Countless companies globally are turning to interim management for help when there is a need to fill in a leadership spot. Rightly so! A good interim manager can be a big boost to your organization as they are often accompanied by unique skills.
Interim managers are experts with the ability to manage projects, people, and budgets, all of which allows them to make the most efficient use of the time you hire them for. But that’s everything that a permanent executive can do, so what makes interim management different?
In the simplest words, an interim manager is a person who comes in as a consultant to help with the operations, strategies and execution of a company. A permanent executive, on the other hand, is an employee that remains within the company’s hierarchical structure.
Interim managers can be an excellent option for companies that need help with specific projects, such as evaluating the performance of certain departments, handling high-level departures or helping deal with an unexpected crisis. A permanent executive’s role can include all of the above but they are primarily responsible for handling the day-to-day operations.
An interim manager can offer you both expertise and versatility. They have experienced leadership roles in various industries and can therefore bring their vast knowledge to your company.
Interim managers aren’t tied to any one company or industry. This allows them to quickly adapt to the demands of your industry, make efficient decisions and effectively lead employees.
It is also beneficial that interim managers aren’t bound to a specific project. They are flexible and ready to take on new responsibilities. If you need to change or improve something, they won’t mind taking on the challenge no matter the industry.
Along with experience, interim managers also have a wide range of skill sets under their belts. They bring a fresh perspective to your business, thanks to their experience in different fields, locations and cultures. This makes them ideal for firms that are looking to diversify their workforce without making a long-term commitment.
Interim managers are problem-solvers, so they help companies identify problems and resolve them. They often can do so better than permanent executives because they are not invested in any one decision.
Their job is to help the company resolve specific issues rather than be enmeshed in the day-to-day operations of the company. This allows them to focus on those problems that actually require their attention.
Besides, since their partnership with your company is short-term, interim managers can integrate into your company quickly and be on the same page as everyone else from the very beginning. This is a huge benefit when it comes to planning new projects or creating corporate policies.
Interim managers are business experts who fill management positions, especially during a time of transition. They can help organizations navigate changes, such as growth, downsizing, merger and acquisition, and leadership transition.
Therefore, they may be used to support the reorganisation of a business unit or department or to deal with unexpected situations, such as an emergency or crisis that requires an immediate response.
That being said, their job doesn’t only entail doing the dirty work. One of their primary responsibilities is opening up your company to a world of optimism. Interim managers are good at renewing the enthusiasm of employees. So, they can be hired to inspire workforces with their high energy and a positive outlook towards goals.
All businesses need to set short-term and long-term goals in order to be successful. However, for organizations that are in the middle of a turnaround or facing other difficulties, setting clear objectives can seem impossible.
In that case, having an interim manager oversee the organization’s business strategy can help businesses quickly develop realistic and achievable goals. In fact, one of the benefits of hiring an interim manager is that they set goals faster than a permanent executive would.
Because their contracts are generally short-term, interim managers have the drive and focus to get the job done as soon as possible. They are also not fixated on keeping their job, so they don’t hesitate to make tough decisions. By contrast, permanent executives are likely to be more cautious and may be reluctant to make difficult decisions due to the fear of evaluation.
All the responsibilities of an interim manager revolve around them making time-sensitive decisions. An interim manager can bring efficiency to your operations by streamlining operations and cutting unnecessary costs.
Experienced interim managers also understand how to make the most out of your company’s existing resources and save time by finding creative ways to improve processes.
The lack of long-term commitment is one of the most basic advantages of hiring interim management. Interim managers can be hired for a specific project or for a limited period of time. For example, if your company is undergoing a major restructuring, you can turn to interim managers to help you during the transition period.
Interim management can also be valuable during times of crisis because they know what steps to take during sudden departures or unexpected situations. Interim managers can offer valuable insight into how to improve operations in the future and may recommend changes in staffing levels to increase the overall efficiency of the teams.
In other words, they can deliver everything that you would expect from a leader of their level of expertise, making them a great addition to your company.
Having said that, it is good to keep in mind that hiring an interim manager doesn’t mean that you are getting a cheaper alternative to full-time employees. In some cases, the opposite may be true. However, for many business owners, the value of hiring an interim manager instead of an employee with less experience and knowledge outweighs the cost.
For example, Savannah Group is an executive search and interim management agency with a global network. They help you add specialists and top-tier C-suite executives to your company, so you can grow your business with the right leaders.
This is where an interim management agency can be so beneficial – to help connect you, as a business or individual, with key opportunities.