Solving the talent shortage with Interim Management
We are moving towards a global and national shortage of skills. In parallel to this, we are also witnessing a growing trend in workers wanting to work more independently and with more flexible working terms. As digitization, new technology and restructurings are happening at a hastening pace, the right talent, with the necessary competencies and experiences at the right time is becoming ever more difficult for companies to find.
A pressing that needs to be solved
A study conducted by Korn Ferry finds that by 2030 there will be a global human talent shortage of more than 85 million people, or roughly equivalent to the population of Germany. Left unchecked, this talent shortage could result in about 8.5 trillion dollars in unrealized annual revenue.
So why has it become such a pressing issue? The global talent shortage is a result of the rapid increase in digitalization, automation and technology developments where businesses are struggling to fill roles that require specialized skills. Moreover, the environment in which companies are operating in, is becoming ever more unpredictable and filled with uncertainties, which requires that knowledge and resources are used more efficiently.
We will see that future leaders will be required to work in organizations where collaboration and knowledge sharing is the norm and with the increased automation and digital transformations, a motivational type of leadership will be needed. We will most likely say goodbye to the hierarchical organizational structures that once were the norm as innovation, agilitly and flexibility will be crucial components for companies to adopt in order tostay competitive and resilient when navigating through uncertainties.
So how can we cope with this issue? By embracing an on-demand talent model-Interim Management-companies can easily find the right talent, with the right skills, at the right time.
Gain access to the right talent with an interim manager
During an implementation of transformation and change, you need different forms of leadership to anchor and lead the new ways of working. Many businesses are facing complex transformations and having access to the right skills, implementation power and full mandate will then define success.
Strong change leadership combined with experience in managing stakeholders, relevant industry experience and the specific knowledge and skills is becoming increasingly difficult to find. Interim Managers, however, fills this void. Moreover, undergoing a transformation, or implementation phase is usually time specific and when operating in uncertain and changing environments the needs of a business change quickly, hence hiring a full time executive usually takes a long time, and before you know it your business requirments have changed.
Therefore it becomes crucial for the business’ survival to find the right talent, at the right time.
Hence, matching the exact needs at the right time is crucial and the result will depend on leadership and mandate, which often disqualifies a consulting solution. To optimize the results, strong leadership with a full mandate will be required.
Remain competitive in the future
Bringing a highly skilled interim manager on board for a specific project to solve problem can save companies a large amount of money and time compared to hiring a full-time manager. Interim managers are results driven, flexible and are fully focused on the task at hand. Moreover, they are have the ability to react quickly and from their vast experiences in different businesses and industries, the interim manager is able to provide expertise and competence through several disciplines.
Hiring an interim manager, allows for companies to start new projects faster compared to lengthy traditional recruitment processes and training schemes. So the faster organizations welcome this way of working (as an enabler, not a cost), the more power they will have in the future as the competition for talent in technology and strategic executive leaders becomes tougher.
Want to know more?
Nextt Management are experts in Interim Management and have operated in the industry since 2003. Our philosophy is to provide top quality managerial solutions that your business achieve your desired results.
Contact us today if you found this blog post relevant or if it sparked your interest. We are happy to have an informal talk with you on how an interim manager can create positive results to your business.