North targeted as demand for interim managers booms

Top Northern executives being targeted more aggressively than ever by leading companies keen to beef up their management credentials, says Leeds-based Hitchenor Wakeford Group.

Compared to the second half of 2006, the first half of 2007 has seen a 25% hike in the number of Northern-based senior executives being parachuted into firms keen to take advantage of experienced high flyers.

500m is spent on interim managers each year who can earn up to 1000 a day.

John Wakeford, managing director of the Hitchenor Wakeford Group, said corporate activity and changes to international financial reporting standards in the region is stimulating the market:

ìDemand for temporary ësupermaní and ësuperwomaní executives is booming but it is tough role to fill. Itís a niche market where only the crme de la crme of management can thrive. We are actively targeting senior movers and shakers in the Northern business community on behalf of clients who include public sector organisations and FTSE 100 companies as well as firms undergoing change. Mergers, acquisitions, MBOís and private equity interests are stimulating the market. The need for competent people who understand international financial reporting standards is also driving the market. We are developing relationships with some of the best business minds in the region who may at some point in the future want to step into a lucrative interim role.

ìInterim managers can help companies in a number of ways financially and strategically. More companies are asking us to recruit interim managers for six or nine month projects. The market is moving along at a rapid pace and we are taking advantage by being in a position where we have experienced senior executives on our books.î

Top 5 reasons why companies are hiring interim managers:

1) Steady the ship ñ interims may be called in to help smooth things over after boardroom upheavals.

2) Improve profits ñ companies pull in an experienced hand to cut costs and boost productivity to achieve higher profits.

3) Support growth ñ booming sectors like technology, retail and telecommunications need experienced executives to help handle dizzy growth.

4) Manage uncertainty ñ companies experiencing change often need expertise and resources to help them manage the process.

5) Develop existing management ñ current management teams may lack skills in certain areas and need expert coaching or development. Interims can help develop teams in a live business situation.