Hail the Rise of the Part-time CFO

By: Part Time Professionals  19-Apr-2008
Keywords: Recruitment, Consulting, Business

Sydney April 2008 - Australian companies struggling with the shortage of executive talent are in for a major shake-up with the arrival of a new company dedicated to revolutionising the way senior financial executives are employed. Part Time Professionals will offer businesses access to an impressive pool of highly-experienced financial executives who will work on a permanent part-time basis.

Over 150 highly-credentialed finance executives in Sydney, Melbourne, Brisbane andAdelaide have joined Part Time Professionals who will broker part-time contracts for its member consultants. Its membersare predominatelyChartered Accountants and CPAs withovertenyearsCFO or Financial Controller experience.

The initiative has far-reaching advantages for Australian industries across the board and, most importantly, will offer significant relief from the pressure of Australia’s well-documented skills shortage.

Company founder, Andrew Blunden, said he has a wide cross section of professionals who are attracted to the model, including those looking to cut back on their workload, re-enter the workforce, increase experience or just change their work focus. It will also move to address a growing need to strike better work-life balances – an issue that has been well documented at state and federal levels.

“People can choose to work for one business a few days a week, or two businesses for a couple of days each, per week – there are no limits,” said Blunden. “This will open up career opportunities to many people who might have otherwise chosen not to work. It will involve a mindset change for many people, but the advantages are huge. This is going to be a big win-win for both executives and businesses throughout the country.It will give executives the opportunity to work as much as they want to, while giving businesses of all shapes and sizes unprecedented access to professionals they might not otherwise have been able to afford.” Mr Blunden said his solution was a first for Australia and clearly well overdue – judging from the response so far from professionals and the business community. This view is supported in the marketplace.

“Companies have in the past been traditionally reluctant to embrace the part-time model,” said Mr Geoff Mullins, Chairman of VentureAxess Capital Limited “but the increasing executive skills shortage and a relentless drive for value is leading forward-thinking companies around the world to embrace the concept as a cost-effective model that allows them to get the best person for the job.”

Part Time Professionals is NOT a traditional recruitment company. Similar models are now operating overseas; Mr Blunden said the part-time model would be especially attractive to a range of companies, including:

* Companies seeking the best value for money from their cash resources, including biotechnology, start-up organisations and companies specialising in research and development.
* Companies that are in a growth phase and are unsure of their long-term executive resource needs, i.e. full time or part time.
* Companies with only one in-house accounting employee. A part-time professional would provide a valuable back-up resource and could also be involved in mentoring if necessary.
* Companies seeking to stretch their existing accounting staff, without making a full-time appointment. Companies preparing for change in their business, such as overseas expansion, listing, acquisition or sale. An experienced professional could assist with this process on a needs basis.

Mr Blunden said the value of the part-time executive was already well accepted in the US, with the number of part-time executives increasing to 6.4 million in 2004. Based on market research, Mr Blunden expects this to be mirrored in Australia.

Notes to editors Part Time Professionals is not a recruitment company. It is set up to represent and support its membership of executive consultants, and is not an agent for any employer. After a successful placement, the executive consultant receives ongoing support and services through Part Time Professionals. These include invoicing, training, and networking opportunities. The company plans to offer an extensive range of educational, training, administration, and networking services to its members. It is also investigating the possibility of further services to help mentor less experienced executives in the financial field. For more information about Part Time Professionals, visit the website at www.ptprofessionals.com.au

Keywords: Business, Chartered Accountants, Consultant, Consulting, contracts, Executives, Part Time, Part-Time, Professional, Project, Recruitment

---