Written by Caitlin Weston on 30 Jun 2016
The polls are closed and the results are in. It may not have been what everyone was hoping for but the reality is that Britain is set to divorce from the European Union. This has had a great impact on markets and created plenty of uncertainty within business. Already there are reports of some multi-national corporations moving jobs to other nations and seeking out the relative certainty of the EU. At this stage, the full consequences of this referendum result cannot be fully understood and possibly will not be for many years. In the short term, the only thing that is certain is uncertainty, and that is bad for business.
While having a great impact on business as a whole, this will also have an impact on the interim sphere. In uncertain times, such as recession, many companies choose to strip back their business to focus on core strengths as well as cutting down on personnel. This is not all doom and gloom as those with the right knowledge and experience will remain sought after.
While many industries could suffer, interims cold find themselves in high demand. If companies do decide that they are cutting down on their services in order to focus on a single offering, this could involve major change projects. These would require the specialist skills of interim change managers who have the experience of taking companies in new directions, and making the tough calls that those within the company may choose to avoid. This could be restructuring, helping staff attain new skills or even building a strategy to help businesses reach their goals.
With any downtown in staffing levels, this will also mean there could be a skills shortage within many industries. This will mean that interim managers will become sought after in order to deliver individual projects utilising their expert advice, knowledge and management skills in order to deliver projects on a short term basis. The pace of change is uncertain and interims will prove invaluable and their ever changing employment makes them highly adaptable and flexible in their skills and knowledge. They could provide stability for a company as they navigate the potentially stormy waters.
Short term thinking will be at the forefront of many businesses, with some perhaps delaying making permanent appointments until a clearer picture emerges. It will be during this period that interims step to the fore, providing leadership and the reassurance of knowledge at an uncertain time and keeping the ship steady. In this situation, an interim will not be able to make any bold decisions on the future of the company but instead will be keep things in order until the company makes strategic decisions about their future or decides to make permanent appointments.
One thing is certain, with much of the UK’s operational and financial infrastructure intertwined with the European Union, this is going to be a slow process. Any interims with strong knowledge within this corporate finance strategy may find themselves offered prolonged assignments and will likely receive a number of tempting offers to leave the nomadic world of interim management.
It is an unpredictable time and many companies will be unable to budget for long term stability. Interim management offers another path for companies to gain access to the skills and knowledge they require as they rebuild for a new era.
To find out more about interim management and how it could help your business, call us today on 020 7374 5610.