Pexels A Darmel 7641842

Interim vs Permanent Finance Hires: What's right for your business?

Having specialised in placing senior interim accountants in Yorkshire for over 20 years, I’ve seen all kinds of reasons behind the need for a business to hire but how many of those companies made the right call….at the right time? ​The decision to hire an interim or permanent finance professional is a significant one, and it largely depends on the company’s specific needs, objectives, and resources. Both types of finance jobs have distinct advantages and can provide different types of value to an organisation. In this article, I’ll explore the key benefits of hiring an interim vs a permanent accountancy and finance professional. ​Understanding the Roles: Interim vs. Permanent Finance Professionals Before diving into the benefits, it's essential to understand the fundamental differences between interim and permanent. ​Interim Finance Professionals: are typically brought in on a short-term basis to address specific challenges or temporary gaps within a company.​ These professionals are usually highly experienced, often with a broad skill set, and are capable of stepping into a role quickly. Interim finance professionals might be hired for a variety of reasons, including covering for a permanent employee on leave, assisting with a specific project, managing transitions, or handling urgent financial needs. ​Permanent Finance Professionals: on the other hand, are hired to take on a long-term role within the company. They typically have a more stable and ongoing relationship with the organisation, working closely with other departments and employees to ensure the company’s financial health is maintained and improved. A permanent finance professional is expected to provide continuous support, helping shape long-term strategies, and ensuring business growth and stability. ​With these definitions in mind, let's explore the benefits of each type of professional. ​Benefits of Hiring an Interim Finance Professional ​1. Flexibility and Immediate Impact: ​One of the most significant advantages of hiring an interim accountancy/finance candidate is flexibility. Interim candidates are typically available to step in quickly, often within a matter of weeks or even days. This is especially beneficial for businesses that need immediate support within their finance function due to an unexpected situation or an urgent financial project. ​For example, if a company faces a sudden crisis, such as the resignation of a senior finance executive, a business owner might need an interim finance professional to fill the role temporarily. The interim professional can quickly assume responsibilities, such as overseeing cash flow management, financial reporting, and budget planning, allowing the business to continue operating smoothly during the transition period. ​Additionally, interims can be engaged for specific, short-term projects, such as managing the implementation of a new financial system, preparing for audits, or dealing with temporary increases in workload. The flexibility of interim senior finance roles makes them ideal for businesses looking to meet specific short-term goals without the need to commit to a permanent hire. ​2. Cost-Effective for Short-Term Needs ​Hiring an interim finance professional can often be more cost-effective than hiring a permanent one, particularly for short-term or project-based needs. Interims are typically paid a daily or weekly rate, which means businesses do not need to cover the long-term costs associated with a permanent employee, such as pensions, healthcare, and other benefits. ​For companies operating on tight budgets or with fluctuating financial demands, hiring an interim professional can be a way to access high-level expertise without committing to the ongoing costs of a permanent hire. This is particularly valuable for small and medium-sized enterprises (SMEs) that may not have the financial capacity to employ a full-time senior finance professional with the expertise required to fulfil their requirements. ​3. Expertise and Specialisation ​Interim finance professionals often bring a wealth of experience and unique knowledge to the table. Many have worked across various industries, providing them with a broad understanding of different financial challenges and solutions. Their expertise enables them to quickly assess the situation, identify the key issues, and implement strategies that can drive immediate improvements. ​Whether it’s managing complex financial reporting, overseeing mergers and acquisitions, or implementing cost-saving initiatives, interim finance professionals possess the necessary skills to tackle these challenges quickly and effectively. For businesses that require specialised financial expertise on a temporary or interim basis, hiring an interim professional can be a great solution. ​4. Support During Transitions and Change ​Businesses that are going through periods of change—whether it’s a merger, acquisition, restructure, or IT system upgrade—can benefit from the support of an interim finance professional. These transitions often require specialist knowledge to ensure a smooth process. ​They can help with tasks such as conducting due diligence, integrating financial systems, or managing financial communications with stakeholders. Their ability to handle high-pressure situations and adapt to challenges quickly makes them invaluable during periods of change. ​5. Reduced Recruitment Risk ​If a business is uncertain about hiring a permanent employee or simply wants to test the waters, hiring an interim can reduce the recruitment risk. They are often hired for their ability to deliver results quickly, without the long-term commitment that comes with a permanent role. ​If the business is not satisfied with the interims performance, they can simply replace them without the added complications that come with a permanent hire. This can be especially important for businesses that may be unsure about the long-term