In this Q&A, Lisa shares her reflections on key trends shaping the interim management industry in 2024, the challenges businesses face, and how executives can prepare for the future.
Welcome to Day 12 of the 12 Days of Boyden series! Today, we spotlight Boyden’s expert in interim management: Lisa Farmer. With over 20 years of experience, Lisa Farmer is Managing Partner - Interim for Boyden UK & Ireland and co-leader of Boyden’s Global Interim Management Practice. Lisa has built a reputation for providing strategic interim solutions that support organisations undergoing transformation. Known for her extensive network and ability to align top interim executives with clients’ specific needs, she helps businesses navigate critical periods of change with impactful leadership.
Q: What was a key achievement for you in 2024?
Lisa: Lots of highlights for 2024. We've experienced growth within the team throughout the year with the acquisition of the energy team in Aberdeen and our launching our Social Housing practice, enabling us to offer clients more targeted support across these sectors. We have also successfully delivered really interesting and often challenging interim roles with clients coming to us for strategically key roles including interim CEO & interim CFO positions. Another highlight has been our collaboration with the international team within Boyden.
Q: What was the most significant challenge facing interim management this year?
Lisa: Economic volatility and uncertainty in the market. This unpredictability led to cautious decision-making by many organisations. Despite these challenges, there remained a steady demand for interim executives in critical roles such as CFOs, CEOs and Transformation leaders managing change as companies sought expertise to navigate financial restructuring and drive strategic initiatives during these uncertain times.
Q: What industry trends do you believe will define the future of interim management?
Lisa: Organisations are increasingly engaging interims as a strategic asset which is essential for navigating the complexities of modern business and transformation at pace. Clients will rely on interim executives for their agility and flexibility, enabling quick adaptation to changing market conditions. We anticipate a rise in the use of interims who excel in change management and transformation, driving innovation, competitiveness and mentoring internal talent to build robust leadership pipelines.
Q: What are the most critical skills for interim managers in 2025?
Lisa: Interim executives will continue to focus on driving through change for clients. In a rapidly evolving technological landscape, interim executives can adapt swiftly, transform organisations and where needed, provide leadership rapidly to more effectively manage and upskill teams. These skills will be crucial for delivering impactful results in a dynamic business environment.
Q: What do you see as the biggest hurdle for interim managers next year?
Lisa: Navigating increased costs for clients in a challenged market; particularly post budget. This economic pressure may necessitate restructuring and significant cost efficiency programmes, driving further demand for interims as flexible resources to help companies adapt. Interim executives will need to be resilient and both strategic and delivery focused to manage these challenges effectively.
Q: How can companies prepare for these upcoming challenges?
Lisa: Companies should be strategic and planned in their use of interims, leveraging the right talent at the right time. Interims can play a crucial role in restructuring plans, especially as businesses adjust to economic pressures. It’s vital for organisations to plan how they will deploy interim executives, recognising when external expertise is necessary to guide transformation and ensure successful outcomes.
Q: How are hybrid and remote work models impacting interim managers approach to leadership?
Lisa: Interim managers have traditionally worked away from home, often 4-5 days a week, and many continue to operate this way, although many roles are a hybrid blend of working from home and the office. For certain leadership gaps, being on-site and visible is critical for making an impact within short timeframes. Effective stakeholder management and relationship-building are often more successful face-to-face, particularly when navigating complex business challenges.
Q: What changes in work models do you anticipate in 2025?
Lisa: Businesses will increasingly integrate interim executives into their long-term business planning for transformation and growth, rather than solely relying on them for urgent resource needs. Additionally, there will be a continued focus on hybrid and remote work models, allowing interims to provide their expertise flexibly while maintaining strong on-site presence when necessary to drive impactful results and foster strong stakeholder relationships.
Q: What one piece of advice would you give to interim managers navigating the challenges in your industry?
Lisa: My advice to interim managers is to focus on building a career in interim management with a clear understanding of both its challenges and opportunities. Plan your work-life balance carefully, considering periods where you will not be working but want to work, and be discerning about the opportunities you accept. Only take on assignments where you are confident in your ability to deliver exceptional results, ensuring both you and your clients achieve the best outcomes.
Lisa Farmer’s insights shed light on how interim management continues to play a crucial role in helping organisations navigate times of change. By understanding emerging trends and leveraging interim talent strategically, companies can strengthen their leadership teams and ensure they remain resilient in the face of disruption.
