Like most things in business, the world of Interim Management has evolved since it was first introduced to the UK during the 1980s. As one of the original pioneers of UK Interim Management, Norman Broadbent’s then Head of Interim, Chris Behan, said he felt ‘evangelical’ at times as he presented the concept to clients across the country. Fast forward to today, and the understanding of when Interim Managers should be deployed is understood and well-established.
Or is it?
Most mistakenly think of it as short-term ‘Gap Management’. Yet Interim Management is far more sophisticated, and at Norman Broadbent sits as part of a wider integrated solution. So in this new and evolving world, how, when, and why should Interim Managers be deployed?
Gap Management: Market-wide research shows that one in three Executive Searches fail. In addition, the average time from instruction to on-boarding ranges from 9 to 12 months. Is it surprising therefore that Interims are increasingly being appointed to fill management ‘gaps’ during a Search process? At Norman Broadbent we have moved beyond just introducing Interims to fill a gap and ‘hold the fort’. Why? Because we have yet to find a business not undergoing (or considering) some form of Change or Transformation Programme. Similarly, we have yet to encounter a Leadership Team which is not over-stretched, or lacking capacity/specific expertise, and not interested in new ideas or different ways of working. Interims embrace all of the above and, whilst on assignment, will work to ensure specific outcomes are achieved on time and to budget. So whilst they can ensure ‘business-as-usual’ momentum is maintained, they can also develop other specific projects, or bring diversity of thought to the Leadership Team. When the new appointment finally comes into the business, the Interim can then ensure a smooth transition takes place.
Mentoring and Interim Management: The idea of mentoring sits comfortably within the remit of almost all Interim Managers. As a 40 year old Talent Advisory and Acquisition business, Norman Broadbent’s networks are populated with highly experienced executives who have built businesses, grown teams, nurtured talent and created or adapted strategies in the context of many different types of market conditions. With businesses now having to move at pace, it is difficult for hiring activity to keep up. In such instances many businesses are choosing to proactively invest in future leadership talent. Mentoring is a proven way of adding value and retaining talent. Interim Executives make ideal mentors as their track record of success is unequivocal, and their passion and enthusiasm to share knowledge and develop others often knows no bounds!
Board Advisory and Interim Management: Whilst Norman Broadbent has a successful and well established Board Practice appointing NEDs, Chairs, SIDs, etc., there is a growing trend for Interim Executives to act as Board Advisors to younger, high-growth companies. Such companies are often newly funded with ambitious plans for expansion. The CEOs of fast track companies can find it lonely at the top, and often need an external advisor who sits outside the SLT and is not a shareholder or backer. Such businesses can be too small to have fully fledged ‘formal’ Boards with independent NEDs; hence having access to experienced peers with whom CEOs can discuss business issues, plans, strategy, and people has many advantages. As one CEO who used this service said: ‘Having a Board Adviser has been one of the most transformational factors in driving our growth.’
Norman Broadbent’s approach is to craft a unique and tailored solution for Clients. With the world of work changing, those working within the Talent space - such as ourselves - have to be far more agile and adaptive when delivering people solutions. The days of delivering fixed services such as Search or Interim within rigid silos are numbered. With markets more complex, risks greater, and decisions needing to be taken much more quickly, service providers such as ours need to adapt accordingly.
If you would like to discuss this topic in greater detail or find out more about how we can help you, please do not hesitate to contact us for an initial and confidential conversation.
For more details contact Angela Hickmore on +44 (0) 20 7484 0153
or on [email protected]