A recent report by the Interim Management Association (IMA) shows that more businesses are seeking interim managers as a "valuable resource" for companies looking to hire skilled employees to aid their recovery during the much-vaunted upturn.
During the past 12 months many companies have been panicked into letting key staff go as they move to clamp down on costs. Now they are seeking new talent to lead them into growth.
The skills required to manage a business in a down turn are very different from those required in an upturn. Managing a business out of recession and setting in place the structure to ensure future continued growth requires a certain set of skills.
According to the IMA, which represents the UK’s interim management providers, turnaround specialists have been in particular demand since the financial crisis, with businesses calling on such experts to help salvage key projects left in disarray by the downturn.
Good interim managers normally have a few grey hairs and battle scars. They are very experienced and have been through the economic cycle a few times and, as a result, they are able to hit the ground running when they join an organisation and will often deliver tangible results within a very short time.
The latest findings from an Ipsos MORI survey conducted for IMA shows that the use of interim managers increased by nine per cent over the first two quarters of 2010. Covering the period between April to June this year, it also reveals that the proportion of private sector interim assignments has increased to more than half.
By Steven Wynne