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HRM Asia
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Drop in CFO turnover puts spotlight on succession planning for APAC HR leaders
- In 2024, CFO turnover in Asia-Pacific dropped by 24%, outpacing the global decline of 7%, according to Russell Reynolds Associates’ 2024 Global CFO Turnover Report.
- Asia-Pacific's emphasis on stability, especially in family-controlled businesses, reflects the region's culture.
- Unlike other regions, Asian markets prioritize trust and continuity over rapid changes in leadership.
- HR leaders need to foster loyalty and minimize turnover to align talent strategies with the region's business dynamics.
- With an average CFO tenure of 4.7 years in Asia-Pacific, robust succession planning is crucial.
- Asia-Pacific's talent development culture shows a high percentage of first-time and internal CFO appointments in 2024.
- Balance between innovation and continuity offers insights for HR teams in preparing finance leaders for C-suite roles.
- Structured development programs focusing on strategic thinking and leadership readiness are essential for high-potential finance leaders.
- Cross-functional collaboration and a growth mindset are key for CFOs to navigate evolving challenges.
- HR must integrate skills like data analytics and sustainability strategy in leadership programs for CFOs.
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