How Interim Consultants Can Benefit Your Team
The Danos Group has a rich history in helping our clients across America, Europe, and Asia Pacific. We work with some of the leading Banks, Asset Managers, and FinTechs in the industry. Hiring managers tend to have a good understanding of the permanent hiring market, however there is some uncertainty and confusion around the consulting market for interim solutions.
I recently spoke with one of our clients and they asked if people consult out of choice or if it was something they did in between finding a permanent role? This made me reflect, although I may take it for granted that everyone may know the benefits of consulting, it is still a murky area.
I have written this post to answer questions around consulting: Why hire a consultant? How can a consultant benefit your team?
Experience
Consultants will tend to work on multiple projects at different firms, experiencing different cultures throughout a working year. In each of these projects they may either specialise or become an expert in their field, whilst also learning best practices from a number of different working environments. They may also work in a number of different roles that enable them to develop new skills and become more of a generalist expert in their field. In both cases consultants can often bring something to the table that a permanent hire may not have had exposure to.
Cost Efficiency
The hiring of consultants is often a more cost-effective option than hiring a full-time employee. Consultants are paid for the work that they do on a project by the hour meaning that companies have more control and oversight over the return that they get on investing in a consulting solution. This enables management to more accurately plan around their output requirements and allocate budget more effectively. Consultants will save you money!
Knowledge Transfer
Our clients have often found consultants to be a great resource in transferring their knowledge to existing hires by osmosis. Having an expert in the team is a great way to train and develop your existing team without investing in costly classroom-based learning.
Objectivity
Being an external member of the team means that consultants are uniquely placed to be able to provide an unbiased, apolitical perspective with regards to furthering the development and performance of the wider team. Particularly in the seemingly uncertain times we face in the financial markets this opinion is a great way to analyse and streamline a company’s existing operations, processes, and problems. As experts in their field, consultants are a great source of innovative new ideas.
Flexibility and Immediacy
One of the main benefits of consultants is their ability to be brought on at short notice for a period that is required by the firm. If a firm is rolling out a new product offering, dealing with regulator recommendations, or even backfilling open positions, consultants are a great way to deal with these time-sensitive situations.
If you would like to discuss the benefits of hiring interim consulting solutions in more detail, or you would like to talk through a project where you need interim support, then please reach out to me by email: halexander@danosconsulting.com or phone: +1 (646) 517 0548.
