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Why choose BIE?
What's New?BIE in the news
An Economic Slowdown: An Opportunity
All around there is talk of an impending economic slump and companies are considering the implications for the year ahead. In the Interim Management industry this means planning for increased demand and business leaders who proactively factor this rapidly-growing resourcing option into their business plans could leave the rest standing.
It’s difficult to open any form of media at the moment and not read or hear about the increasing fears of a worsening credit squeeze at best or a full-blown recession at worst. Whatever the eventual historical perspective, most companies will have turned into 2008 with considerably more apprehension than for a number of years. Previous cycles support, at least to some degree, a theory of self-fulfilling prophecy as companies talk themselves in a supposed downturn and reign in expenditure and overheads.
Within the recruitment industry in general, there is a painful history of being a supplier into an ever-tightening commercial environment as companies seek to freeze human capital expenditure or even begin to trim it back. Even a soft economic landing is quite likely to see this experience repeated, mainly due to the fact that many of the people charged with making such decisions were also around in the early part of this decade, when a not dissimilar climate built up.
But one thing has changed significantly over the last 6 years and that is the growth of Interim Executive Management...with an industry growth rate of over 15% a year and a significantly larger number of CEOs, CFOs and HR Directors now recognising the flexibility and genuine value-add of using Interim Executives, there is every likelihood that, this time around, the call on these resources will reach an all-time high. But is the sector ready for this, what are the compelling reasons for senior managers to turn to Interim Executives and how can they work more proactively to ensure that the right resource is there when they need it? After all, the latter requires something of a sea-change in planning for the use of Interims where they would normally plan for permanent resources rather than when it becomes necessary to bring in an Interim Executive the day before yesterday. And what’s more, if the above holds true then those that do think ahead will be best rewarded because the number of true, career-committed Interim Executives with the right qualities to add the value is far smaller than many within the Interim Management sector profess to be the case.
The most compelling benefit of using Interim Executives is the rapid (within days) access to quality executives proven in the management of transition and change and experienced in working in a wide range of sectors and cultures on an intensive project basis. Add to this the fact that many businesses are likely to need to adapt quickly to a deteriorating economic outlook, then having an injection of know-how not normally required in the business combined with the opportunity to transfer this knowledge to those left behind when the Interim leaves, make for a robust business case. And of course, the cost – well for any organisation which has become used to having consultants around, a cost saving can be shown as an Interim Executive will be likely to cost about a third of an individual consultant.
BIE is certainly preparing for an upturn in demand for Interim Executives over the next 12 months. As the long-established market leader, we have interviewed over 30,000 potential Interims and meet at least half of those who seek to register their experience with us. Every month, between the team of 7 consultants, we meet over 250 aspiring new Interims and assess their suitability for the level and type of assignments that we fulfil. So we are confident that the supply will be there and we will be maintaining our media presence to ensure that the message is never too far away from the main decision-makers in business. But more than that, we will be taking the message to our clients, existing and new, that if they can at least factor into their business planning the hiring of Interim Executives, then we too can think ahead. With more Interims on assignment than any other provider, we know who is becoming available and when and can therefore work ahead to marry both parties' needs to mutual benefit.
So for 2008, this could be an ideal time for organisations to either revisit the opportunities afforded by hiring Interim Executives or make the break and find out why the sector is the fastest growing area of human capital resourcing.
BIE Interim Executive
To discuss your interim management requirements with BIE call +44(0)20 7222 1010