financial strategy or need time to evaluate the suitability of a new hire before committing to them permanently. ​Benefits of Hiring a Permanent Finance Professional ​1.Long-Term Strategic Support ​A permanent finance hire, hopefully, becomes an integral part of the company’s long-term strategy. This individual will be responsible for the company’s ongoing financial health, working closely with management to shape business decisions, optimise financial performance, and align the company’s financial goals with its strategic objectives. ​Permanent finance professionals can help businesses by offering consistent advice on areas like tax planning, financial forecasting, and long-term investment strategies. They can also assist with employee development, fostering a strong financial team, and providing training and mentorship to junior staff members. ​For businesses that require a stable, long-term financial presence to guide growth and sustainability, hiring a permanent finance professional is often the best option. ​2.Stronger Company Culture and Relationships ​One of the key benefits of having a permanent employee is their ability to build strong relationships within the company. Unlike interim professionals, who may only interact with a limited number of people during their contract, permanent professionals have the time to embed themselves within the company culture and form deeper connections with other employees, teams, and departments. ​A permanent finance professional can work collaboratively with other departments, helping to align financial strategies with broader business objectives. Over time, they develop a deep understanding of the business’s operations, challenges, and goals, which allows them to make more informed decisions and offer tailored financial advice. ​3.Continuity and Stability ​Hiring a permanent finance professional ensures continuity and stability in your company’s financial management. This is especially important for businesses that require ongoing oversight and management of financial processes. A permanent professional will have a long-term commitment to the company’s financial success, ensuring that key financial tasks—such as budgeting, reporting, and compliance—are consistently handled. ​Stability is particularly important businesses that require ongoing financial planning and risk management. A permanent finance professional will be able to navigate both the everyday challenges and the long-term issues that might arise, such as economic downturns, changes in regulation, or shifts in market conditions. ​4.Deeper Understanding of the Business ​A permanent finance hire has the time to truly understand the intricacies of the business. Over time, they become deeply familiar with the company’s goals, challenges, and nuances, which allows them to make better financial decisions and anticipate potential issues. ​This in-depth knowledge helps to align financial decision-making with the company’s vision, ensuring that financial strategies support business growth in a meaningful way. Businesses that operate in competitive industries or rapidly changing markets can benefit from having a finance professional who is attuned to the local market conditions and the specific needs of the business. ​5.Employee Retention and Development ​A permanent finance professional is often tasked with developing and mentoring junior employees. By investing in the development of the finance team, they help ensure that the company has a pipeline of talent to support future growth. ​For businesses that plan to scale or expand their operations, having a permanent finance professional who can recruit, train, and develop a team of skilled finance staff is a key advantage. This helps build a more robust and capable finance function within the company, which is especially important for long-term success. ​​​Conclusion: Interim vs. Permanent Finance Professionals Both interim and permanent finance candidates offer unique benefits to businesses, and the choice between the two largely depends on the company’s specific needs and goals. Interim finance professionals provide flexibility, expertise, and cost-effectiveness for businesses that need short-term support or specialised assistance. They are particularly well-suited for project-based work, transitional periods, or covering gaps in the workforce. ​On the other hand, permanent finance professionals offer long-term strategic support, stability, and the ability to foster strong relationships within the company. They are ideal for businesses seeking continuous guidance on financial matters, long-term growth, and the development of a cohesive financial strategy. ​Ultimately, the right choice for your business will depend on factors such as the scope of the work required, the financial health of your organisation, and your long-term goals. By carefully weighing the advantages of both options, you can make an informed decision that best supports the success of your business. ​Need help deciding whether an interim or permanent finance professional is right for your business? ​At Sharp Consultancy, we’ve been advising and supporting businesses across Yorkshire for over 30 years—matching them with the right finance professionals at the right time. Whether you need immediate interim support or are planning a strategic permanent hire, our teams in Leeds and Sheffield can guide you through the options. ​📞 Call us today on 0113 236 6300 / 0114 261 1700 or 📧 email stuartdouglass@sharpconsultancy.com to discuss your hiring needs with one of our expert consultants. ​Sharp Consultancy is a specialist finance and accountancy recruitment partner for businesses across Yorkshire and the North East Midlands. With a deep understanding of the local market and access to a network of high-calibre professionals, we help organisations secure the talent they need to succeed. If you're looking to strengthen your finance team, CONTACT US to speak to one of our expert consultants to find out how we can help.​

