At RM Recruit we recruit a range of finance roles for Not for Profit and Charitable organisations. For junior roles, the transition to a new sector can be relatively straightforward. For senior roles however, there can be barriers to making the transition. Moving to the Not for Profit sector from the private sector can be a huge challenge. There are a whole range of considerations to make if you have decided that working in a cause based organisation is where you want to head to next
What Not for Profit sector is right for you?
Not for Profits are vastly varied in terms of their key aims and causes. A museum will be very different from an NGO. A membership body will have few similarities to animal shelter charity. Some considerations could be:
- Do you want to work for an organisation that generates its own revenue by fundraising and ticket sales (a theatre for example)
- Or are you looking to work for a socially focused charity (poverty relief for example) that secures funding via government and NHS funding
Think of what really motivates you and if you need a cause that really means something personally to you. This will come across in interview and ensure the you come across as enthusiastic for the right reason.
Salary and Package
One personal question that you need to consider is can you afford (or be willing) to take a salary drop. If you move from a corporate setting to a Not for Profit you are likely to encounter a drop in earnings. If you are working in a role where you can achieve full bonus potential, either based on personal KPI’s or company performance, then this is something you will need to wave farewell to.
Aware of the salary bandings in the Not for Profit also needs thought. These are benchmarked against the sector and are tough to changed based on what salary you may need. Whilst you may be confident you are worth £90,000 when the role is advertised at £85,000, it can be incredibly difficult for the organisation to break their salary ceiling. It may take you a while to get back to your current salary level.
CV Content
Here are some points we feel would be useful:
- It is important to consider your audience. If you have worked in a complex multi-site business and had a strong focus on FP&A, will this experience resonate with your potential new Not for Profit employer? Will they necessarily understand the complexities of your experience vs. what they need from their new finance hire?
- If you are applying to a large social housing employer, then PLC experience will certainly be attractive. However, a smaller cause based charity will want to see experience of hands-on finance management in more digestible terms.
- A cover letter is vital – why a Not for Profit and why now? We can always see when a candidate hasn’t really read the job brief and are just looking a new job (any job!). It would be shame to appear to fall into this category for the want of short covering letter to explain your motivations. With current online application processes, it is now very easy to apply for 10 vacancies in 1 minute. Never underestimate the power of a covering letter.
- Do you have relevant voluntary experience? Have you been a school Governor. Do you run a scout group? Have you run a marathon for charity (in fancy dress even)? Including such details show how you have given up your free time for a cause. It all supports the case for an interview and speaks volumes about your character.
Cultural Fit
Not for Profit organisations can be very different from the private sector on a cultural basis. Some real examples could be:
- Key decisions will often need Trustee approval
- Funding and revenue streams are continuously changing
- Decisions to support an end cause will take priority over other operational concerns
Another key factor for Senior roles (FD/CFO) is that you will be reporting directly to the CEO. If you have had buffers in place previously, this can be a big adjustment.
A key DON’T
Please do not consider working in a Not for Profit as easy. The amount of candidates we talk to who view working with a charity as “a change of pace” or “chance to wind down” still surprises us. You will need every skill and piece of knowledge to have accumulated to work in an environments where you will expected to do more with less in a society that is changing on multiple levels. How could that possibly be easy!