The Growth Of Interim Management In China - Is It The Future For Senior Executives?
Online, July 26, 2010 (Newswire.com) - As we are all aware, China's economic development has inevitably had a great impact on world business. The World Bank estimates that China's economy will grow by 9.5% this year and by 8.5% in 2011. China has been, and will be for the foreseeable future, witnessing a sustained period of business restructuring, mergers & acquisitions and rationalization. In the case of recruitment, this means there is a constant demand for highly experienced executives to deal with such issues.
Unfortunately, it is not likely that ideal agents for these transformations will be readily available within existing teams and structures. Step in Interim Management. Interim managers are known to be master problem solvers who parachute into commercial hotspots to cut through internal politics, restructure an ailing business or kick start a new venture.
In the UK, interim management has morphed from a cottage industry 20 years ago into a sector that generates annual fees of £1bn ($1.5bn, €1.2bn). Other markets where demand for interims has been growing include Germany and Scandinavia while in the US the use of interim managers has long been a mainstay of how businesses operate.
Mick McGeehan, Managing Director of Interim Management Solutions, says that 'the demand for temporary assignments of highly experienced executives is dramatically increasing. Whether the term Interim Management is used or not, temporary executives with 10+ years experience are extremely valuable in China's current economic climate.' He continues, 'when tough decisions need to be made, a fresh pair of eyes is an excellent way to ensure challenges are seen from the right perspective. This, I believe, is one of several key reasons for the sudden increase in demand.'
In China, there is only a small group of senior interim turnaround professionals with the experience and track record to make a difference. The best aren't easy to find or attract - these individuals are always in demand, since there are always both local and foreign invested companies struggling, regardless of the state of the market. Interim Management Solutions aims to keep up with the current demand of interim managers and executives to provide the Chinese market with interims which are capable of transforming businesses.
If it's done right, hiring an interim is not a case of patching over holes or looking for a quick fix: it's about hiring a highly specialised, flexible turnaround resource with the strength to proactively tackle key challenges, failings and opportunities. The long-term trend is for businesses based in China to experiment, dip their toes in new markets and adopt lean management structures, all of which favour interim resourcing.
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