The UK is known to have a skills shortage but to make matters worse we now have the Credit Crunch to cope with.
As a result further skills and talents are being lost because companies are making many of their staff redundant in an attempt to ride the crisis.
Headcount is frozen and the remaining staff have to take on the additional work left by their redundant colleagues.
There simply aren't enough hours in the day and to make matters worse, the knowledge base has been dramatically reduced and yet business has to continue.
This is when outsourcing becomes an attractive solution especially since it can be turned on and off like a tap and interims can be onboard within a week or two unlike the usual recruitment process.
In the pharmaceutical industry mergers, acquisitions, lay-offs and redundancies have always been quite commonplace with 'gaps' being filled by interim professionals who bring specialist skills with them.
Pharmaceutical companies, however, are not alone in going through considerable changes and what is discussed in this article is relevant to most industries.
Many outsource to professionals specifically to help them through these changes by offering strategic advice as well as hands-on support.
This is particularly relevant to regulatory affairs which deals with all the rules and regulations surrounding the development and licensing of medicines.
Not only are there economic factors to consider but also regulatory and legal ones.
Today, with the aid of modern technology, remote working is easy and secure.
As interims don't have to work in-house they won't take up valuable space or require expensive IT equipment.
Their hourly rate may be more than that of a full-time employee, however, companies don't have to pay for their holidays, sickness, PAYE or benefits.
The only cost is their fee for actual hours worked (so no paying for tea breaks or chats around the water cooler!).
This can often mean that they end up being more cost effective than an employee.
In addition, if a company has been fortunate enough to hire a "super-interim" they will have someone who:
In the past companies would outsource to 'plug a gap' reacting to a crisis situation.
Thought wasn't given to the added value these experienced personnel could bring to their business and it was rare for a company to consider outsourcing as a strategic move.
Times are changing: by choosing to outsource regulatory affairs to experienced and skilled interim professionals, it is possible to ride this credit crunch rollercoaster without feeling your stomach isn't your own.
If interims are used wisely and strategically you could even find that you're well ahead of the competition! 1 Source: Alium Partners (as published in PM Guide to Interim Management September 2008)
As a result further skills and talents are being lost because companies are making many of their staff redundant in an attempt to ride the crisis.
Headcount is frozen and the remaining staff have to take on the additional work left by their redundant colleagues.
There simply aren't enough hours in the day and to make matters worse, the knowledge base has been dramatically reduced and yet business has to continue.
This is when outsourcing becomes an attractive solution especially since it can be turned on and off like a tap and interims can be onboard within a week or two unlike the usual recruitment process.
In the pharmaceutical industry mergers, acquisitions, lay-offs and redundancies have always been quite commonplace with 'gaps' being filled by interim professionals who bring specialist skills with them.
Pharmaceutical companies, however, are not alone in going through considerable changes and what is discussed in this article is relevant to most industries.
Many outsource to professionals specifically to help them through these changes by offering strategic advice as well as hands-on support.
This is particularly relevant to regulatory affairs which deals with all the rules and regulations surrounding the development and licensing of medicines.
Not only are there economic factors to consider but also regulatory and legal ones.
Today, with the aid of modern technology, remote working is easy and secure.
As interims don't have to work in-house they won't take up valuable space or require expensive IT equipment.
Their hourly rate may be more than that of a full-time employee, however, companies don't have to pay for their holidays, sickness, PAYE or benefits.
The only cost is their fee for actual hours worked (so no paying for tea breaks or chats around the water cooler!).
This can often mean that they end up being more cost effective than an employee.
In addition, if a company has been fortunate enough to hire a "super-interim" they will have someone who:
- has the capacity to learn and adapt
- has possession of insight, intuition and sharp judgement
- is concerned for both task and people
- is politically aware but not inclined to politicking
- is action-oriented and restless
- is tough and resilientis true to themselves
- is able to think and act fast1
In the past companies would outsource to 'plug a gap' reacting to a crisis situation.
Thought wasn't given to the added value these experienced personnel could bring to their business and it was rare for a company to consider outsourcing as a strategic move.
Times are changing: by choosing to outsource regulatory affairs to experienced and skilled interim professionals, it is possible to ride this credit crunch rollercoaster without feeling your stomach isn't your own.
If interims are used wisely and strategically you could even find that you're well ahead of the competition! 1 Source: Alium Partners (as published in PM Guide to Interim Management September 2008)
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