We can look at this from a different directions. Here’s what our own Interim Managers told us:-
%
• Supplying specialist skills and expertise
22
• Implementation of a new strategy
16
• Special Projects
15
• Business Restructuring
13
• Mentoring and/or Coaching
12
• Business turnaround
7
• Pending recruitment
5
• M&A incl integrations
4
• Setting up a new division
3
• Covering a temporary absence
3
100
We took these headings from what Interim Managers told us. There will obviously be some overlap, some variations in interpretation – for example, reasons such as sudden departure, crisis management and even change management will be covered by one or more of the headings above, as will developing new products and business ventures.
Mergers and Acquisitions including integrations will include interims brought into MBOs and IPOs (less frequent now than when this market was in full swing) and finding key executives in the inevitable periods of rapid change that follow and/or where permanent appointments are not practical.
The nature of interim management work will vary between sectors. For example, Project and Programme Managers will be the most frequent requirement in the Public Sector whilst “turnaround” work will be the most frequent requirement from the Private Equity sector. Interestingly, bringing in Interims to cover absences through illness or maternity leave is very low down the list. The point that must be made, however, is that over the past thirty years the need for Interim Managers has grown hugely and the type of need has shifted from the defensive (crisis management, etc) to the progressive and often creative. As the longest established Interim Management Provider in the UK, we have seen all this happen. We’ve found and put Interim Managers into assignments that have surprised even us - not only in the type of assignment that has been put to us but also in the fact that we’ve actually been able to find the right-fit Interim! Interim Managers are needed when management decides it needs to do something and needs to bring in someone to do it - immediately, at the right price and the right fit for the task and with no employment issues. Forget about definitions! If you want someone at senior level for anything other than a permanent position – ask us! No charge until day one of the assignment.
In an ideal world you would use your own network to find Interim Managers - after all, your network consists of people you know and trust to do a good job based on personal experience and recommendation. A good Interim Provider will be able to provide the same level of reassurance, but on a much greater scale:
Start with personal recommendations. Talk with CEOs that you know have used Interims and whose opinions you respect.
Identify those Interim Providers who specialise in the Public Sector and have a track record of success.
Visit www.interimmanagement.uk.com - Interim Management Association, the de-facto Professional Association, of which virtually all of the UK’s 40 mainstream Interim Providers are members.
In choosing your Interim Provider, you should ask the following questions:
• Do they have a specialist practice or expertise, run by experienced people who understand the workings and processes of this particular area?
• Do they add value to the Interim resourcing process?
• Will they take the time to understand your organisation, your needs and culture?
• Will they support you and the Interim Manager when the assignment has been set up?
• Do they have proven and reliable business processes (with ISO 9002 accreditation for instance)?
• Do they have access to sophisticated assessment tools when selecting Interim Managers?
• Do they have a broad reach in searching for Interims – the ability to find Interims with the right balance of managerial skills, technical know-how and public sector knowledge?
• Can they deliver quickly and effectively?
A few points to remember:
• As the Client, you need to respond fairly quickly to the shortlist – the best Interims can get snapped up quickly.
• Agree the aims, deliverables and timescales of the assignment at the outset. It is also vital to keep reviewing these as the assignment progresses.
• But do talk about the measures that need to be borne in mind at the outset – this will ensure the assignment will be as successful as possible. Where assignments don’t work as well as expected the problem can often be traced back to those first few days.
• The Interim will trade through a limited company which means that you have no employment legislation concerns.
• The Interim will also be covered by the necessary insurances, including Professional Indemnity.
The key difference is that management consultants ‘advise’ and interim managers 'do'.
Interims
Consultants
Interim Managers are independent senior executives brought in to address challenges brought about by change, from leading strategic projects to taking on a leadership position for a given period.
Consultants are generally brought in en masse by their firms with standard in-house methodologies. They advise on the company’s strategy and market positioning.
Interims have accountability and responsibility for their business area or project. They are part of the team – a “bolt-in” and there is no conflict of interest.
Consultants are managed by their consulting firms and they are a “bolt-on”.
An experienced senior Interim will normally charge a day rate of between £500 and £1500. They are far more cost effective than traditional management consultants.
Day rates for consultants typically exceed £3,000.
Interims have a wealth of specific knowledge, skills and experience within a particular sector (often over 20 years) – they are over-qualified.
Consultants often have MBAs and varied levels of industry experience. Often you are also hiring more junior consultants who have little or no specific industry experience.
Interims are implementers and are motivated by change and delivering each assignment successfully (obtaining a good reference from their last assignment and moving on).
Consultants advise on alternative strategies and leave the implementation to the company who retains them.
The cost of having an Interim Manager in your organisation should relate closely to the total cost of employing a permanent person, taking into account the employment on-costs and also the Interim Provider’s margin.
The full cost of employment includes employment on-costs and paid absences (holidays, training and sick leave and employee benefits). Bear in mind that an Interim works in a highly focused way and that you will not pay for days when they are not actually working for you.
Agency fees for Interim Managers are usually included in the negotiated daily rates and these should always be transparent.
Russam GMS meet all twelve conditions of the Interim Management Association's Approved Campaign, promoting a strict and regularly audited code of practice.
The Interim Management Association (IMA) is a well established organisation representing the leading Interim Management recruiters in the UK. The IMA have recetly implemented a twelve point checklist guaranteeing clients enjoy a high level of service as seen below.
Russam GMS meet all twelve requirements and are proud to hold membership status within the IMA and display the "IMA Approved" tick logo.
Only places genuine self-employed interim managers who trade through a limited company and have adequate professional indemnity insurance cover in place.
Has clear processes in place, which establish an understanding of the client’s organisation and requirements, and provides objective professional advice on the use of interim management.
Provides job briefs, which result in a written job description and project plan that clearly sets out the description and scope of services to be provided by the executive.
Offers a comprehensive search for appropriately qualified interim managers.
Undertakes a thorough evaluation of the candidates, including personal and structured interviews, and the formal taking of references of the individual’s suitability and qualifications for the assignment.
Only introduces candidates who have been briefed on the specific client opportunity, and who have been referenced and met prior to placement.
Provides ongoing support to the client and to the interim manager when the assignment has commenced.
Provides the necessary checks on the Criminal Records Bureau, Protection of Vulnerable Adults list and the Protection of Children Act.
Demonstrates a true commitment to equality and diversity.
Has adequate insurance protection in place to cover professional indemnity, employers liability and public liability. The IMA also has a wrapper scheme in place.
Has a robust complaints handling process.
Provides best practice training and resourcing for interim consultants.
Russam GMS meet all twelve conditions of the Interim Management Association's Approved Campaign, promoting a strict and regularly audited code of practice.
Only places genuine self-employed interim managers who trade through a limited company and have adequate professional indemnity insurance cover in place.
