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The value of interim executives for business transformation and change

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The buzzword for 2020 has been ‘pivot’. Through sheer necessity, businesses in all sectors are uncovering new ways of working that will help them get ahead, both in times of global crisis, and long into the future.

Business transformation is something that established or change-averse companies may face with trepidation. However, taking a fresh perspective on resource planning is something that could make a big difference.

Interim finance executives are one of the most under-utilised tools companies have at their disposal. An experienced set of hands can be brought on-board temporarily as both an emergency stop-gap solution, and as a management strategy for delivering business transformation and change projects.

Read on to learn more about the benefits and value of hiring interim senior finance professionals.

An under-utilised resource

Interim finance executives can be useful as a stop-gap solution for filling immediate, short-term needs, and the opportunities for businesses in the current environment go way beyond this. In the UK and US markets we have seen a trend towards a more strategic, long-term approach to interim staffing. Senior finance professionals are inserted into businesses across the year, to assist with specialist roles or periods of change and transition.

Moir Group’s director of Interim Executive Search, Karen Ryan has witnessed the success of this strategic approach. “Our candidates are helping turn potential crisis into opportunity, with positive impacts on current teams and minimal long-term expense,” Karen says.

“Clients are increasingly looking to the future and see Moir Group as a strategic partner in achieving change,” she adds. “Moir Group can provide interim executive resources who understand and embrace our client’s unique corporate growth strategies and then use their depth of experience to help drive success, calmly and effectively, during times of change.”

The right skills to guide business transformation and change projects

Here are 7 key benefits of taking a strategic approach to hiring for interim senior finance executives within your business:-

  1. Innovation
    Businesses currently operate in a time of exponential technological growth, including the AI revolution, with which comes a need for the understanding and integration of new systems and processes. Hiring an interim candidate with the right skills to help implement major technological changes within an organisation could mean a more effective and efficient result.
  2. Fresh perspective
    Hiring outside of the business means that you are getting a fresh perspective that may be vital for change projects. Often senior interim finance candidates have worked across a range of other sectors. Having experienced a variety of business challenges, gives them the insight and ability to apply new ways of doing things within your business. A fresh perspective can be used to compliment and fill-in gaps within the existing leadership team.
  3. Risk mitigation
    By being able to cherry-pick an interim finance professional with highly specialised skills and/or relevant past industry experience, ensures a smooth and successful delivery of your business transformation or change project. This is particularly valuable when hiring for projects that involve a high degree of investment and risk.
  4. Quick wins
    There’s no time to sit about, test and learn or make mistakes when executing a business transformation or change project. It is faster to fill a temporary role than a permanent one and interim finance executives can quickly and efficiently boost numbers and achieve specific deliverables above and beyond business as usual.
  5. Retain senior staff
    Retaining existing senior staff during periods of flux is top of mind for many organisations. Existing employees can be challenged and rewarded by seconding them to special projects and backfilling their role with an interim executive. A senior finance professional can quickly and seamlessly step into their role and free key staff to take-on new challenges.
  6. Leadership
    Hiring a senior interim finance candidate is not just about getting key tasks done. Leadership is another important skill that senior interim executives bring with them. This is especially vital in times of transition and transformation, where those leading the charge are required to keep the wider business reassured, motivated and committed.
  7. Cost effective
    Uncertain times can mean uncertain budgets. Employing a seasoned professional on a temporary basis allows you to achieve specific deliverables without the long-term price tag.  With a proven track record and specialist skills, an interim executive can hit the ground running and, therefore, deliver results quickly. This alleviates the need for existing permanent staff to learn new skills on the job, which often means time and expense.

How Moir Group can help

At Moir Group, we have access to a carefully curated selection of experienced executive contractors, including those with proven transformation, project and change skills and CFO and CEO level experience, across a diverse range of industries.

Throughout the placement period, Moir Group remains on-hand to support both the client and candidate, to ensure ongoing success.

Karen Ryan our director of Interim Executive Search, can assist with your interim needs:

“Many executives and finance teams are currently stretched. Interim executives can add true value quickly and contribute to long-term growth, all without the burden of ongoing costs.”

 

If you would like help with sourcing quality interim finance executives, or staffing for a business transformation project please contact us.

 

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