Millions Lost As Firms Overpay/Under-Utilize Interims
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'The financial services industry is wasting millions of pounds each week, by overpaying and under utilizing interim managers. Client companies often have relationships with the wrong suppliers, and usually look to source a £1,000-a-day executive from the same recruitment provider which manages their volume-driven temporary workforce.
Top quality senior interim managers are hard to come by (there are around 400 of them in the City), and these well-connected individuals often find work through their own networks, 70% of which is repeat business. These interims don't usually have relationships with more than 3 interim providers, and their cvs are rarely sitting on a database of thousands, waiting for a bright graduate to find them via a quick 'word' search! Senior interim professionals are often wary about who represents them, preferring instead people who understand their business, and who have built up a relationship with them over a number of years.
The large recruitment firms, of course, are trying to get more of the executive interim action. But, too often, these firms simply attempt to create a new brand by using the same staff, and continue to rely on the same candidates that make up their core business databases.
Firms need to understand that professional and specialist help is required to hire a senior interim professional, who may, after all, be responsible for a large budget during his/her time in an organisation. Clients clearly recognise the benefits of retaining a search firm for senior permanent hires. Getting an executive interim on board should be no different. You need to bring in the specialists'.
Raj Tulsiani can be contacted on 020 7399 4300
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