Growing demand by Irish business for interim financial expertise

Feb 07, 2018

Businesses in Ireland are becoming increasingly reliant on external, interim financial expertise according to a survey by Chartered Accountant Interim Managers (CAIM).

The survey of nearly 250 organisations shows that respondents are engaging interim managers (consultants/contractors) for specific assignments on a flexible hire basis, with a focus on competence and experience.

These demands are being filled by interim managers with specific skills and expertise in a range of areas including senior financial management, corporate finance, governance, strategy and business decision-making.

According to Patrick Byrne, Chair of CAIM, "There’s no doubt that the nature of work is changing and the interim professional model is seen as a positive contributing factor to organisations' needs now and into the future. Businesses in Ireland are facing into the yin-and-yang of a growing economy and Brexit uncertainty. The implication is that the accessibility of externally available expertise on a flexible basis, as the go-to solution, is an extremely valuable asset for the coming years."

The survey's key findings are as follows:

  • 69% of respondents retain external resources to access expertise not otherwise present in the organisation;
  • The availability and flexible nature of interim manager expertise is highly valued with respondents reporting that they have had a positive experience to date;
  • Respondents stated that they expect to use the services of interim managers more in the future, particularly for short-term needs;
  • Respondents’ needs in using external resources are to access the expertise of interim managers, followed by a requirement to fill a gap or to add additional executive support;
  • 75% of respondents stated that personal and professional networking is most often used for identifying and hiring an interim manager;
  • A personal recommendation and the expected level of impact are the most important factors in hiring an interim manager, followed by professional qualifications and experience and trust; and
  • Competence to get the job done was most important in the buying decision followed by a ‘ready-to-go’ immediate solution.
A full copy of the report can be downloaded at www.cainterimmanagers.ie.

Source: Chartered Accountant Interim Managers.
 

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