Background: Buy-backs and why you should avoid them

Buy-back: when an employer offers a resigning employee more money in an attempt to get them to stay.

LinkedIn and the recruitment industry as a whole, sadly, is awash with advice on how to manage a “buy-back” situation. The majority of this advice has been done to death and often features, largely made-up, statistics around how many candidates will go on to look for a job once they’ve accepted a buy-back. Granted; at the CFO level, due to the nuance involved in it, these numbers are far fewer. There is an old quote that says ‘73.6% Of All Statistics Are Made Up on the spot’ – often because it serves the narrative at hand.

But what all of this advice fails to address is that on a basic level, buy-backs are not good and they are something you should want to avoid in the first place. Of course, it’s flattering to receive a buy-back when you hand in your resignation, and why shouldn’t you receive one; after all you’re a great employee! But it should never reach the point where it’s actively being considered - if you’ve gone through the steps we’ve outlined below, you’ll know that the decision you’ve taken to leave is the right one and you won’t be swayed by guilt/loyalty/more money [delete as appropriate] into staying. 

Important things to consider before you start looking for a job

From SRM Search’s perspective, there are several measures that CFOs and senior finance professionals can take before they consider initiating a search. From our own experience in early conversations we may have with a Finance Director or a CFO, as much as 15% of them will re-evaluate a career move in some form once we’ve discussed these points with them.

So here are a few areas to evaluate before an external search is even initiated, and by initiate we mean the sharing of a CV with a recruiter/search firm or applying to an external role. Our advice is that the following is treated almost as a “flow chart”. Across this we’d clearly recommend that a dialogue is initiated with your current line manager (where appropriate of course), but before that, you should consider the following four key areas:

1. Assess your current role/responsibilities and challenges

Frustrations with our current roles can often be short-term. Critiquing your current role and assessing whether you can expand your responsibilities or make adjustments is an important step in career growth. Before deciding to leave your current job or seek new opportunities, it’s worth considering how you can enhance your current role to better align with your goals and satisfaction. Consider:

• What you enjoy most about it and what the medium-term horizon is for this changing? If your company is expanding or making acquisitions, for example, clearly there is scope here for things changing (hopefully for the better).
• What are your frustrations and how practically can these be addressed? An obvious example here at the mid-levels of the finance profession may be down to pay. In a tight labour market, as we have in the UK, you may be surprised how open your direct line manager may be to discuss how this might be addressed.
• Be solution-oriented: when considering potential changes/amendments to your role or a desire for a promotion, focus on solutions that address both your needs and your current businesses needs or goals. For example, propose how expanding your responsibilities can help achieve key business objectives or improve efficiencies.
• What is the wish list of development areas you feel you need? Perhaps having spent some time speaking with your external professional network can determine or influence how likely you can address this by making a move to another business.
• On the basis that you decide there is further professional development or experience that can be gained from your current role, establish some set goals; how are you going to measure this and devise a timetable to work towards.

2. Speak to your professional network

Speak to your professional network outside of your current organisation (separate to a search firm). This could even be as binary as writing a list of people that will speak for you, and who would be “useful” for you. In isolation this is a very worthwhile exercise anyway. These contacts are likely to be brokers (for CFOs), professional advisors such as lawyers, corporate finance contacts and audit partners. For candidates below, say, FC level, this could be your cohort from time in practice, if you are an ACA.

We appreciate completely that not all are practical and it’s clear that you cannot risk conflicts of interests. We would suggest that when looked at forensically, your list will be longer than you’d have envisaged. Asking for advice around the market but also feedback about your engagement in a professional capacity can often lead to some interesting discussions and may shape how you view something externally. Our advice would be always to start here following your evaluation on your role, as outlined above.

3. Utilise Professional Network Communities

The rise of professional network communities has significantly transformed the way passive and uncertain job seekers explore new opportunities. The "Instagrammification" of LinkedIn has unquestionably made accessing these networks more accessible and personal.

One standout example is the NOVA Community, a network of over 500 senior female leaders who come together to collaborate, share experiences, and engage in meaningful conversations. This community exemplifies the power of professional networks that blend online interaction with offline connections. Members can discuss challenges, celebrate successes, and provide advice, offer/receive mentoring in a judgment-free space. Historically groups similar to NOVA were only focussed on the CFO end of the market, and this has certainly changed. In NOVA’s example, they offer an FC level cohort and a “just market curious” board.

4. Consider a career coach

A coach isn’t needed in all situations or levels, but technology has made career coaching more accessible through online platforms like BetterUp, Coach.me, and LinkedIn's career services. These platforms allow professionals to connect with coaches remotely, making it easier to access coaching regardless of location.

Career coaching is no longer seen as a service only for executives or those in crisis. It has become a mainstream tool for continuous professional development. More organisations are offering coaching services to employees as part of their benefits packages, recognising the value of coaching in employee retention, development, and satisfaction. Utilising a coach may give you a fresh perspective and operational adjustments that may benefit your current role.

Should you stay or should you go?

Much of the above may be measures that you have taken in the past when considering a career move. Broadly speaking, we do tend to see many candidates overlooking the first point when considering if it’s time for a move and this can, especially at the CFO level, often be the most fruitful source of ideas and support when it comes to the early stages in considering a move from the role you are in currently.

All of the above are routes to consider for either the very passive seeker of a new role or perhaps someone who is in the very early stages of initiating a job search. Ultimately, when the transition to a more active search occurs, the majority of the above should absolutely still be a facet of a rounded and all-encompassing search. In many cases it may be that you decide that, whatever the reason, it may not be the right time for you to move.  But when you do decide it’s your time to initiate that search, we’re here to help.

We’re here to help

If you’re a CFO or senior finance professional who has decided now is the right time to move, please contact me, Richard Boyd, on richardboyd@srmrecruitment.com or call +44 7376 497285