Interim resource can seem like an avoidable and expensive way to deal with short-term problems. However, used correctly they can create value very quickly.
We outline the reasons why you may need to hire an interim resource and how to best take advantage of the interim market.
Reasons to hire
Technical or specialist projects; IT system changes, finance transformation or finance modernisation (dashboards etc). Skills that are needed for a short period of time and usually are more specific and cheaper than using big consultancies.
Nice-to-have projects;these are the projects you’ve wanted to get done for some time, but can’t free up the incumbent team to work on them. This usually entails cleaning up messy accounts, balance sheet recs, or legacy data. Interims can come in with confidence of having done similar things before, need little onboarding, and create minimal disruption to the incumbent team.
Consultants too expensive; as the world goes through another stage of change, driven by AI, many businesses will see a safety net in using specialist consultancies. Whilst this undoubtedly has a lot of benefits, it is also incredibly expensive. In executing a consultant’s plan, using an interim is usually a more effective use of budget. Experts in their space, interims are with you full-time (not all consultants will be). More importantly, you can also use them as an independent voice and subject matter expert to act as a potential mediator between yourself and the external consultancy. This also tends to bring the length of the execution project down.
Busy season; year-end, audit, budget, planning and forecasting - all incredibly busy periods for ever leaner finance teams. Hiring an interim with the requisite technical skillset for a short period of time requires no long-term change to headcount, or more importantly little training. This allows the team to be more efficient and lowers the burden on the remaining team in an already busy period.
Bridging a gap; a resignation with a short notice, or a gap whilst waiting for a new permanent candidate to start. Interims should be used to lessen the burden on the remaining team in the short-term.
Covering leave; be it parental leave, secondments, sabbaticals or long-term sick cover, a temporary solution allows business as usual to continue. They’ll also having a positive impact on team morale as the remaining team is less likely to be overloaded with extra work and responsibilities.
How to ensure an interim hire works and add the value you need?
The first thing we advise any client when hiring an interim is not to see it as a permanent hire. Sounds obvious, right? But this long-term thinking and traditional outlook is quite common and can set unrealistic aims for any interim. This section will take you through the thought process when looking to hire an interim.
- Define the aim
This should be an actionable project, with an ending or singularly focus.
- Define the skills needed
Unlike permanent recruitment, you should not see this process as a catch all opportunity to hire the best talent possible. Be more transactional than that; think about what 3 skills do you need a candidate to have to meet your previously defined aim. Then pick the singularly most important skillset. This allows you to focus on the problem at hand and should give the interim resource the best chance of succeeding. Mission creep can be the death knell to a successful temporary assignment.
- Snapshot in time
Speed is everything in the interim market. You will be looking for a candidate who is, more than likely, immediately available - this is a tiny % of the employment market (probably around 5%). As a result, any shortlist you see from a recruiter will be the best currently available candidates on the market - waiting for something better may mean never hiring anyone. This does mean you may need to lower your expectations – but, if you properly define the result, then you will find the right interim.
- Be aware of the talent pool
80% of all recruitment in the UK is permanent. These roles are based on the potential of the candidate and can involve headhunting and waiting for longer notice periods. This tends to mean that most of the CVs you will see will look similar and follow a traditional path. If you think like this when hiring an interim you will be disappointed by what you see. Interim CVs tend to meander more - so remember that you are looking for one specific skill set, not a career trajectory.
- Treat them as permanent team members
They may be there to do a specific job for a short period of time and, in some cases, may be very different to the wider team in personality and outlook (often an underrated value in an interim). But they are still human. When properly integrated into the team, interims can bring untold value to the result needed and also wider team activities.
Closing thoughts
So before you next look to hire an interim resource, remember the reasons WHY you might hire them in the first place, but then also spend time to think about what you want them to achieve and how they’ll add the value that you need as a finance team.