*** II*** *** WEDNESDAY, APRIL 29, 2009 THE DAILY TELEGRAPHINTERIM MANAGEMENT OVERVIEW ANDY MARTIN/HEART|***The Daily TelegraphThe trouble shooters Whether you call them company ‘doctors’, change consultants or turnaround specialists, interim managers are in the business of converting loss to profit, writes Esme McAvoyTAKE YOUR PICK Management consultant Key strengths PROVIDES VALUABLE ANALYSIS AND ADVICE BASED ON AN IN-DEPTH SUBJECT UNDERSTANDING AWARE OF THE VERY LATEST TECHNIQUESInterim manager Key strengths • HANDS ON WITH FULL RESPONSIBILITY, RECOMMENDS AND IMPLEMENTS BASED ON PRACTICAL EXPERIENCE• HAS CONTROL OVER THE BUDGET • PERSONALLY DELIVERS TRIED AND TESTED SOLUTIONS• •• LEADS FROM THE FRONT • REPORTS DIRECTLY TO THE COMPANY • PROVIDES COACHING AND MENTORING OF EXISTING STAFF• STANDARDISED APPROACH Potential weaknesses IMPLEMENTATION IS PRIMARILY THE CLIENT’S RESPONSIBILITY RESPONSE AND QUALITY OF SERVICE MAY BE DICTATED BY WHO IS NOT CURRENTLY ENGAGED IN OTHER WORK• IN PLACE WITHIN DAYS DUE TO EXTENSIVE TALENT BANK Potential weaknesses DEPENDENT • SUCCESS VERY ABILITY AND ON INDIVIDUAL’S EXPERIENCE — THEY MAY NOT HAVE THE BREADTH AND DEPTH OF KNOWLEDGE AVAILABLE TO A LARGE TECHNICAL CONSULTANCY. CAREFUL SELECTION MINIMISES THIS RISK• •Everyone agrees it’s a tough trading climate right now — the Organisation for Economic Co-operation and Development has forecast the deepest recession in 50 years and the UK economy is predicted to contract by 3.7 per cent this year. For many companies and businesses, it is a time to tighten belts and ask some hard questions. In many cases, it is also time to turn to specialist professionals — interim managers — who are parachuted in to implement change and challenge the status quo. “The downturn has thrown up new, tough challenges for businesses and many simply don’t have the skill sets in-house to cope with them,” says Nick Robeson, chief executive of interim specialists Alium Partners. “Hiring a proven interim with top-level experience in your sector can quickly rebuild confidence internally and help attract clients,” he adds. In the late Nineties, interims were essentially stop-gaps,covering maternity leave or the sudden departure of a senior executive. However, the last six or seven months have seen a profound shift in the way interims have been used — as leaders and innovators. “They can be brought in to lead mergers, acquisitions and restructuring, or to project manage a major systems overhaul or company relocation,” says Paul Botting, chairman of the Interim Management Association (IMA). IMs typically stay in a post for between three and nine months before moving on to ease another company through a period of change and adjustment. “Most interims will have at least 10 to 15 years’ experience in a number of senior management positions before taking up a portfolio career,” explains Botting.‘For many companies it is a time to tighten belts and ask some tough questions’Most will have chartered status in their profession, whether in human resources, finance or law. Interim management might be in its infancy — according to Botting it’s only 25 to 30 years old — but it is estimated that there are around 10,000 interims in the UK, covering all levels from middle management to senior executives In a downturn companies think quarter to quarter and turn to temporary resources. “The speed at which interims can be parachuted in — and out — is a big bonus,” says Norrie Johnston, founder of Executives Online, which has a global “talent bank” of more than 60,000 professionals. “While a conventional headhunter might take two to three months to find a permanent senior executive — who could then prove to be the wrong person — we can findSOURCE: PHS INTERIM MANAGEMENT someone who has already been vetted and interviewed with exactly the right experience, and have them in place within days.” Interims will hit the ground running. Johnston says: “By the end of week one they will have identified the top four to five immediate priorities. By the second week they’re already implementing the changes. Permanent staff might take the first month just to settle in.” Many interims also have experience of delivering new projects on time and on budget. With some of the biggest projects now happening in the public sector, it’s no surprise to find IMs already there. “The public sector is currently stealing the march in the interim industry,” says Robeson. According to the IMA’s latest poll, the demand for interims within the public sector has shot up. Interims in local and