Finance functions can experience periods of change for a number of reasons – it can be as the result of the implementation of new technology or new legislation; following a merger or acquisition; or as part of a business transformation strategy where processes or headcount are revised. Sounds awful, doesn’t it? Well, it doesn’t have to be!
Often change management is either overlooked to the extent that the daily output of the team and therefore the business itself suffers, or the finance team don’t have the requisite skill sets to absorb the change at the same time as performing their regular duties. This is where specialist interims come into play.
A career interim professional is different to a temporary hire. They are experienced in a number of areas and can hit the ground running as soon as they come on board. They are able to bridge the gap during the period of change while new members of a team are possibly being hired, never angling for the permanent position themselves. They are self-sufficient, flexible and have core change management skills that may be missing in-house, particularly if the period of change has seen the loss of key staff.
A key aspect of change management is communicating and engaging staff so that everyone is on board and understands the process. Many individuals’ roles and duties may be different after the period of change and communicating this and getting employee buy-in is vital. An experienced interim understands the bigger picture and the nature of just such projects and can relieve much of the pressure while the leadership team steers the ship and the rest of the team through.
In today’s political climate, finance teams in every sector could be subject to change once the effects of Brexit are known. Finance Directors everywhere are considering what its impact will be on sales, revenue, supply chain, tax and cash flow; and adjusting their business strategies, which may mean changes in their own teams to meet the new goals. Who knows what the coming months and years will bring as we adjust to a new business climate outside of the EU? But one thing is for sure; change is imminent for finance teams everywhere and those who embrace it and successfully use additional interim expertise to navigate through it will come out the other side significantly stronger than their competition.
If your team is about to undergo a period of change and you would like advice on interim talent to assist your finance function, call us today.