A company’s investment in its people is often one of its largest. A SHRM survey found that human capital costs account for nearly 70% of a company’s operating expenses. For a growing company, like Namely, the role of CFO is a key member of the leadership team.
We’re delighted to welcome Dan Murphy as Namely’s CFO. He brings more than 25 years of experience to the table, as well as expertise in guiding SaaS companies, from LivePerson to Conductor.
We sat down with Dan to learn what drew him to Namely, what metrics all companies should consider, and what he hopes to achieve in his new role.
Welcome to the team! What attracted you to Namely as a company?
When I was on the buying side of a new HR system, Namely came in to present, and I was incredibly impressed with the product. Namely stuck in my head and when I was contacted about the opportunity to join, I jumped at the chance to meet the team.
What are your 2018 priorities as the new CFO?
Growth, scale, and operational efficiency are the top priorities for the business. My role as CFO is to support all three of those priorities. It’s an exciting business in a giant and underserved addressable market—$38B market opportunity—with an amazing team. There is a fit for the Namely product in the market, and it’s up to us to execute against that opportunity.
What’s something that might surprise people about working in finance?
Other than being the coolest department in the company? What I love most is how cross-functional it is. The finance team can have an impact on every other area of the business and our customers—from the information we provide, to the metrics we share, and how we interact with both our internal and external customers.
A company’s financial wellness is about more than just being “up and to the right.” What benchmarks do you think companies should consider as they continue to grow?
There are many metrics to look at in order to run the business, but it’s important to focus in. You need to identify and isolate the metrics that make sense and drive your business. For us, it’s important that we look at our business through our customers’ eyes. I pay particular attention to both the quantitative and qualitative measure of customers.
You have an impressive history of finance leadership. What are some of the biggest lessons from your career that you’re bringing with you?
There are plenty—but the most important is to be transparent, make decisions quickly, and surround yourself with good people.
That being said, you will not always make the right decision, so you need to realize when you have made the wrong one and course correct as quickly as possible. Don’t let your ego get in the way.
What’s your favorite part about working at Namely (so far)?
So far, it’s been a great group of people who really care about the business and our customers. I am looking forward to working with the team on growing a world-class organization.
Where would you like to see Namely in five years?
I believe that Namely is the go-to solution for mid-sized companies, when it comes to HR, payroll, and benefits. Having overseen HR platform purchases in my previous roles, I’m confident that Namely’s vision for a data-driven solution that employees love has the power to transform the industry. I’m excited to see Namely live up to this vision over the next five years and continue to grow at an amazing rate.