Is a recession a good time for interim managers and management consultants?
High-end interim managers and management consultants thrive in economic downturns. Many interim management appointments are for company turnaround work and clearly in a recession this is in demand.
Many companies finding it tough in a recession might not necessarily need a turnaround specialist or company doctor however maybe they do need to appoint an interim manager or consultant before committing to a permanent position. In economically challenging times short term contracts make a lot of sense.
So, many interim managers are benefiting from these troubled times; indeed a lot of interim management agencies and recruitment consultants will tell prospective candidates “trade is brisk – come onto our books, we have lots of jobs.” That may be true but it’s not all good news. There are now more and more interim managers and management consultants who didn’t choose the independent route – they just found themselves on the scrap heap due to redundancy or even old age (over 40?!) As more and more talented and experienced managers move from the permanent job market to the temporary market the pool of talent gets deeper which is only great if you are an employer.
I spoke to an executive recruitment consultant recently who said that there are indeed a lot of temporary executive jobs and interim positions available, however whereas a couple of years ago they would put forward to a client 3 or 4 strong candidates, now there are 10-20. And all 10-20 are top quality. It’s getting very competitive out there.
It gets worse for management consultants at the ‘discretionary expenditure’ end of the scale – for example training and development consultants where company training budgets are often one of the first things to be cut in a recession.
So, what do you do while you wait for your next interim management or management consultancy assignment? The Internet gives us all a golden opportunity not only to find that next job but also to turn our talents and experience into money while you wait. You might even want to do what I have done and carve out a new career for yourself and be one of the next wave of Internet entrepreneurs.
Come and join me – it’s fun!
Richard Wall set up Interim Career Solutions to help interim managers, management consultants and other professionals promote themselves and set up additional income streams on the Internet. If you are suffering from the downturn or you fancy another income stream, Richard’s Residual Magic eBook will help get you started, free download link available here.
