Not all treasury recruitment needs are met with a permanent hire. As Patrick Kunz, founder of interim treasury network Pecunia Treasury & Finance, explains, “interims step in when companies don’t have the luxury of waiting.”

This might include situations such as a maternity or sick leave cover, a major project like a TMS rollout, a post-M&A integration – or simply an occasion when the team is under-resourced. “Interims bring immediate expertise, hit the ground running, and deliver without the long onboarding cycles that permanent hires need,” he notes.

So far, so good – but what sort of person is best suited to the life of a treasury interim? As experienced interim Gary Slawther comments, “If you can’t cope with a life of chaos and uncertainty, with incomplete pictures and half-formed ideas – a life of no support, no staff and living on your wits – then the interim world is not for you.”

Slawther adds that his version of the interim world is one that includes special situations, distress, high growth, private equity acquisitions and exits. “So why do it? Well, as my father always said, I can’t hold a job down. For me, the constant new beginnings and problem solving are a genuine attraction.

“But the real attraction is that it allows me to monetise my experience and use that to deliver a service that clients want.”

Adding value

According to Kunz, employers often underestimate how much value an interim can create. “They’re not only ‘keeping the lights on,’ but also bringing best practices from multiple industries, challenging the status quo, and leaving behind stronger processes than before,” he observes.

So how does an interim go about achieving all this? Thomas Stahr, a seasoned interim treasurer with more than 20 years of international project experience, has a clear philosophy when it comes to embarking on a mandate: “identify risks early, secure financial processes, and enable sustainable business growth.”

Stahr explains that clients not only benefit from measurable improvements but are fully equipped to take over newly-built or optimised treasury processes once his mandate concludes.

His notable projects in recent years have included rolling out multilateral corporate netting at Burckhardt Compression, where he also introduced ‘Treasury Fitness’ programmes that boosted efficiency and transparency.

Other achievements include overseeing complex treasury projects at Rieter Holding and designing a global treasury reporting framework at Osram (Siemens) – “which was recognised as a flagship initiative for group-wide financial steering.”

Avoiding the pitfalls

For companies seeking to employ the services of an interim, Slawther warns that some clients can be tempted to “over-engineer”, bringing in an interim who is over-qualified or more experienced than the company really needs.

“This can be a mistake, as often the interim can become bored and frustrated at not being able to deliver the full value that they can give – that the client is overpaying, and so they’re not delivering real value for money.” He adds this scenario also risks harming the client’s view of the value an interim can bring.

For clients, he advises determining what they really want from an interim – “be as specific as you like, and don’t settle for ‘that’ll do’.” Likewise, if clients are seeking interims via an agency, he recommends approaching an agency that not only specialises in interims, but also in the relevant segment of the market.

“Once the right interim has been found, the client can expect someone who will be able to operate under their own steam, and who can do the task assigned,” he adds.

For interims themselves, he advises: “Play to your strengths and only take on assignments where you know you can really deliver. If there’s been nothing on the books for a couple of months, it may be very tempting to just take on anything – but you’re not doing yourself, the client or the wider interim industry any favours.”