Predicted growth in International Interim Assignments

As we go through 2014, we are experiencing increasing demand for clients requiring short term flexible resource to help both in the UK and internationally.  As a member firm of the IMA (Interim Management Association) we see the latest figures purport that 89% of all UK Interim Management providers believe international assignments will increase in 2015.

Business challenges are global and there is a comparable need internationally for help with transformation, projects, operations, strategic business development, business improvement, restructuring and turnaround. As in the UK, there is increasing demand for specialist skills for short term, business critical needs and it’s not always possible to find this resource on a local basis.  

The interim market represents a flexible, short term solution for organisations that lack the capacity or internal capability to drive specific projects forward and whilst they can source a strong fit culturally on a local basis, the ability to tap into an existing proven talent resource is becoming increasingly valuable with our overseas and our UK based clients with international operations.  

International assignments do tend to be shorter in duration than UK assignments but we find this works well for those interim's executives working overseas.

Macallam has strong experience of working with overseas clients and candidates around Europe and further afield and whilst it represents a smaller percentage of our placements we concur with the IMA’s findings and look forward to helping our clients with international operations shape their business.

For more information please contact Steven Wynne on 01423 704153.

The good news is set to continue

The latest Ipsos MORI survey completed by IMA (Interim Management Association) members for Q2 has seen a further increase for Interim Managers by 4%, illustrating that whilst confidence amongst business continues to strengthen there is still caution in recruiting permanent staff.

A particular field of growth for Interim Managers has been within Programme Management and Project Management roles and this has certainly been reflected by our client demand of late. Figures report that 66% of all Interim Managers on assignment are engaged within this capacity compared with 49% in Q1.

Business services are also a prominent sector for Interim managers illustrating the ongoing importance of the flexible resourcing options during business growth stage.  Companies also remain focused on lean management and reducing head count as managing costs is still an important objective and therefore value, delivery and ROI are important success factors when engaging an Interim manager.

Statistics would suggest that experienced Interim managers are to remain an important resourcing solution for some time to come with assignments in progress in Q2 remaining high.

For more information please contact Steven Wynne on 01423 704153.

Demand for Interim Managers is soaring

It is great news for experienced Interim Managers as demand is continuing to soar.  The latest Ipsos MORI survey completed by IMA members for Q1 has already seen an increase of 15% together with an 18% increase in fresh enquiries from clients for interim candidates; a reflection of the general upturn in the UK economy.

Other interesting findings substantiated by our figures here is an increase in public sector assignments which are reportedly up from 30% to 44%.  Also highlighted in the report as one of the key areas to benefit has been Sales and Marketing where there have previously been fewer opportunities for Interim Managers. 

There are good times for interims with the right skills as demand is strong and day rates are still rising so clients are being forced to act quickly to appoint the best candidate. However, organisation’s expectations are also changing and with focus still around business transformation and consolidation; adding value is the client’s key driver.

The challenge for any business  with a short term business critical need is appointing the best candidate in the shortest possible time and ensuring that the interim delivers on a number of key criteria. Macallam provides a shortlist of the most appropriate candidates within days of the client briefing and we ensure the long term success of our placements based on creating mutually beneficial relationships.

Is there a new breed of Interim Executive emerging and how will 2014 shape up?

Encouraging economic news suggests we are easing out of recession with the latest snapshot being that the UK economy is growing at its fastest rate since 2007.  This is great but we have a long way to go before confidence returns to previous levels.  The Interim market is however already reacting with signs of stabilised growth and IMA member firms maintaining current levels.  It will be interesting to see how demand shapes up in 2014. 

The climate over the last few years has caused a changing landscape of the Interim market and the conditions have been challenging.  There have been casualties both from the ISP’s and from Interims who have had to rethink their plans. Decision making has been slow, requirements more prescriptive, additional stakeholders have been involved in the selection process and generally more caution has been exercised.  However, 2013 has seen many assignments get underway that I think 12/18 months previously may have faltered at the start.  It would seem organisations have the appetite to move forward now and are seriously exploring growth, M&A, Business / Process Improvements and Change Programmes and recognise help is needed to kick start and deliver these initiatives.  

What remains constant is that organisations with the foresight to engage interims tend to react more efficiently to changes in their own markets, economy and environment safeguarding competitive advantage.  There is certainly a wider understanding of the benefits of engaging an Interim - albeit there is still misunderstanding about what constitutes a proper Interim need.   Return on Investment is an obvious one and there is an increasing realisation of the flexibility and speed an Interim solution offers.  When organisations make the decision or are forced into utilising an Interim, they want someone in situ quickly and more importantly, with someone who delivers and makes a difference.  Costs still creep into the decision making process but this soon becomes less important when the benefit to the business is realised.

