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Turnover Rate of CFOs Still Below 2008 Levels

Turnover Rate of CFOs Still Below 2008 Levels

Though the turnover rate for chief financial officers at large companies rose last year, it still remained far lower than 2008 levels, when it reached its peak, according to new research from Heidrick & Struggles.

The research points to the trend that

Though the turnover rate for chief financial officers at large companies rose last year, it still remained far lower than 2008 levels, when it reached its peak, according to new research from Heidrick & Struggles.

The research points to the trend that CFO turnover rate is typically highest when the economy is at its best, as the economy seemed to be in good shape during the early part of 2008, before the recession hit, according to CFO Magazine.

That year, the turnover rate among finance chiefs at Fortune 1000 companies reached 18 percent, a far cry from 2011's level of 11.5 percent.

"Clearly the economy was better in 2011 than 2010, which was a lot better than 2009, but nobody would characterize any of those years as being focused on growth," Jeremy Hanson, the global CFO practice leader for the recruiting firm, told the publication.

According to the Labor Department's recent Job Openings and Labor Turnover Survey, the overall labor turnover rate held steady in January, as did the rate with which people quit their jobs. This measure indicates how confident workers are in their ability to find new jobs, Reuters reports.