Building a strong financial department: four times hiring an interim manager makes sense
One of the recurring concerns of financial directors is the need to surround themselves with qualified people and build and retain a strong financial department. Hiring an interim manager can be the best approach in the following four instances:
When searching for a key, permanent employee
It may seem paradoxical to hire an interim manager when you’re looking for a full-time employee! However, if you’re looking for that very special employee or an extremely specialized person (IFRS, a consolidation manager with experience in the highest level transactions, etc.), the recruiting process can take more time than expected. You will probably need a motivated and qualified team member as soon as possible to do the work in the meantime.
Hiring an interim consolidation manager (or IFRS specialist) will probably be the best solution in this case. It will enable you to move your projects forward while looking for the ideal candidate for the future.
When your Consolidation Manager (or Controller) changes position
When your Consolidation Manager (or Controller) feels that he has thoroughly explored his current position and has voiced the (legitimate) desire for a change, the next logical step in his career would be a posting as a Financial Manager in a subsidiary. An opening has just become available in your group.
This is another situation in which an interim manager can help you maintain your strong financial team: they can immediately take over the position while you look for the ideal replacement or put a new organization in place.
This is what is currently happening at one of our clients: following the departure of the consolidation manager to a subsidiary, we provided an interim consolidation manager for a six-month assignment. After the six-month period, the financial director will review the mission and decide whether to continue on the same basis or if it would make more sense to recruit a new consolidation manager.
When you have a complex technical project
The third situation in which using an interim manager makes sense is when you have a project to carry out for which your current team doesn’t have the required expertise: an IFRS migration, implementation of a first consolidation, unification of the legal consolidation and of management reporting, a significant change in the group’s organization, due diligence, activity valuation, etc.
These are complex assignments that last for a given amount of time and require significant business line expertise, up-to-date technical knowledge and previous experience with similar cases.
Long-term absence of an employee
We will finish quickly with the classic case: the use of interim management is often precipitated by the long-term absence of an employee due to medical or maternity leave, a sabbatical, etc. Regardless of the reason for using the service, the benefits are as follows:
- A qualified resource operational immediately
- Quick implementation
- Additional time to recruit a permanent employee without disrupting the financial department.
This is the perfect solution for a rapidly changing, complex environment which requires proactivity.