jobs
Candidates don't just compare salaries, they compare certainty.
Take a Financial Controller who's been with their employer for four years. They know the business and the systems, their manager trusts them, and they've earned a fair bit of flexibility along the way.
Now you approach them about a similar role paying $25,000 more. On paper it looks attractive, but they'd be walking away from four years of credibility and relationships that took a long time to build. In return, they get a new boss, a probation period and the chance the business isn't quite what was described in the interview.
Suddenly that extra $25,000 doesn't look like much. I think of this as the risk premium of changing jobs. The more secure someone feels where they are, the bigger the upside they need to justify leaving, and that upside doesn't have to be money.
Hiring managers also forget that the candidate isn't making this call alone. A lot of offers don't fall over in the interview room, they fall over at the kitchen table that night when a partner asks, "Why would you risk it?" If the candidate can't answer that confidently, you've probably lost them.
Development is the missing piece
Candidates want stability, but they also want to keep growing. Some are working towards a CFO role, while others want board exposure, a transformation project to lead or a broader commercial remit.
The problem is I'm not seeing enough businesses clearly show how they'll develop their people. Teams are leaner, managers are stretched, and training budgets are under pressure. When I ask about development, I often hear something like "there's plenty of opportunity to grow with the business."
That sounds nice, but candidates want to know what it actually means. They'll ask whether there's a real pathway, whether they'll get in front of the board, whether the business will invest in their leadership, or whether growth just means more work.
Good candidates can tell the difference. If they're going to take the risk of moving, they want to know they're moving forward, not sideways. If they're not learning they're not moving.
The question every hiring manager should be able to answer
When I take a brief on a senior finance role, one of the first things I ask is: "Why would someone who's already in a good job leave it to join your business?"
It sounds simple, but it's surprising how often it stumps people. Most hiring managers can walk me through the responsibilities, reporting lines and package in detail. What's harder for them is explaining why the role would appeal to someone who's happy where they are.
Recruitment works both ways. While you're assessing the candidate, they're working out whether your business is worth leaving theirs for. If the only real selling point is an extra $20,000 or $30,000, you'll struggle.
I also find that hiring managers often describe the role they need filled rather than the role a great candidate would want. Those are rarely the same thing, and the gap between them is usually where you lose people.
What I'd suggest doing differently
A position description tells someone what they'll be doing, while a compelling opportunity tells them why they'd want to do it. If you're trying to attract good finance people who aren't actively looking, here's where I'd focus.
1. Give them something worth getting excited about
What will this person achieve with you that they couldn't in their current role? Building a finance function, leading an acquisition or having a genuine say in strategy are the things that get senior finance people interested. Show them where they can make an impact.
2. Show stability rather than just promising it
Don't simply tell candidates you're a stable business, explain why. Talk openly about ownership, performance, investment plans and the challenges ahead. Experienced finance people aren't expecting a perfect business, they're looking for a credible one.
3. Make development tangible
If a Financial Controller could become Finance Director in three years, explain what would need to happen to get there. If you're offering board exposure, be specific about how often. Vague promises don't carry much weight with experienced candidates.
4. Don't underestimate the hiring manager
I've seen candidates turn down great opportunities because they weren't convinced by the person they'd report to. I've also seen people accept roles for similar money because they genuinely wanted to work with that CFO or CEO. For a lot of senior finance people, who they work for matters as much as what they'll be doing.
5. Let the process build confidence
Candidates are assessing you from the very first conversation. Clear communication and timely feedback suggest a business that knows what it's doing. A process that drags on for weeks or changes direction sends the opposite message, and for someone already hesitant, that's often enough to make them stay put.
6. Get ahead of the counteroffer
For someone who's comfortable, a counteroffer is powerful because it gives them some of what they wanted without the risk of moving. If you've sold your role purely on salary, you're vulnerable. If you've shown them real development, better leadership and a clear future, you've given them reasons to move that a pay rise can't match.
Your biggest competitor is their current job
This is probably the most important point. When you're hiring a senior finance professional, your biggest competitor usually isn't another business offering more money. It's the job they already have, with the relationships, reputation and flexibility that come with it, plus the comfort of knowing what tomorrow looks like.
The more uncertain the market feels, the more those things are worth. It also means that when a candidate turns down your offer, it doesn't automatically mean your salary was too low. Sometimes the opportunity just wasn't compelling enough, and throwing more money at it won't change that.
I don't think senior finance professionals have become less ambitious. They've become more selective about where they take their careers, and after the last few years, I can understand why.
The employers I see consistently landing great people aren't always the ones paying the most. They're the ones who've done the thinking before they go to market and can tell a candidate exactly why the move will be better for their career.
The businesses that struggle tend to treat hiring as filling a vacancy, when right now it's much closer to making a case. In a market where good people have every reason to stay, it's the best opportunity that wins, not the biggest salary.
Thinking about your next senior finance hire?
If you're about to take a role to market and want an honest second opinion on whether it's compelling enough to attract a good person, we're always happy to have a chat. Send us a message on LinkedIn, or get in touch with the team at HPR Consulting.