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‘Interim Idol’ - Who finds the talent?The Grapevine August 2006
Senior interim executives are a rare and special breed. A career which involves changing your boss every 6 – 12 months, managing a new team and being responsible for fast, focused delivery of change via this team suits only a few. The numbers are further depleted when you factor in that there is no certainty of the next assignment and many assignments involve being based away from home for long periods.
Unlike consultants, the interim executive has responsibility not only for diagnosis but implementation. There is no hiding place. It is also a role which involves 28 day appraisals, as the interim’s invoice requires sign off each month with no need for a compromise agreement or a golden farewell should delivery not be seen to be happening. How long would corporate executive talent survive if their payslips were signed off each month under similar circumstances?
Where then do we find these ‘special’ executives, and who is responsible for launching them on their new ‘non-corporate’ careers vital for the growth of the interim management industry?
There are two sources, i.e:
1. The informal network
Since time began, informal networks have been used to find executives for temporary, consultant or contract employment. In recent years these networks have been an increasing source of interim executives. However, as the interim world has become more demanding and its application more wide ranging, critical and high level, a more formalised service of interim provision has evolved just as headhunting emerged for senior permanent appointments in the 80s. This new service is titled ‘headrenting’.
2. The ‘specialist’ headrenter
One key role of the headrenter is to discover interim talent and launch them on new independent careers. Some 25% of BIE’s placements involve new talent operating on their first assignment.
One such ‘newcomer’ was Rob Barnard who was launched on his first assignment by BIE at the Independent Television Commission in January 2001. He was elected REC Interim Manager of the Year in 2005. Here are some of his thoughts:
How do you become an interim?
‘It’s not easy. If you want a permanent job you look in the Sunday Times and send your CV to the big name recruitment consultancies but if you want to become an interim it’s not as straightforward. The market place is full of providers but most people have no idea who are the serious players and who are the bit players and who is likely to have assignments. If you are lucky you talk to some experienced interims in your network and find out what is really going on.’
‘You scour the internet to find out who is who, get a few interviews, get a few knockbacks, get told that they are only interested if you have done interim before, get told you are too senior or too strategic. But, keep on ringing, hold your nerve, rewrite your CV again and again for every possible role and, with luck, someone will take a chance on you. BIE and my first client took a chance with me and I worked so hard to prove to them and to myself that they were right and that I could do it.’
‘If you aren’t sure what ‘interim management’ is going to be like, you can be absolutely sure your partner won’t. If you are the bread winner then the promise of no company pension, no holidays, no corporate jollies and no security isn’t going to sound like the best idea you have ever come up with.’
When you make it, what’s it like?
‘My experience of interim is that it’s hard work – enjoyable but long hours often under difficult conditions. It creates a focus and energy but it’s a world of tight deadlines and difficult calls. Well, no different from a normal director’s job, except you don’t know the business, your board colleagues or your team and you are in a strange town.’
‘You won’t get any share options, any longterm incentives, holidays, sick pay, pension or perks. Most importantly, you’ll be out of a job within months, you won’t be getting a big pay–off at the end and you don’t even have a notice period. Whilst your daily rate takes some of this into consideration you need to realise that you are a different animal now. If you really do the sums you quickly realise what amazing value an interim director represents to the company to which he or she is assigned.’
With over 300 interim providers listed on Google one would expect there to be a constant flow of new talent. There isn’t. BIE spends 50% of its time interviewing potential candidates and after 25,000 candidate interviews over 15 years their preselected team of potential ‘Rob Barnards’ numbers just 1,200. Until more than the current handful of providers spend time searching for this rare breed of executive, the industry will remain limited by the lack of suitable ‘Interim Idols’.
To discuss your interim management requirements with BIE call +44(0)20 7222 1010