Interim On The Increase
Interim On The Increase
A new report, published by Executives Online, the fast track headhunting company has shown that a remarkable 81% of organisations have either remained consistent or in fact increased their use of interim executives and managers, despite the tough economic climate that businesses are facing. Although 34% stated that recruitment is being delayed, requirements for less expensive recruitment services is coming to the forefront, coupled with an increased emphasis on filling staffing gaps quickly both of which interim management can help to address.
Results of the online survey conducted in December 2008 are drawn from over 1300 senior executives and experienced interim managers based in the UK. Survey respondents raised a variety of recruitment concerns, with top themes including: retention of strong performers sourcing not only new talent, but best-fit candidates and ensuring that cost efficiencies are maximised.
Anne Beitel, Managing Director at Executives Online explains: Saving on recruitment costs is certainly important at any time, but it becomes even more pressing during a recession. Our report clearly shows that more and more companies are using interim executives and managers as a means of reducing the risk which can often become heightened when recruiting someone permanently, and to also fill the gaps within days or weeks rather than months, thus reducing the potential damage of exposure to the business.
A staggering 75% of respondents also believe that previous experience of a recession is an important criterion for businesses looking to recruit senior executives during this tough economic climate. The rationale behind these results are based around experienced managers being less likely to panic or be paralysed with fear and therefore will take a positive approach to the recession and focus on the opportunities available to the business.
Beitel continues: Our report shows that senior executives who had been through a previous recession were three times more likely to note the importance of longer-term, strategic thinking than their more junior, less experienced colleagues and therefore avoid knee-jerk reactions. Such statistics reinforces the need to seek top talent in order to enrich the companys workforce and feel confident that the best people are on board to help weather the storm. If there are gaps at a leadership level then it is critical these are filled as quickly as possible in order to identify and deal with the risks and opportunities a down market presents, which, if effectively managed, can produce millions of pounds of contribution to profits.