central government, healthcare and charities accounted for 45 per cent of all completed assignments in the last quarter of 2008 — up from 30 per cent the previous year. However, interims are not a cheap option. According to Johnston, companies can expect to pay around £750 a day for their services, with the most senior individuals commanding as much as £2,000. If a failing company requires the skills of a turnaround specialist, the IMA’s new Institute for Turnaround (IFT) quotes top day rates of £5,000. While many organisations — and the public — might balk at the high cost, those in the industry are quick to point out the long-term savings. “Interims are a low-risk means of recruiting,” says Johnston. “There’s no big ‘finder’s fee’ to pay as there is with traditional search companies and a skilled interim can immediately fill a vital role, giving senior management breathing space to find the right permanent candidate instead of feeling pressured to take on just anyone.” Interims might command a hefty day rate, but it’s a single, transparent cost with no pension, holiday and sick pay, no company car or added perks. The changes implemented can be long-lasting, too. “In a recession, interim managers will be focusing on resilience,” says Robeson. “They can rapidly appraise a company, curtailing projects that are over-running, root out inefficiencies and bring a company back to what it does best. “Sometimes it takes an outsider to pinpoint where a company is failing.” A successful turnaround can often result in saving thousands of jobs too. Nicky Blatch, 41, is an HR interim manager from Bishop’s Stortford, Hertfordshire. “There is no time for office politics,” she says. “You work with clarity of vision — you’re not sucked into the corporate culture or swamped by 200 internal emails. You’re there to focus on the job. I work hard, but then I get three months off. For those with children, that’s a draw.” The IFT is good news for the increasing number of experienced interim executives. “The institute is an important milestone in establishing the sector as a profession in its own right,” says Botting. Members’ benefits include continuous professional development, with courses offered in conjunction with the Open University, legal advice and an industry endorsement by gaining the institute’s “Quality Mark of Profession”.@JOBS ONLINE: jobs.telegraph.co.uk/ careers-insider
*** ****** ***FOCUS ONThe Daily Telegraph Wednesday, April 29, 2009 jobs.telegraph.co.uk/caInterim managementProduced byTelegraph Create Special ReportsTHE BUSINESS WORLD’S ANSWER TO THE SAS RIDING TO THE RESCUE PAGE 2HAVE YOU GOT WHAT IT TAKES TO BE A SUCCESSFUL IM? THE CHALLENGES: PAGE 3NORTHERN R
*** II*** *** WEDNESDAY, APRIL 29, 2009 THE DAILY TELEGRAPHINTERIM MANAGEMENT OVERVIEW ANDY MARTIN/HEART|***The Daily TelegraphThe trouble shooters Whether you call them company ‘doctors’, change consultants or turnaround specialists, interim managers are in the business of converting loss to profit
*** *** THE DAILY TELEGRAPH WEDNESDAY, APRIL 29, 2009*** ***The Daily TelegraphTHE CHALLENGES INTERIM MANAGEMENT| IIIHave you got what it takes? If you have years of business experience and thrive under pressure, interim work could be for you, says Gabrielle Collett-WhiteThe bank is on the brink, th
*** IV*** *** WEDNESDAY, APRIL 29, 2009 THE DAILY TELEGRAPH|***
*** *** THE DAILY TELEGRAPH WEDNESDAY, APRIL 29, 2009*** ***The Daily TelegraphSUCCESS STORIES INTERIM MANAGEMENT GETTY| VSorting out a right royal mess King George VI unwittingly and reluctantly became an interim manager long before the term became fashionable — and he did an excellent job. Natasha
*** VI*** *** WEDNESDAY, APRIL 29, 2009 THE DAILY TELEGRAPHINTERIM MANAGEMENT WORK PATTERNS|***Women ponder work-life equation More mothers are becoming interim managers. But just how easy do they find it to juggle working lives and family commitments, asks Natasha MannANDY MARTIN/HEARTSATISFACTION
*** *** THE DAILY TELEGRAPH WEDNESDAY, APRIL 29, 2009*** ***CUTTING EDGE INTERIM MANAGEMENT| VIIMore organisations are turning to business ‘doctors’ for a cure. Lisa Sewards reportsThere is seldom such a thing in business as a lost cause... that is the philosophy of seasoned turnaround expert Ian Gr
*** VIII*** *** WEDNESDAY, APRIL 29, 2009 THE DAILY TELEGRAPHINTERIM MANAGEMENT EXECUTIVE PROFILE|***The Daily TelegraphHOW THE NORTHERN ROCK SAGA UNFOLDED JULY/AUGUST 2007: Banks become reluctant to lend to each other owing to fears over potential losses on high-risk US “sub-prime” mortgages. SEPT
