When does a company need an interim manager? How does it work?
Typically, Interim Managers are recruited for specific projects where companies require the services of an experienced, seasoned manager to resolve business critical transformation and change. The Interim Management Association in the UK lists the following benefits of recruiting a professional interim manager, including:
– Value for money
– Immediate results
A professional Interim Manager is someone who has chosen to move into project consulting but on an independent basis. Typically, they have many years of technical and practical skills that they can put at the service of the client company – and can provide senior experience where necessary without the client company having to recruit at a senior level – which in many cases is not practical as the skills are only required for a specific period.
In Luxembourg, it seems that most of this type of business-critical mission are filled by both the Big 4 and other consulting firms that are in the market. Typically, these business employ people on a permanent basis and “body-shop” their employees. Whilst this does work for many situations the cost can be prohibitive and the skills base available may be limited to more junior/mid-level profiles. A professional and independent Interim Manager – one who has seen many situations and is skilled in project work – can provide the solution in this case.
What is the appetite for the services of an independent and professional Interim Manager?
Greenfield recently conducted a survey of clients regarding the possibility of launching a specialist Interim Management provision. Those surveyed were a mixture of Commercial, Industrial and Fintech business, and financial services and fud management organizations (our core client base). The results were encouraging.
– Only 29% of respondents had used a professional Interim Manager, but 62% of respondents would consider using such a service for specific change projects
– 57% of respondents would use a professional Interim Manager to fill in when a senior member of staff left
– 35% of respondents would be interested in using an Interim Manager on an annual basis for specific periods and projects
– 75% would consider using an agency to source an Interim Manager rather than the Big 4 or a consulting business
– 45% of respondents would prefer to contract (rather than source) an interim directly, rather than pay-rolling via an agency or an intermediary 3rd party (agency or contract manager)
– 81% of respondents would consider the comparative costs when choosing between an Interim Manager or a consulting company
What are your conclusions? Do you think that this is a market sector that can grow?
Yes, currently the market for change and project consulting is dominated by the consulting firms, but in the UK, the Netherlands, and Germany professional and independent Interim Managers are highly sought after.
There are many candidates interested in this type of career path and as the Luxembourg recruitment market continues to mature I am certain that companies will begin to see the benefits of such a resource.
(This article was originally published on HRONE)