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Boyden Brief Q4 2024: The Market is Waking Up - Key Considerations for Interim Roles
As the market recovers, demand for interim managers is rising, particularly in senior leadership roles like CFOs. Key trends include the importance of cultural fit, the appeal of challenging & diverse assignments and the ability to adapt to changing briefs. The interim management sector is poised for growth, driven by the need for flexible and results-oriented leaders.
Market Overview
As we conclude the year with our final Boyden Brief of 2024, it has been enlightening to gather diverse perspectives and experiences throughout this journey. Despite the challenging economic landscape, we have identified excellent interim executives for clients and undertaken pivotal assignments that have made a significant impact on clients’ businesses and organistations. This year has required us to dig deep and adapt, with clients taking longer to make decisions. However, we have continued to work on key senior leadership roles, including CFO and CEO positions, reflecting the evolving needs of organisations striving for financial stability and strategic growth.
One of the standout highlights of this year has been the successful acquisition of our energy team in Scotland, which has significantly bolstered our capabilities and presence in the energy sector. Additionally, our international network and collaboration have opened up increased opportunities, allowing us to leverage our global reach to benefit clients and candidates alike.
As we reflect on the achievements and challenges of the past year, we remain optimistic about the future and are excited to continue our journey in the coming year. The insights and contributions gathered have been invaluable and we look forward to building on this foundation of success together.
In the industrial sector, we have seen a renewed focus on operational efficiency and strategic growth. The demand for experienced leaders who can drive transformation and innovation has increased.
The housing market has seen PE teams entering into this space, which is a commercially run area with a social heartbeat. The Labour government's promise of 1.5 million homes is ambitious but unlikely to be met without practical support. We're focused on bringing the best talent to the market to navigate these challenges. The intersection of commercial objectives and social responsibility in the housing sector presents unique opportunities for leaders who can balance profitability with community impact.
In the technology sector Chief Product Officers and senior product roles have been in demand, and there has been a consistent need for CFOs in this sector.
Overall we have seen increased activity across multiple sectors. Boyden's commitment to excellence and our extensive network of interim executives positions us well to support clients in finding the right talent to meet these evolving challenges.
Poll Questions
In this edition, we explore the topic: "When considering multiple roles, what are the key things to look for in an assignment?" This timely discussion aims to provide valuable guidance for candidates navigating the evolving job market, helping them make informed decisions that align with their career aspirations and organisational goals.
We posed various poll questions to the interim management community. Here is our analysis of the discussion:
The majority of respondents (36%) identified leadership and management skills as the top priority when evaluating a new assignment. This indicates that strong leadership capabilities are crucial for success in new roles, reflecting the importance of guiding teams and driving organisational goals effectively.
Another significant finding is that 28% of respondents prioritise problem-solving and strategic thinking. This highlights the need for individuals who can navigate complex challenges and develop long-term strategies, underscoring the value of critical thinking and strategic planning in today's dynamic business environment.
Industry-specific expertise was also a key consideration, with 26% of respondents emphasising its importance. This suggests that specialised knowledge and experience within a particular industry are highly valued, enabling professionals to make informed decisions and contribute meaningfully to sector-specific objectives.
A significant portion of respondents (45%) rated cultural fit as "very important" when selecting an assignment.
Additionally, 29% of respondents view cultural fit as moderately important, indicating that while it is a key consideration, it is balanced with other factors during the evaluation of potential assignments. For 22% of participants, cultural fit is deemed extremely important, highlighting that for nearly a quarter of respondents, it is a critical element that heavily influences their decision-making process.
When asked about the most appealing challenges in an assignment, 45% of respondents highlighted driving growth and expansion. This highlights a strong preference in opportunities that focus on scaling businesses and achieving substantial growth.
Additionally, 27% of respondents like to focus on turnaround and crisis management, indicating a substantial interest in roles that involve navigating companies through difficult times and implementing strategies to restore stability and success.
Managing organisational change was appealing to 14% of respondents, suggesting that guiding companies through transitions and transformations is a key area of interest for many professionals. Implementing new strategies or systems attracted 10% of respondents, reflecting a desire to engage in assignments that involve innovation and the introduction of new processes or technologies.
In addressing the balance between stability and the temporary nature of interim roles, 56% of respondents expressed a preference for being open to both short-term and long-term assignments. This flexibility suggests a readiness to adapt to various assignment durations based on the opportunities available.
Furthermore, 22% of respondents favour longer-term assignments (6+ months), indicating a preference for more stable and extended engagements that provide continuity and deeper involvement in projects.
For 12% of respondents, stability is not a major concern and short-term assignments (less than 6 months) are preferred by 8% of respondents.
Conclusion
As we wrap up the final Boyden Brief for 2024, our analysis of the market trends and poll results highlights several key considerations for interim roles.
Culture fit remains crucial, with clients emphasising the need for interims who can quickly adapt and make an impact. Candidates seek roles that offer not just financial rewards but also opportunities for personal and professional growth, variety and the chance to make a significant difference. Comments from candidates highlighted the importance of challenging assignments, engagement from leadership and the opportunity to work in diverse sectors and international markets.
Interim executives often work on changing briefs, which is part of the role. Understanding the client's true needs and rescoping the brief accordingly is essential. Candidates have noted that the ability to navigate these changes and deliver results is a key aspect of their role. The feedback from our interim community underscores the importance of adaptability and the satisfaction derived from making a tangible impact.
Overall, the interim management sector is poised for growth, driven by the need for experienced leaders who can drive transformation and innovation. We are excited to continue our journey in the coming year, supporting our clients and candidates in achieving their goals and navigating the dynamic business environment.
