Is Interim the solution for uncertain times?
The only certainty is these unprecedented times is that no one can predict the future, no matter how much we would all like to.
As the impact of Covid-19 escalates along with the measures the government is taking, the economy is facing one of its greatest challenges in the last century. For businesses the key to tackling the impact is by having an agile and highly skilled work force. Leading me to question – do interim executives and managers provide the solution?
As I write about business and the economy, I know that our health and happiness are far more important and within Altum Group, we are working hard to make sure we all enjoy physical and mental wellbeing. This has been our ethos before, it will be during, and we will continue to have this as a core value long after this crisis is a distant memory.
I am fortunate enough to know a number of CEOs, Chairmen and other business leaders. They are all having to adapt their business to meet the changing needs within the economy as the macro change is happening faster than most of us imagined.
It has been impressive how many of our colleagues have adapted with agility to solve problems and go above and beyond what is typically expected in ‘normal times’, often whilst having to entertain and home school children. There is a feeling that we are all in this together - as a country, as communities and in our various companies but there comes a time for businesses when attitude isn’t quite enough. Companies that previously haven’t required it suddenly need to develop a new skillset in order to quickly transform their supply chain, manage cash when cash hasn’t been tight before, transform their workforce and lead various turnaround and change programmes.
The interim market provides an ideal solution to tap into an experienced group of professionals who can lead, support, coach and advise a business through these challenges. Interim professionals can support and supplement current leaders or step into leadership roles to help a business through crisis. All this expertise comes with no long-term financial commitment from the business to the professional.
“Battle scars” is a term that is overused in the world of interim, but it aptly describes why interim professionals are a perfect solution during these uncertain times. The government has recognised the value of interims at this time by delaying the implementation of the IR35 regulation changes from 2020 to 2021. They know how crucial the role of the interim professional will be over the coming months. It is during times of uncertainty and rapid change when the interim professional comes into their own.
A short note about the author. Edward Nash-Steer, founder and Co-CEO of Altum Group has been recruiting senior and executive level interim professionals for over 15 years, partnering with many of the FTSE 100 and PE backed businesses to deliver proven interim executives.