Whilst hiring executive ‘interim managers’ is an international business norm, there are some particular nuances associated with the Australian market.
1. Ditch the JD/PD
Think clearly about the deliverables; focus the interim on specific tasks within a set timeframe.
2. Full or Part Time
Put simply – agreeing to 3 or 4 days a week could reduce the budget by up to 40%.
3. Interstate/Regional Option
Most will work away from home which gives you access to a new pool of talent.
4. Lease vs. Buy Analysis
When facing uncertainty, significant change or where a permanent hire is not appropriate, executive leasing offers the best flexibility on contracts, terms and notice periods.
5. Give them a Mandate
An interim manager needs authority and access to resources from the top to deliver.
6. Assess the ‘Flight Risk’
The percentage of career interim managers in Australia is low, however, those looking at permanent work are still viable interim options in our market. Think about ‘lock in’ clauses or completion incentives.
7. Daily Rates
On occasion, fixed term contracts are a preference but engaging through a daily rate offers more contractual flexibility, reduces headcount and is often the candidate’s preference.
8. Keep Talking
Talk to the interim manager and recruitment provider, monitor progress against deliverables to head off any mismatched expectation.
9. Is There a Need?
Acting up arrangements can be successful, an interim is better suited when specific skills or higher level managerial expertise are needed.
10. Don’t Sit on the Shortlist
Even in a supposedly buyers’ market, the very best interims enjoy high demand for their services.
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For further information please contact:
The Interim Executive Team
P: Sydney – 02 9233 1200 Melbourne – 03 8629 1308
E: interim@watermarksearch.com.au