Fundamentally the objective behind engaging an Interim Executive has not changed.  Boards still require high level, wide ranging experience to provide insight and objectivity with an Interim who will drive change, deliver, add value, provide ROI and leave a legacy.   No changes there then but it seems organisations have become savvier in utilising a flexible resourcing solution for a variety of situations and want the results the interim solution provides.  

Arguably, this is perhaps creating fewer opportunities for the ‘old school’ interim executive with wide ranging, cross sector experience.  I don’t think they are being squeezed out; more that competition for the assignments is much tougher now and organisations are increasingly utilising a flexible resourcing approach when the internal capability or capacity is lacking.    There is also increasing interest in talent mapping of interims so organisations can act quickly when the need arises and allows planning for projects they know they will need external resource for.  This in turn is fuelling demand for specific sector experience in some cases as they have the time to undergo an elongated process to uncover niche experience.  

This development is fuelling demand for new entrants from within sectors with an understanding of similar products or service, customers, supply chain and technical knowledge.  We are also seeing an increased number of female Interim Executives being engaged on assignments (the latest  Ipsos MORI results show Females accounting for 36 per cent of Assignments – a figure that continues to increase and the highest recorded level since 2010).  

In a turnaround scenario, Boards that recognise the value in engaging a high level Interims with the ability to provide quick solutions, a different approach, an impressive track record of delivering in similar situations and the ability to coach the leadership team and steer them into safe waters can be the difference between survival or not.   Bringing someone from a competitor is more likely to provide more of what they already have when often a fresh pair of eyes is needed. 

So, will 2014 see further changes driven by increased demand? Revised shopping lists of requirements and acceptance of the emergence and demand for a new breed of interim executive is certainly creating a new career path for some.   My view is there will be more growth orientated assignments with a requirement of some sector experience coupled with those businesses that require high level business leaders with transferrable skills.   This will of course create opportunities and drive demand which is all good for the market and I suspect the ‘new breed’ might well be in demand for the former and the ‘old school’ for the latter.  

For a confidential discussion please call Steven Wynne on 01423 704153 or email steven.wynne@macallaminterim.com  or visit us at www.macallaminterim.com

By Steven Wynne 

Networking for Interim Managers

Networking isn’t just for the assignment search, when you’re coming to your contacts for an immediate payoff. Senior professionals need to make networking a part of their daily routine, not just an alarm they sound when it’s time to search for a new assignment.

Nevertheless, the move to an active assignment search is prime time to refresh your existing network, both online and off. The Internet has extended the reach and complexity of networking opportunities, but it hasn’t replaced the need for traditional human encounters.

People need to know you, and you need to know people, to establish your credibility and get the inside scoop on new opportunities.

1. Navigating Your Network

Social networks like Facebook and LinkedIn haven't changed where you network so much as how.

Networking used to mean working the phones, attending industry events and trading business cards. It still does. But today you can augment and support those efforts with the click of a button in addition to the more traditional methods.

LinkedIn is proving to be increasingly important so ensure your profile is a complete as possible and keep it up to date.

2. Alumni Networking Rules

Leverage your alumni association to find and win an assignment, but know the rules about what is and isn't fair play.

Alumni associations are a great jumping off point to networking, but it’s just the start. An Interim Manager seeking an assignment is still obligated to make a genuine connection before leveraging an alumni connection for a potential new assignment.

A simple introduction where you disclose that you’re available for your next assignment and just ask if they have any advice about the industry in general. A better way than a basic cold call would be to meet them through a mutual contact or via a regular alumni association networking event and start up a relationship from there.

3. Apply and Network in One Step

The next generation of job application software will let you see whom you already know at the company, so you can express your interest in helping a particular organisation and network at the same time.

There are many features from the leading automatic online job application software packages, and is being adopted by many HR departments. If you do submit your CV through these channels, you’ll be able to view potential connections between the organisation and your existing professional network.

They are able to link to your LinkedIn account to show you who in your network may be connected to someone at the organisation; that lets you follow up your application with an e-mail to a colleague to request a referral or set up an introduction to someone who can.

Referrals matter!  Studies have shown that more than 60 percent of jobs are filled through referrals. Employers fast-track job candidates who are recommended by current employees; statistically speaking, employee-referred hires prove to be better hires, have longer job tenures and therefore represent a far sounder investment on the part of employers.

