Specialist v Generalist
Specialist v Generalist
Which would you recruit into a change management role?
A famous publisher once said: “The world is changing very fast. Big will not beat small anymore. It will be the fast beating the slow.” The world is actually changing faster than ever now and the UK asset management industry in particular has been transformed over the past 20 years. New products, the growth of platforms, outsourcing, offshoring and increased regulation have been major factors in providing constant transition.
Most companies in the asset management sector now employ or hire Change Managers to transform processes, implement compliant regimes or simply organise business movement. So when recruiting, do you hire a generalist who can ‘wear multiple hats’ or a specialist who “knows their stuff”?
The generalist comes with certain advantages:
They may have a broad spectrum of knowledge, which they can apply to various business types and situations
If they have come from a large consultancy firm background, they will bring the latest methodologies and project management disciplines
They are likely to have developed strong communication skills and the necessary gravitas to liaise effectively at all levels
They come without preconceptions of your sector and can provide an outsider’s solution without the influence of industry accepted practice
A generalist consultant with a strong reputation, possibly from a national consultancy, may be preferred from a risk management perspective for a high profile project.
Whereas the specialist:
Tends to be an expert in their field with an industry reputation
Has a detailed knowledge of industry processes and the compliance framework
Knows other industry specialists and can call in further expertise when required
Will have often encountered the same types of project issues repeatedly and can deliver industry accepted solutions
- May in some cases be cheaper than the generalist
These days the reality is that Change Managers are expected to be a bit of both. The industry specialist often supplements their knowledge with added qualifications and will have gained some of the generalist attributes through experience. Conversely, the generalist may ultimately branch into a niche industry sector and deepen their knowledge.
The reality also is that the hire will be affected by a number of other factors, for example:
The extent of client interaction required
Reporting lines and the required level of liaison at board level
The necessity for “hands on” operational knowledge
Requirement for previous project team management experience
Whilst the Change Manager should not attempt to be all things to all people, it is true that hiring expectations have changed and candidate success comes from being both multifaceted and industry focused.