The numbers are in, and the turnover rate for this position at Fortune 1,000 companies dropped noticeably in the first half of 2009.
After two straight years when the churn rate was 24%, only 7% of CFO positions were open at some point during the past six months.
According to one recruiting firm, increased CFO retention began shortly after the economic crash last fall — with more companies unwilling to make changes in light of financial stress.
In fact, of the 69 people who did land CFO jobs in the first half of this year, almost 60% were promoted internally, showing employer reluctance to take a chance on hiring outside the company.
Looking at CFO turnover by sector:
- Financial services: 8% in the first six months of ’09, compared to 17% in 2008, and
- Technology: 8%, down from 23%.
The only sectors in which turnover increased were:
- Telecommunications: 42% in 2009, up from 22% in 2008, and
- Life sciences: up to 16% from 11%.