4. The Interim Providers

You should be talking to all the relevant Interim providers that are likely to have assignments that are appropriate to your skill set and in the right sectors. If you haven’t always been successful through this route, it is a channel to market and should therefore be used as part of your marketing / networking activities.

If you are new to Interim and just embarking on the journey then the Interim Management Association (IMA) would be a good place to start.  The Interim members make up the core of the Interim management market in the UK and between us are likely to have an appropriate assignment at any given time.

For more information on Macallam Interim please visit www.macallaminterim.com or contact us on 01423 704153 or email to enquiries@macallaminterim.com

Interim Management market sees steady demand

2013 has been an interesting year.  We are definitely seeing an increased appetite for kick starting projects or change programmes that had been on the back burner with a real push in the last half of 2013.  Our clients are keen to engage with highly professional Interim Executives who can help drive change programmes forward.

The latest Ipsos MORI IMA (Interim management Association) survey (Q3 2013) completed by all IMA members is showing encouraging news in that the figures are showing stabilised growth for the sector and member firms are  maintaining current levels.  

Interestingly the findings show the most common reason for an assignment remains Programme/Project Management with 62% of all interim executives hired for this purpose (up 6 percentage points from 56% in Q2 2013)  although this could be used to badge a variety of assignment needs.

Turnaround/Crisis Management has increased 1 percentage points to 12% (11% in Q2 2013) which seems to fit with what we are seeing.  The private sector still accounts for the largest proportion of assignments at 60% although down 5 percentage points from the previous quarter.  The Financial Services sector continues to lead the private sector with 45% of all assignments being from this sector. However, this sector has declined compared to Q2 2013 (59%). The other leading sectors are Business Services with an 11% share, IT & Telecommunications with a 7% share and Manufacturing with a 6% share this quarter.  The public sector has grown its share from 35% in Q2 2013 to 40% in Q3 2013.

Female Interim Executives are accounting for 36 per cent of Assignments – a figure that continues to increase, and the highest recorded since 2010.

It would appear that the changing landscape of the market continues and although client briefs are sometimes quite tight and their requirements quite prescriptive, the good news is that they are engaging someone to work with them with a realisation that the added value, deliverables and ROI are proving to make a worthy investment.

Steven Wynne

Managing Director

Macallam Interim

e: enquiries@macallaminterim.com

T: 01423 704153

W: www.macallaminterim.com 

Top 5 Meeting Tips for Interim Assignments

If you're counting down the days till your next meeting for an assignment, these helpful hints will help you get in the right frame of mind in order to leave a lasting impression in the meeting and secure the assignment.

1. Do your research 

Preparation is the key to a successful meeting and to getting that assignment you desire.  It is the little things that make the big difference.  Fail to prepare, and prepare to fail.  You are certain to be asked specific questions about the company, so make sure you've done your homework on things like their last year's profits, employees, competitors and recent successes, contract losses, latest product launches etc.  Also take a look at the latest developments in the industry so you can converse with confidence if it’s a sector you are unfamiliar with. Doing some research on the individuals you are meeting is always a good idea to find common ground you can build on to quickly build rapport.

2. Practice key interview questions & answers 

Although there is no set format that every client meeting will follow, there are some questions that you can almost guarantee will crop up. You should prepare answers to some of the most common questions about your personal strengths and weaknesses, as well as being able to explain why you would be the best Interim for the assignment.  Build on past successes and what you did in a similar situation, what you delivered and the return on investment for the client.

3. Look the part 

Appearances shouldn't matter, but the plain fact is that you are often judged before you've even uttered a word. Make sure your shoes are polished; you have a smart business suit on with a crisp shirt and business tie.  After all you are in a business meeting and should dress appropriately.  

4. Stay calm 

Good preparation is the key to staying in control. Plan your route, allowing extra time for any unexpected delays, and get everything you need to take with you ready the night before.  Don’t oversell yourself.  Let your achievements speak for themselves but don’t come across as someone who is desperate for the assignment.  If you have been off assignment for a while, it’s not their fault.

5. Ask questions 

You should always have some questions for your interviewer to demonstrate your interest in the business.  Prepare a minimum of five questions, some which will give you more information about the assignment, some which delve deeper into the culture and goals of the company and some that help scope the assignment brief and map out key objectives.

For more information please contact Macallam Interim on 01423 704153 or enquiries@macallaminterim.com