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Nine in 10 CFOs and FDs are planning to work with experienced interim managers within their organisation over the next 12 months, research from specialist recruitment consultancy, Robert Half Management Resources, has found.
This is driven partly by the need for specialist skills in project management and business transformation, the company suggested.
The requirement for interim managers is strongest for project management skills (46%) as these highly specialised professionals join a business for a limited time to manage a period of transition.
The focus on digitisation across all aspects of business has also led to a need for interim managers with specific skills to help with business transformation (34%).
Management and leadership enhancement (27%), business continuity (23%) and change management (9%) are other initiatives that will prompt CFOs and FDs to hire interim managers over the next 12 months, Robert Half said.
Interims are rated highly by CFOs and FDs for both efficiency (82%) and cost effectiveness (84%) in achieving specific business goals, the research found.
More than a third (38%) of finance leaders said that the success of interim managers is evaluated through cost savings within their business, or increased efficiency or performance (37%).
This is because increased public scrutiny on aspects of financial and professional conduct means firms have to be more mindful of costs than ever before.
Robert Half also found that interim managers are not just being evaluated on their ability to manage a specific project or improve the efficiency of a business, but also on softer skills such as mentoring and knowledge transfer (25%) and having a successful hands-on approach (10%).
Luke Davis, vice president, Robert Half Management Resources said: ‘With increased scrutiny of financial expenditure and the current added pressure of financial year-end, it is not surprising that so many CFOs and FDs plan to engage interim managers to help deal with these demands.
“The benefits these highly-skilled professionals can provide also indirectly benefit the existing employees of the businesses through mentoring, sharing current best practices and bringing in a new perspective or solution.
He added: “Businesses planning to hire interim or temporary professionals should move quickly though and recruit ahead of the curve as skilled professionals continue to be in high demand.
“Businesses across the UK are preparing for change in managing their governance, compliance and operational risk, and preparing for business transformation. Bringing in these professionals during the scoping phase will allow for the greatest benefits.’
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