Interim Management insights from Jack Birch.
As we move into the new financial year 2024-2025, and many fresh budgets are set, we expect to see plenty of activity in the interim management market within the procurement space.
The Interim Management team at Procurement Heads see countless nuanced factors which influence the means and models by which these engagements are approached, assessed and conducted, both by the hiring side and by the candidate/consultant population. Having run a series of polls for our LinkedIn network over recent weeks and months highlighting just some of the pertinent topics which come up regularly, here are a selection of results-based insights worth bearing in mind:
What are the most valuable advantages of hiring an interim/consultant?
Rapid access to expert skills emerged as the top-cited benefit, chosen by 61% of hiring managers, which speaks volumes about the value of interim professionals in addressing immediate business needs via their specialised expertise.
25% most valued the fresh perspective and insight that a skilled interim manager brings, and 9% most appreciated the interim model allowing the flexibility to scale resources as required, without an ongoing commitment or the complications/politics often involved with permanent resourcing.
How does an interim need to be remunerated?
A telling 89% of the interim managers who responded were only interested in operating via a daily rate engagement. 51% indicated they would be prepared to work on an inside IR35 basis provided that the rate and remuneration stacks up. However, 38% were only available for work outside IR35 given the difference in the operating models, with a 3% minority indicating a preference for a salaried FTC instead.
What do businesses look for when hiring an interim?
It’s very evident that a demonstrable track record holds significant weight in the hiring decision-making process, with 56% citing it as the most critical factor they want to be assured of when recruiting an interim/consultant. Whilst this may mean a longstanding record of success as an interim manager, it can also constitute a synergy in specific areas of technical expertise/knowledge or a clearly articulated alignment in skillset, approach or transferable experience gained. People want to be filled with confidence and clear about the way in which an interim/consultant hire will help to solve their problem, so evidencing this is crucial.
How should you structure an interim CV?
The ideal layout of a CV or employment profile is a subject which often sparks debate, and yet is ultimately always going to be somewhat subjective. It constitutes a particular challenge for those interim managers who might amass a collection of interim/consulting engagements within a relatively short space of time, and in a cycle then often repeated over a long period of their career, yet who are understandably apprehensive of delivering a CV resembling a lost Tolstoy novel…
Here’s what our poll showed:
58% believe providing precis assignment highlights is best
35% prefer a long-form, detailed CV
4% instead opt to showcase their work through an example profile/portfolio/delivery highlights
If you are considering an interim hire for your team, or if you are a procurement or supply chain expert looking for your next assignment, get in touch with our Interim Management team for advice without obligation.
