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.
M&A including integrations will include interims brought into MBOs and IPOs (less frequent now than when the M&A 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 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 on mass 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.
Supporting our well-established search mechanisms, the Russam GMS IND~EX Weekly goes out every Thursday by email to about 11,000 senior business people operating on an
independent basis and reaches, through their own personal networks, several thousand more - mostly in a matter of hours.
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Russam GMS is the longest established Interim Management Provider in the UK, with a 28 year track record.
Our mission is to be the outstanding Interim Management Provider in our target markets and to work closely with Clients to make Interim Management truly effective. We are reliable, innovative, open and thorough.
We have the broadest reach of any UK Interim Management Provider. We have a database of over 11,000 senior executives, and access to thousands more experienced professionals, in a wide range of disciplines, including board level executives working in Finance, Programme/Project Management, IT, HR, Compliance, Purchasing, Sales & Marketing, Turnaround, General Management, and Change Management.
Our specialist business divisions include Financial Services, Charities, Manufacturing, The Public Sector and Russam Business Network – working with Entrepreneurs.
Our professional approach to Interim recruitment has meant that we are the preferred supplier for many leading private and public sector organisations in the UK.
Our promise is a shortlist within five working days. Our shortlists are based on individual search, giving us the broadest reach of all Interim Management companies. A carefully selected executive can be up and running in your business within days. Our interim managers are carefully assessed and vetted to ensure that they have the right skills, experience and commitment.
Our Credentials
We work with a number of high quality providers of different assessment tools which analyse our Interims’ personality types, behaviour styles at work as well as identifying their strengths and limitations and measuring their mental agility. These processes ensure we find the right ‘fit’ for our clients.
We hold the Quality System Standard: ISO 9001:2000 and Investors in People status. Our service delivery processes are structured, well-documented and under continual review for improvement.
We have been Catalist accredited since 2006 and is now a leading supplier of Interim Managers into Central and local government.
We are a Founder Member of the Interim Management Association (www.interimmanagement.uk.com) – the prime industry body for setting standards and codes of ethics for the industry.
We are also a Founder Member of the Taplow Group (www.taplowgroup.com) – an international consortium of professional recruitment companies; and an active member of the REC.
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Further information can be found under the "related links" section above left.
Russam GMS is the longest established Interim Management Provider in the UK, with a 28 year track record.