Can interims help organisations grow out of the downturn?

Grant Speed

As organisations hope for an upturn in the economy, interim recruitment is enjoying success. How can interims help your clients manage that change, asks Grant Speed?

Since the economic crash, the business world has changed beyond all recognition. Demands on budgets are huge, expectations are high and levels of accountability have increased. All of this has meant there has been a shift in how companies operate and organisations are now looking for new ways to develop their market share and influence in a cost-effective manner.

One of the main growth areas and trends has been the rise of interim management as companies of all sizes and from all sectors have realised that engaging with the right experts with the right skills can help them meet all kinds of challenges; from change management and transformation projects, to filling specific short-term skills gaps. We work with clients from across both the corporate and public sectors including local and central government, charities, SMEs, financial services, energy manufacturing and infrastructure, healthcare, education and private equity to name but a few; yet the same core benefits lie at the centre of every role and that’s the ability to quickly bring in experienced individuals who can work alongside an existing team, to introduce new skills, to apply deep experience and to leave a valuable legacy. 

Like any kind of recruitment, interim management is all about finding the right person with the right skills, otherwise the whole process is redundant. It needs to establish best practice that will ensure permanent and beneficial change that inspires a management team long after the appointment has been fulfilled. 

Cost management is critical, so interim management provides a flexible and cost-effective solution for transformational change. However, it’s essential that clients work with a provider which has a proven track record, coupled with the knowledge, right skills and objectivity needed to push through major initiatives.

I’m often asked for scenarios of when an interim manager adds the most value. There is no one set answer but the last few years has seen a definite spike from businesses in crisis which need help in turning round a failing enterprise. Core issues for this kind of project typically include financial management, grievances, poorly managed commercial relationships, broken procurement contracts or problems with internal relationships. Other growth areas include new product development, creation of new revenue streams, HR support, new business strategies, mergers/acquisitions and restructuring as well as situations which demand some breathing space during the recruitment of a permanent executive or a period of temporary absence of an existing executive. 

There is also sometimes confusion about the differences between interims and management consultants. Understanding and appreciating the two is vital as they offer very different ways of helping organisations to move forward. Whether a client chooses an interim or a management consultant really depends on the specific brief, but more and more organisations are now seeing the value of the interim approach over traditional management consultancy.  An interim manager recommends an approach, agrees this and then implements the changes and solutions while on assignment. They are also chosen for their experience and skillset and work with the existing management over pre-determined term within a clear budget.  However, management consultants tend to recommend a number of alternatives and then leave it to the client to implement them. They are often trained in theoretical techniques, don’t have as much hands on experience, are more expensive and also often work on a number of projects at the same time.

There’s no doubting the interim management sector is faced-paced and dynamic but it’s essential to never lose sight of the fact that adding real, long term and sustainable value is central to everything we do and that can only be achieved if every single brief is focused, controlled and when outcomes and timescales are clearly defined and managed.

Grant Speed is managing director of Odgers Interim