I know what you're going to say – it depends! And of course you're right, there isn't a ‘one-size-fits-all’ solution to resourcing needs. So much depends on complexity, skills needed, geographical distribution and budget. Nevertheless, there are situations where the decision is finally balanced between a consulting firm and a hand-picked team of interims. So, in this new blog, I thought it would be instructive to share some views comparing a consulting and interim approach.
Let’s look at consultants first
The ’Rubber Stamp’ or Insurance policy
If your primary motive is to have an external body ratify a decision that you've already made, then an interim or team of interims (however skilled) does not have the perceived authority of a large consulting organisation. So, if your board of management is looking for external validation before committing funds to an initiative, you may have no choice but to go for a big brand consulting firm.
Breadth and depth or resources
Consulting firms are usually credited with having boundless resources and skills. However this is rarely the case, and you could easily find yourself training a team of young consultants who are learning on the job. Nevertheless, you don't have the responsibility for finding the resources, configuring and managing a team. This is especially important on an international scale.
Consistency and methodology
Reputable consultancies spend a lot of money on methodology and consistency of approach, including quality assurance. By buying into a consulting firm, you are usually assuring yourself of a certain standard of competence.
High Cost
The consulting approach is usually much more expensive, not just because the day rates are very high, but also because the teams are often over-resourced. Right from day one, consulting firms will be looking to grow their team, feeding off the inevitable issues and concerns that they find during an assignment.
Now let’s look at the interim route.
Hand-picked resources
There is a flourishing market for interims, many of whom are in the last third of their careers and have acquired deep expertise in certain areas and varied sector experience. But you need to shop around to find exactly what you need.
Configuring a team
If it's a team that you need, some providers of interims will help configure a team for you, but ultimately, responsibility for bringing the skills together and managing the team will fall on your shoulders. Doing this on an international scale may be unrealistic.
Quality Standards
Many finance interims will have come from a professional setting where standards are high, but if you are configuring a team and don't have your own methodology, then maintaining an acceptable standard of work could be a challenge.
Value for money
Interims usually present greater value for money and whilst they may be seeking to extend their involvement for the longer term, they are not motivated by building a team, like consultants. They frequently offer greater flexibility in terms of working arrangements, especially travel.
If you would like to hire an interim finance professional, contact us at FSNTalent. Gary.simon@fsntalent.com or Michelle.fabian@fsntalent.com
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