Read article
Blog Img

WHAT IS A ‘LIFE CHANGING CAREER MOVE’ AND HOW DO YOU SPOT ONE

Back to Blogs

​Just occasionally, though very rarely - so rarely that for many people it never happens - a life changing career opportunity comes along; for the lucky ones it may happen once, or if they’re very lucky indeed twice in their entire careers. I’ve seen them in my professional capacity and can confirm they are rare.

It happened to me, once, 24 years ago and by pure luck I spotted it (though I’m not sure I really understood what it was) and of course, that is when I joined Sharp Consultancy. I had three other offers the same week; two with Plc’s and yet I joined a fledgling business, with four employees, on the lowest salary of the four offers and went ‘backwards’ to be a trainee again after eight years of (slowly) climbing the ladder in banking. Family and friends thought I was bonkers.

I’ve seen many people miss their moment by either failing to see it or, more often, failing to grasp it. Their reasons are varied an I’ll go in to that a little later. First of all, what is a life changing career move?

Let’s start by saying what it isn’t. Most moves are progressive; they follow a similar path, perhaps with an elevated trajectory, but the theme and flavour doesn’t change materially. There is NOTHING at all wrong with these moves, indeed we could describe them as normal. Most people go through their entire working lives having nothing other than ‘progressive’ career moves; they climb the ladder, enjoy their work, get satisfaction from what is important to them - financial reward, responsibility, autonomy, status or anything else. They’re happy. No reason not to be.

A life changing career move is one that changes not just your job but changes the direction of your life. It changes the lives of those around you and that change, for you and your family and friends is material. It’s when you look back and say “Where would I have been today if I hadn’t……….?” It’s when you were able to achieve things you never thought you were capable of (again, I mean things that are important to you - these may include status and financial reward but may not be what’s important to everyone). It’s a feeling beyond being satisfied. It’s often hard for you to believe.

Occasionally the reason someone doesn’t grasp the opportunity is that they don’t see it. More often however, they see it but walk away. In my years doing this job I believe there are predominantly four reasons why someone walks away. All are understandable. Rarely are they conscious. It helps if you can see any one of them in yourself but that isn’t easy and, equally, it’s difficult to have someone point them out to you (chances are you won’t like having it pointed out and you’ll shoot the messenger ). Once you calm down and think it through rationally, you might just agree. So what are they?

1)      Fear. Fear of change, fear of growth, fear of the unfamiliar. This is natural – we are
programmed to be frightened of certain things (think of all the phobias out there: heights,
confined spaces, snakes, spiders, horses [OK that last one is just me]). Whether it’s the first
time you have to speak publicly, the day you get married, go to university, you leave home
and a whole plethora of other things, it is natural. What isn’t natural is allowing it to control
you otherwise you’d never do or achieve anything (though that’s sometimes easier said than
done).

2)      Self Confidence. Or rather the lack thereof. This is a huge topic and one I am not
qualified to comment on in any sort of professional capacity but have seen first-hand how
crippling it can be. Interestingly though, I am stunned by how many hugely successful
people suffer with this yet still find a way through or past it. It never leaves them but they
are able to override it. In fact, I think for some people it is the reason for their success;
always striving to prove to themselves they are worthy, they are good enough and they
push and push themselves to fantastic heights. Over the years, many CFO’s, MD’s,
CEO’s and partners in major accounting firms and private equity houses have all
confided in me that they have a problem with self-confidence. You really wouldn’t
have known if they hadn’t told you. Though it can lead to success, sadly, it rarely
leads to happiness. Listen to those around you and what they say about you - it’s often a
more positive view of you than the view you hold of yourself. Take heart from this, theirs is
usually the more accurate one and isn’t coloured by your lack of self-confidence.

