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Finance Teams Missing Out on the Benefits of Job Rotation

May 27th 2016
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In the quest to develop and retain staff, finance executives recognize the value of allowing employees to move into roles in different areas of their organization. But despite recognizing the benefits of job rotation, most firms don’t put it into practice, according to a new survey by Robert Half Management Resources.

The survey of 2,200 CFOs revealed that nearly half (44 percent) said they recognize the perks of job rotation, such as:

  • Giving staff broader exposure to the business.
  • Gaining fresh perspectives.
  • Enhancing professional development.
  • Strengthening succession planning.
  • Recruiting and retaining good employees.

However, 56 percent of respondents said they do not promote these opportunities for their accounting and finance teams.

“More companies can benefit from role rotation than are currently practicing it,” Tim Hird, executive director of Robert Half Management Resources, said in a written statement. “This is an effective way to strengthen the organization by providing access to diverse viewpoints, building employees’ skills, and grooming future leaders.”

Those finance leaders who do promote job rotation allow staff to move into the following areas:

  • Accounting operations, such as payroll and accounts payable (41 percent)
  • Accounting (37 percent)
  • Finance (20 percent)
  • Internal audit (11 percent)
  • Compliance (10 percent)
  • Tax (9 percent)

Hird noted that organizations that permit staff to move into different areas may be viewed more favorably by prospective employees.

“Top performers want to work at firms that help them grow and advance their careers,” he said. “Role rotation allows organizations to attract and motivate in-demand professionals looking for new challenges or to round out their skill sets in preparation for leadership positions.”

Robert Half Management Resources highlights who finance executives can talk to about whether role rotation is right for their team:

1. Employees. Do staff members want the ability to move among different business units? A “yes” means employers should look more closely at offering these opportunities – and find out which rotational roles interest workers.

2. Line managers. Solicit recommendations from your department’s supervisors about potential job rotation candidates. Explain to managers the benefits of bringing in individuals from other parts of the business, and ask about the skills they would look for in these arrangements.

3. Consultants. Consulting and project professionals offer an external perspective and may know what has worked at other firms. Tap their insights about how your organization could benefit from this type of program and best practices for implementation.

4. Network contacts. If your peers outside the firm have overseen rotational opportunities, ask them about do’s and don’ts, benefits, and drawbacks.

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Rowan Webb
By Rowan Webb
Sep 23rd 2016 07:21 EDT

I think that most new finance executives get an opportunity to do job rotation if they are picked for management development right? I should think that it's important to groom the next level of professionals in the industry to understand how the whole bank or organization is run so that they will better be able to handle the different situations that arise in each department. And I'm pretty sure it'll help to increase employee satisfaction in their employer too!

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