The Value of Interim – An Interview with Richard Hearn

3 Min. Read

 

At ZRG, we have had the privilege of working closely with some of the most accomplished professionals in the industry, and Richard Hearn stands out as a leader in the field of transformational change. With an impressive career spanning across the UK and Europe, Richard has partnered with organizations of all sizes, from Private Equity firms to Not-for-Profits, to drive strategic initiatives and deliver successful turnarounds. His ability to navigate complex projects, align with Boards, Excos, Trustees, and Regulators, and build high-performing teams has earned him a stellar reputation among his stakeholders.

The ZRG management team knows Richard well and values his results-driven approach, his strategic mindset combined with hands-on implementation, and his expertise in managing the cultural and communication challenges that accompany significant organizational change. In this interview, we delve into Richard's experiences and insights into the value of interim consultants.

 

• When did you first decide to become an interim and why?

I have been fortunate to cover many senior interim roles over  23 years and started just as the interim industry itself was forming. . Originally a consultant, I was asked  to stay on with the same client to deliver the piece of work I was advising on. From there I naturally ended up branching out to other clients for interim work.

• What were your initial challenges?

Supporting clients as an consultant is very different from actual delivery, a real mindset change is needed. When you are an interim as you integrate, support, develop and help lead the client and their teams. You help them achieve their strategic ambitions, transformation or projects at pace bringing breadth and depth of many different assignments, models and cultures.  You are an integrated part the organisation you are working with for an interim period.

• How did you overcome these challenges?

In the case of my first client, it was a challenge on both sides. . A consultant is more on the ‘outside looking in’ pointing organisations or teams in directions whereas an interim is‘inside looking out’, you are part of the team combining the advice with the delivery – a much more rounded combination and solution for most clients.  It helps that I amresults focused and celebrate helping organisations meet their strategic objectives.

• How important do you think is sector expertise vs functional expertise when comparing interim to permanent requirements?

Sector has some importance but not at all critical. There are subtle advantages when roles are not sector specific. For instance, my background is mainly Financial Services, I may be able to bring some very relevant approaches to a client in say the Retail sector which a Retail SME might not have. It’s all about the role. Most projects don’t really require functional expertise.

• I’m sure you’ve been offered permanent roles at the end of your interim contracts, why didn’t you take them?

Yes, but I love the interim market, the challenges each assignment brings and the different people I work with. Moving between different companies, models and approaches is what motivates me. This is also what you buy when you hire an interim – they have breadth and depth. The interim can bring different approaches and cultures to the organisation. They’ve normally helped other clients fast forward,leapfrog issues and contributed to step changes in strategy, activity or approaches. In one company I worked for, I was able to help my client fast forward because I had a previous client who went through a similar challenge and was 5 years ahead of them.

• When you are in a hiring position, how do you decide whether to hire interim resource vs perm?

When I want a job done. Timing is key - how quickly does the delivery need to happen? Also what skills are required? Do you need someone with the skills that has delivered what you are looking for or a consultant to advise?. Is the role long-term or short-term? If it’s a 6 or 12 month need, such as  turnaround or project, it is very difficult (and often unnecessary) to hire a permanent person and go through lengthy recruitment processes or releasing good people out of their own day job. Bringing in an interim with a wide experience of different cultures, approaches, markets, products and services that has delivered what you are looking for adding skills and pace to the activity, transformation or project - Interims can be available quickly and add value from day one. How senior is the role? C-Suite or Director level permanent hires often have a lengthy signoff process. Whereas a senior interim can fast forward this process.

 

• Is interim management expensive?

Interim is the ideal between having an independent consultant and a delivery expert, but is far less costly than a consultant. Although there may be short-term costs, organisations need to consider the  cost of doing things more slowly than necessary or that the market and competitors will allow. Waiting for the right person to be hired or released in the business adds delay that in my experience cannot be recovered  Some clients also appreciate that interim resource can come out of a different budget, Capex vs Opex.

• Do you notice a stylistic difference between interim and permanent candidates?

Yes. Interims are not looking to build a career, it’s about building a relationship with the client and delivering on the assignment. Interims can be more flexible with the role and the work they are assigned as they are comfortable with change, being troubleshooters and are results focused. Often they are more adaptable and have a breadth of experience (quite often in numerous international businesses too). Interims have usually amassed different approaches and tools which they use to help move the client forward. Interims hit the ground running and are expected to deliver value from day one. When a role is permanent, the project is just part of their job vs the actual job itself.

• What advice would you give to those in our network who haven’t been interim before and are thinking of trying it?

For people that like a career, stability and certain ways of getting things done, interim is not for them. When you are an interim you must ‘live by the sword’ and ‘die by the sword’. When I say this, I mean you have to deliver what you say you will in the time frame you’ve agreed with the client. You are self-employed so money is not guaranteed which brings its own pressures. I’ve found some companies are very welcoming towards interims and others less so.

• Is Interim for everyone?

You either like interim or you don’t. It’s not for the career minded. You must be flexible, delivery focused and comfortable moving away after the project has been completed. You must remember you are helping the organisation or the team you work with move forward, not yourself!

• How do you see the interim market changing over the next few years?

The interim market has been changing for the last 23 years! It will change and adapt as every market needs to. I believe it is alive and well  where specialism is required and, where it requires time to hire senior talent, interim is a good option. Some parts of interim are falling away such as the more transactional type assignments e.g. complaints reviewers, pensions reviewers. These roles would have used many interims in the past but now these are being outsourced due to IR35. Given the senior level interim roles ZRG focus on, I think ZRG are well placed for the future!