Millions Lost As Firms Overpay/Under-Utilize Interims
More in BUSINESS NEWS
back-up- 'Their Staff...Were Making A Lot More (Than Ours). That Won't Last'
- The So-Called 'Greedy' Lehman Bonus E-Mail
- Support Staff Need Not Wait To Get Their Reward
- CenterFuld - Lehman Boss In The Dock
- The 2008 Best CTO / CIO Poll - First League Table
- M&A - Top Dogs Around The World
- An Oldie, But Goodie During These Difficult Times
- Richard Fuld's Statement To The Congressional Committee (In Full)
- Citi Sues Over Wachovia - For $60bn!
- Fear Not, There Are Jobs Out There
- Featured Recruiter - Martin Ward Anderson
- If Your Firm Was A Monopoly Property.....
- Click Here To Register For Free News E-Mail Alerts
- 'Never Mind Your Bonus' - The First Here Is The City Book
- Layoffs - The Definitive Job Loss League Table (The Very Latest)
- Top Firm Accused Of Bringing Down Lehman
- Top Boss Says Bonuses Will Be 'Solid', But 'Smaller'
- Hedge Fund Makes Single $2.5bn Winning Trade
- 'This Was As Cogent A Case Of Murder As Might Be Imagined'
- 'This Hodge-Podge Of Regulations...(Will) Put Many (Banks) Off Participating'
- Wacha-Gotcha-Notcha-ovia - Bun Fight For Wachovia
- Top Worldwide M&A Legal Advisors - Year To Date
- Citigroup Threatens Legal Action Over Wachovia (Citi Statement)
- Wells Fargo Press Release On The Wachovia 'Acquisition'
- Owed Money By Lehman, & Are Struggling To Find Out What's Going On ?
- Out Of A Job, Out Of Pocket & Out For Blood
- 'In The Land Of The Laid-Off, The Hiring Firm Is King'
- UBS Confirms 2,000 Job Losses / Closure Of Commodities Unit
- A Wall Street Funny
- Worldwide M&A League Table - Year To Date
- Super Hedge Fund Manager Continues To Defy The Odds
- Fuld, Thain, BNP, SocGen, Morgan Stanley, Raymond James, Shorts
- 'My Firm Will Never Fire Me. I'm Untouchable!'
- 'I Felt Sick When I Saw Them Taking Down The Lehman Signage'
- More Writedowns Expected, Hedge Funds Suffer
- 'We Need A Reality Check'
- 'There Is Only One End To The World, And This Isn't It'
- Top Firm Said Close To Cutting 1,900 Jobs
- 'Masters Of The Universe' Should Give Back Their Bonuses
- Bank Makes Paper Loss Of $506m On Morgan Stanley On First Day
- Citi Acquires Wachovia Units
- Unemployment, Depression & Suicide - Bankers In Crisis
- 'During This Difficult Conversation With Me, He (Dick Fuld) Cried'
- Fortis Rescued, As Parts Of ABN Will Be Sold Again
- And The Financial Markets Institution Of The Year Is....
- Investment Banking Is Just Like Marriage - Divorce Is Painful
- Citi's Board Said To Be Considering Big Acquisition
- Statement By US Treasury Secretary 'Hank' Paulson
- Some Of Your Views On Recent Events
- 'At Worse, As In The Depression, The Economy Collapses'
Downloads
Related Content
- Millions Lost As IT Problems Wreak Trading Havoc (09/09/2008)
- Has Cityboy Finally Lost The Plot ? (23/07/2008)
- Top Hedge Fund Said To Have Lost $5bn (02/09/2008)
- Top Firm Lost $1bn On Investment Top Execs Knew Nothing About (07/09/2008)
- Report - These 3 Top Firms Could Have Gone Belly Up This Year (05/09/2008)
- Hiring Firms In Asia-Pac, EMEA, The Americas (22/07/2008)
'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