3)      Ego. This gets in the way for so many people. They would rather do a job they don’t
enjoy, in an environment they don’t like, for a boss they can’t stand - even to the extent it
has negative effects on them and on their relationship with their families and their friends
- because they are an ‘ABC Director’ for one of the world’s most prestigious Plc’s/investment
banks/private equity houses/management consultancies/firms of accountants – delete as
appropriate. After all, what would they say to their friends if they moved to do something
less prestigious, or, heaven forbid, on a lower salary, even if it was more enjoyable?
It doesn’t fit with their self-image. There’s a sticker that you often see on the back of cars
(Land Rovers normally) that if I recall correctly reads ‘One life. Live it’. Good advice. Do what
makes you happy. There really isn’t much else that counts, especially not ego.

4)      Intransigence. Perhaps inflexible is a better word. If you’re ambitious you need goals
and if you have goals you need a plan. A career plan is a very good thing. I’ve seen people
achieve great things without a plan - but very rarely - and it always involves either unbelievable
luck or a level of brilliance that is simply in a different league to everyone else – both unlikely.
So Plan = Good. That well known 19th century Prussian Commander, Helmuth von Moltke
was credited with saying ‘No battle plan survives first contact with the enemy’. So Plan = Good.
The flexibility to change plan as need or opportunity arises = better.

Let’s say you had the goal to be a millionaire by the time you were 40 (ignore whether this is a
noble goal or not) and you had a plan about how you’d achieve it - how much you would save,
where it would be invested and so on. It’s a 20 year plan. After 10 years someone came along
and offered to give you the winning lottery ticket. Who wouldn’t take it and save themselves a
further 10 years of effort without guarantee of success? I’ll exaggerate now to prove a point
but the exaggeration is nowhere near as great as you might think.

Let’s imagine now that you wanted to be a CFO by the time you were 40 and you were offered the chance to be interviewed (we’ll assume good company, relevant opportunity etc) for a CFO role when you were 36 years old. Some people would jump at it. But a lot – and more than you would think - won’t because they have a plan and this wasn’t part of the plan. They walk away from the opportunity because “I have a good chance of making CFO where I am in under four years’ time, IF my boss retires a bit early when he’s 55 as he thinks he might, and IF Andy gets that move overseas that he’s looking for, that means Sarah will probably get promoted IF she passes the internal panel interviews and no-one externally who’s better comes along, and as long as that happens and IF the economy stays strong then I should get my chance at promotion to CFO IF I too pass the internal panel interviews, which should be in the next three or four years, all being well”. That probably made you laugh. A version of that happens all the time.

Life is a race. Some win, some don’t. ‘That’s life’ as the saying goes. A career is a race. Some win, some don’t, some don’t even bother entering. It’s a surprisingly short race. For most people after 40 years it’s over - and of that 40 most of the climb is completed in the first 20. And of that 20 a surprisingly large amount of ground has to be covered in the first 10. So if you’re in a race, try and ride the best horse. We can’t all ride the favourite, sometimes because we’re not good enough to ride it (a fact, not a criticism) and sometimes because we don’t like the favourite. But if you can’t or don’t want to be aboard the favourite make sure you’re sat on one of the front-runners. You might like the 100-1 horse but 99 times out of 100 you will lose. The favourite doesn’t always win, but there’s a lot more at stake than a £10 bet; there’s your career and a large part of your life - at least bet with a good chance of winning.

A final thought. There are no guarantees. Odds on favourites lose. Things out of your control can get in the way. Play the odds and opportunities as they arise. A lifelong friend of mine from my school days (now an FD) at the age of 48 achieved what he had always wanted; he did a MBO – 3 months before the pandemic struck. His business is in a sector that will struggle. Hindsight now shows us he may have been better not doing that MBO. But that was his Life Changing Career Move moment and he knew it and jumped at it. My heart goes out to him. It wasn’t his fault. That’s (rather crappy) life. Thankfully he’s immensely talented and level headed; his plans have changed, his company’s plans have changed and he and his business will probably find a way through. I hope so. Back to that car bumper sticker. One life. Live it.

Sharp Consultancy specialises in the recruitment of temporary, interim and permanent finance professionals.  With offices in Leeds and Sheffield our highly experienced team of consultants recruit for positions throughout Yorkshire and beyond CONTACT UStoday to discuss your recruitment needs with a member of our team.