November 12 ,2015 | by LSBF Blog Staff

5 benefits interim professionals bring to businesses

Interim professionals

In a market where skilled professionals are a scarce commodity, businesses are relying on interim resources to meet growth plans.

Today, change is a constant. As a result, businesses of all sizes and in all industries are increasingly looking beyond their conventional model of hiring by including interim professionals as part of their recruitment strategy.

The traditional workplace is evolving as interim professionals play a greater role in business. According to new research, the requirement is strongest at the management or C-suite level, with 59% of CFOs more reliant on interim resources than a year ago. As businesses drive their growth strategy, they are also dependent on non-managerial professionals, with 49% of CFOs more reliant on contracting temporary professionals.

So, why are companies so keen to tap into the flexible labour market, and what advantages can this offer businesses?

 1.    Cost-effectiveness

Creating a dynamic mix of permanent employees and highly skilled interim professionals allows businesses to increase or decrease staffing numbers based on current demands. This in turn gives businesses more control over their labour costs and expertise. They are willing to pay a premium to access this pool of highly skilled workforce to rapidly increase or decrease staff in response to requirements of the businesses, as well as lightening the load for employees who are stretched too thinly.

 2.    Flexibility

As businesses vie for a competitive advantage, they need to be able to respond quickly and strategically. Interim professionals offer flexibility for businesses as they can bring in the right skills at the right time for as long as necessary. One example of this could be meeting the requirements of the new UK GAAP reporting standards.

3.    Quick to get started

A huge benefit of interim professionals is the faster hiring process and their ability to hit the ground running. Instead of taking months, companies can bring in interim professionals quickly, getting them up to speed within days. As a result, businesses can see an impact almost immediately from their work. The key to successful interims is their adaptability to new projects and ability to apply their knowledge from previous experiences.

 4.    Shifting the focus to project-based work

Businesses are increasingly having to adapt to new financial reporting frameworks and changes to regulations. Interim professionals give businesses the expertise and resources to take on increased project work like this with skills that aren't necessarily available in-house. Specific skills can be brought in to deliver specific projects that otherwise may have been put on hold.

 5.    A fresh perspective

Interim professionals keep up-to-date on current best practice standards and are able to apply their experiences from previous projects to help overcome hurdles businesses face themselves. This is one of the reasons they are in such demand. The views and decisions of permanent members of staff can be influenced by internal factors, but interim professionals can provide a fresh perspective and new ideas.

There is a shortage of skilled professionals in the labour market, with the majority (92%) of CFOs either very or somewhat challenged in finding skilled professionals. As a result, demand is expected to increase for professionals in the interim sphere.

If you would like to discuss how interim professionals can benefit your business specifically, be sure to speak with a consultant at Robert Half Management Resources. They are experts in placing interim professionals and can provide guidance and advice.

LSBF Blog Staff

The official profile of the World's Business School. Follow us on Twitter at @LSBF

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