Businesses in Ireland are becoming increasingly more reliant on hiring in financial expertise on an interim basis according to a survey by professional networking group, Chartered Accountant Interim Managers (CAIM).
The survey of nearly 250 organisations shows that respondents are engaging Interim Managers (Consultants/Contractors) for specific assignments on a flexible hire basis, with a focus on competence and experience.
These demands are being filled on a seamless basis by interim managers with their specific skills and expertise in areas such as senior financial management, corporate finance, governance, strategy and business decision-making.
Patrick Byrne, Chairman of CAIM, explains, “There’s no doubt that the nature of work is changing and the interim professional model is seen as a positive contributing factor to organisations’ needs now and into the future. Businesses in Ireland are facing into the yin-and-yang of a growing economy and Brexit uncertainty. The implication is that the accessibility of externally available expertise on a flexible basis, as the go-to solution, is an extremely valuable asset for the coming years.”
69% respondents indicated they retain external resources in order to access expertise not otherwise present in the organisation.
The availability and flexible nature of Interim Manager expertise is highly valued with respondents reporting that they’ve had a positive experience to date.
Respondents stated they expect to use the services of Interim Managers more in the future, particularly for short-term needs.
Respondents’ needs in using external resources are to access the expertise of Interim Managers, followed by a requirement to fill a gap or to add additional executive support.
75% of respondents stated personal and professional networking is most often used for identifying and hiring an Interim Manager.
A personal recommendation and the expected level of impact are the most important factors in hiring an Interim Manager, followed by professional qualifications and experience and trust.
Competence to get the job done was most important in the buying decision followed by a “Ready-to-Go” immediate solution.
This survey was designed by Chartered Accountant Interim Managers and sent via email to professional business contacts of members of the CAIM group, linking back to a Survey Monkey® questionnaire. Responses were collected from July to October 2017, with 238 being collected in total.