What to Do If Your Financial Director Goes on Maternity Leave
What to Do If Your Financial Director Goes on Maternity Leave
When your FD comes into your office and tells you that they’ll be going off on maternity leave, you might feel a sudden sense of dread. Never fear. You don’t have to be without an FD for several months. Hiring a part-time or interim FD can enable you to continue your business operations. This setup is more convenient and flexible than using a fixed contract to cover your FD’s maternity leave.
We’re talking you through how to find the right FD to help you during this period so that you can continue your business and not see any impact on your bottom line.
While you’ll be happy for your FD, maternity leave can be a stressful time for a CEO. Your FD is one of the most important people in your business and being without them for several months can be inconvenient and costly. We’re here to help you navigate this situation and keep the show on the road.
How maternity and paternity leave works with your FD
Your FD is entitled to maternity leave or shared parental leave following the birth or adoption of a child. This right is in place regardless of how long they’ve been working for you. Although women most commonly maternity leave, the shared parental leave policy has led more men to use part of the 52 weeks.
The legislation around parental leave means that your FD has a right to return to their job. Your FD does not need to inform you whether they intend to return to their position at the end of their parental leave. It’s important to note that it’s illegal for you to ask your FD about this before going off on parental leave.
Maternity Leave and your Finance Director
Your FD can return at any stage two weeks after the birth or adoption of a child, with the programme covering up to 52 weeks. It is only when the 52 weeks are complete that your FD is required to inform you as to whether they intend to return to their position.
If your FD returns from maternity leave, they are entitled to be able to ask you to make flexible working arrangements to accommodate their return. Most FDs will be committed to your company and intend to return to their job. It’s worth involving your permanent FD in the hiring process for a part-time or interim FD to cover their position and workload while they’re away.
At FD Capital we have a very experienced team of Portfolio FD’s available, often with spare capacity so available at short notice, if you need support for a short period that can work very well for all concerned. Reach out to our team today for an initial discussion via our contact us page.
How to deal with your FD’s maternity leave
At FD Capital, we recommend offering a position that blends the roles of a part-time and interim FD to cover your employee’s maternity leave. The relationship between the CEO and FD forms the backbone of your company. You want to make sure you’re hiring someone who can fill the shoes of your existing FD and that you can work with for up to one year.
What to Do If Your Financial Director Goes on Maternity Leave
You want to start planning for your FD’s maternity leave as early as possible. When you have a plan and pathway in place, you can make the transition streamlined. Getting ahead of the game, you can prevent problems and take advantage of the benefits of planning for the change.
Your temporary FD will be a safe pair of hands to cover the position and workload until your permanent employee returns. Starting the hiring process early means you have extra time to find the right person with the knowledge, experience, and track record to fill in the shoes of your FD. An interim FD can bring a fresh perspective to your business, and you can find a better fit for your business than a recruitment agency may be able to.
If you already have a finance team in your business, hiring a part-time interim FD means your team can handle the day-to-day activities, allowing the interim FD to oversee specific leadership and strategy issues. When you hire an interim FD – unlike someone on a fixed contract – you have the flexibility to modify their contract to work with the needs of your permanent FD and their maternity leave plans. If your FD decides to return part-time, you can even job share the position between the two individuals.
How to make a success of hiring an interim FD
As soon as your FD informs you that they’ll be taking maternity leave, you want to start working together to put a roadmap in place. This plan should include a proposal for dealing with specific issues and essential aspects of your business that an interim FD may not be able to advise on. You may decide to incorporate several ‘keep in touch’ days into your roadmap, where your FD will come into the office for a few hours while on maternity leave. When you have a roadmap, both the CEO and FD can set out their expectations.
You should sit down with your FD and write a job description for the interim position, incorporating specific skills required during this time frame. You may decide that your interim FD will focus on fundraising or a specific project, while the rest of your team deals with the day-to-day tasks.
At FD Capital, we’re here to help you find the right interim FD who can work with both you and your existing FD. We have a rigorous vetting process, ensuring that only experienced FDs are part of our team. We can match you to a part-time interim FD who can meet the needs of your business. They’ll provide you with expert knowledge and skills so that your FD’s absence doesn’t impact your business. Most of our FD’s are ICAEW qualified.
We headhunt for an interim FD that both you and your existing FD will approve of. Once you’ve found your candidate, you can start the handover process ahead of your FD’s maternity leave to ensure a seamless transition period.
At FD Capital, we’re experts in headhunting and recruiting skilled interim FDs who have experience in working with small and medium businesses. Along with interim FDs, we can help you recruit a part-time or full-time permanent FD to join your business.
Interim FD Recruitment from FD Capital
If you are looking for an Interim Finance Director to cover during maternity leave, then make sure to reach out to FD Capital Recruitment today.
You can get in touch with our team by calling us at 020 3287 9501
Adrian Lawrence FCA with over 25 years of experience as a finance leader and a Chartered Accountant, BSc graduate from Queen Mary College, University of London.
I help my clients achieve their growth and success goals by delivering value and results in areas such as Financial Modelling, Finance Raising, M&A, Due Diligence, cash flow management, and reporting. I am passionate about supporting SMEs and entrepreneurs with reliable and professional Chief Financial Officer or Finance Director services.
