New research from leading recruitment specialist Robert Half, reveals that almost two-thirds (63%) of British based CFOs would not relocate abroad, even when offered the right career opportunity and remuneration package. Of those surveyed, only 16% have relocated abroad during their career.
For those CFOs who would consider relocating abroad, the primary driver would be career progression (36%) or a higher salary (30%). A better quality of life would attract 27% of CFOs to relocate abroad, while 15% would move abroad to provide a better environment to raise their children. Interestingly, despite the furore over bonuses and taxation, just 14% of CFOs would cite a higher bonus as a key driver to relocate and just 13% would move to a domicile with a more favourable tax regime.
Phil Sheridan, Managing Director, Robert Half UK said, “The research is a clear indication that Britain is still an extremely attractive environment to live and work. Given the uncertainty in the financial markets and high property prices, nearly two-thirds of those surveyed would not relocate abroad, even when offered their ‘dream package’. It is extremely encouraging to see that CFOs view Britain as a safe haven both in terms of lifestyle choice and employment opportunities.”
The top financial cities that would attract those CFOs prepared to relocate include New York and Sydney. Interestingly CFOs considering relocation are attracted primarily to long haul destinations, where the weather and global financial standing play an important part in their decision.
Top cities for relocation:
New York
Sydney
Hong Kong
Chicago
Singapore
Geneva
Toronto
Zurich
1. I would be interested in knowing the sample size.
2. I think the other thing to consider is that CFOs have reached the zenith of their functional careers and therefore may not perceive the need to have global assignment experience.
3. For me, this highlights another possible issue for global businesses. If the CFO is bounded by a UK-Centric mindset and they influence strategy and operational decisons – are these focused on short-term returns (possibly self serving?).
4. Finance is still the premium ‘demand’ function and it seems from this that the ‘deal’ between company and employee is firmly in the CFOs court according to these stats.
A case of don’t do as I do but do as I say?