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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.​

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Leaders Insight - with Steve Hammell, Experienced CFO, Industrials & Technology markets

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​The latest instalment of our “Leaders Insight” series is with Steve Hammell, experienced CFO in Industrials & Technology markets. In an insightful interview conducted by Michael Ball, Partner at The CFO Partnership, Steve shares his journey, the strategic initiatives he’s spearheading, and his vision for the future of finance.

Steve Hammell brings a wealth of experience and a unique perspective to his role at Pressure Technologies. With a career spanning over two decades in various financial leadership positions, Steve has navigated through numerous economic cycles and industry shifts. His expertise in mergers and acquisitions, financial strategy, risk management, and operational efficiency has been instrumental in driving the company’s growth and resilience.

Join us as we delve into Steve’s experiences, explore the evolving responsibilities of a CFO, and uncover what defines successful financial leadership in today’s environment.

What are both the best and the most challenging aspects of being the CFO of a fast paced, listed business?

  • Best aspects;

    • Supportive shareholders with capital to inject into the business, including the ability to provide innovative financing instruments (e.g. convertibles, quasi debt-equity instruments)

    • High quality Boards with NEDs who bring in-depth experience and a steady hand.

    • The public profile helps to attract and recruit high quality candidates and offer incentive structures not available in private companies.

  • Challenging aspects;

    • Everything plays out in the public domain, so the interplay of strategic projects and business performance need to be carefully handled.

    • Short-term share price movements can become a barometer of success rather than progress against strategic objectives and long-term improvements to the business.

    • Regulatory burdens are heavy and the costs of being listed can be prohibitive for any plc with revenue < £30m.

What are your opinions about the relationship between a CFO and CEO? What is critically important in building a successful partnership and providing the right support to the CEO?

  • CEO and CFO must have each other’s back and provide a united front with all stakeholders, especially the Board, shareholders and employees.

  • They should complement one another in terms of skills/expertise, leadership style and teamwork.

  • Each needs to have strong leadership characteristics and deliver on their own responsibilities aligned to common strategic objectives.

  • CFO needs to be the financial authority in the company and have command of the numbers, with the ability to simplify complex areas and deliver concise analysis for the CEO to use commercially.

  • CFO should recognise that being CEO can be a lonely place with responsibility for almost every facet of the organisation. The CFO should be a strategic sounding- board and challenge the CEO regularly as an outspoken partner.

What new key skills or attributes do you think the next generation of CFO’s are going to need to develop?

  • Technology;

    • Cyber security is becoming a core competence and leadership responsibility of the CFO; ability to develop the cyber defence strategy of the company and work with internal and external resources to provide a robust operating framework and a response capability if the business is attacked.

    • Ability to lead and deliver ERP and data analytics projects as Board sponsor.

    • Ability to harness Artificial Intelligence and automation to deliver value to the business; in manufacturing, this translates to delivering full integration of manufacturing and financial data to drive operational improvement.

  • Procurement;

    • Supply chain integrity, performance and reliability has become a significant issue post-pandemic.

    • CFOs need to be able to develop and lead high performance procurement functions to serve the business and manage operational and financial risk.

  • People;

    • The world of work has changed in the last 5 years with many competing pressures emerging. CFOs need to develop a core set of values to guide their recruitment decisions.

    • CFOs need to develop high performance cultures by harnessing a broad range of skills across the increasingly integrated functions of finance, IT and procurement to deliver first class support to the business.

    • CFOs should focus on big-picture priorities and determine what gets done, not how it gets done; CFOs should therefore prefer to empower their teams and encourage collaborative decision-making.

You have worked in some challenging turnaround environments in your career. What specifically are the most essential skills and personality traits that a finance leader needs to be able to steer a business through a turnaround project?

  • Resourcefulness – CFOs must be able to draw on a broad array of skills and a network of dedicated advisors and funders to find their way through complex situations.

  • Resilience and being strong-willed – CFOs must be acutely risk aware but be able to carry on regardless in a dark, uncertain and ambiguous situation where the route to success is not clear and the odds may be stacked against you; CFO’s need a plan B if things go wrong.

  • Change management – turnarounds involve significant change for organisations and create new priorities, pressures and working relationships; CFO is normally in the eye of this storm.

Working patterns and individual priorities have never been as much at the forefront of working life as they are for people now. Is it possible to maintain a reasonable work life balance at C-suite or do you have to accept that there will be personal sacrifices in order to succeed at that level?

  • C-suite responsibilities are time consuming, and you are usually dependent on the performance of others, which requires flexibility and ability to handle time pressure.

  • However, by organising the activities of your internal and external teams, space can be created for your personal life, albeit at certain times the job has to come first.

You come from an advisory background yourself. How important is it to put time and effort into building and maintaining a network of trusted advisors that you can go to time and again?

  • Developing long-term relationships of trust with CF advisors, lawyers, diligence providers, tax advisors and a range of debt and equity funders is critically important and enables a CFO to deploy the full suite of skills and expertise required.

  • As a CFO, the businesses I have worked for have been employing not only myself but my entire network (whether they realised it or not!)

What is the one single best piece of advice you were given early in your career that still holds true today?

  • Frame your career and skills in terms of the market you operate in and develop the flexibility to deploy those skills in new ways.

  • For myself, I have served the Yorkshire M&A market for over 25 years in diverse roles including CF advisor, corporate banker and most recently CFO and have been able to re-invent myself a number of times using a core set of skills and relationships.

  • Looking forward, I have ambitions to move into non-executive roles and expect the flexibility I have developed over the years to serve me well again.

Looking for your next career move in finance or accountancy? At Sharp Consultancy, our expertise lies in matching your potential with the perfect temporary, interim, or permanent position. With a well-established presence in Leeds and Sheffield, our seasoned team of consultants extends their services across Yorkshire and beyond. Don't wait for opportunity to knock, reach out to us TODAY and let's chart your career path together.