Companies will continue to experience ongoing labour and skill shortages across all industries, ultimately impacting business growth. Buying and retaining talent with the right skills needed to deliver on deal success will be a greater priority due to an increased appreciation of the value of the right skills.
Addressing skills gaps will require a strong understanding of the external labour market and internal capabilities. It is fair to say we can expect continued competition for talent across various industries, with recruiting focus shifting to skills rather than experience in particular roles or jobs.
When assessing skill shortages, organisation leaders must address questions such as:
- What skills are we purchasing and in what quantity?
- Are there skill gaps across the organization?
- Are critical skills plentiful or rare?
- What skills risks are we buying into?
- Will we be able to deliver on short- and medium-term growth?
- What are the post-close skills/talent needs we will need to invest in?
- How do we best match skills to roles at speed and scale?
Achieving financial targets means analysing workforce issues with the same rigor as other strategic elements. If not adequately mitigated, people risks in transactions can have an enormously negative impact. With investor pressure coming from all sides, deal success requires a combination of speed, capability and execution to deliver sustainable value.
How can interim managers help plug a skills gap?
Interim managers are a valuable and knowledgeable resource and may benefit your business in many ways, depending on your individual business requirements. While engaging an interim may not be a long-term solution, hiring an independent senior-level professional who can hit the ground running and take on the responsibilities left to ensure results and continued success is highly beneficial.
Interim Managers have the benefit of:
- Having the specific experience required at a cost-effective price
- The individual will be able to step in, take control and start delivering results right away
- Interim managers are highly skilled, senior-level resources
- They can provide a roadmap for onboarding replacement senior-level staff
- They will ensure change-management is well embedded across the business
Whether there is a team that needs to be led, several teams or even a department, or a project’s management that needs to be overseen, any high-level skills gap within the company could have significant effects on the day-to-day operation of the organisation, or impact time-critical project delivery.