What is Interim Management and its Importance and Benefits
Interim management is the administration of a temporary business function by a consultant assigned to a senior executive role. To fully immerse into the concept of interim management, one must understand the origin of Interim Managers.
Interim managers are generally overqualified for the positions they take on, allowing them to easily transition into the job, and they are active, hands-on members of the management team from day one. Most interim managers are experienced senior executives from a range of backgrounds who have opted to forsake the traditional executive boundaries and instead take a variety of short-term and long-term jobs in various companies.
This group of professionals perform a wide range of important tasks, from managing organizational changes to stepping in when a company loses a senior executive and does not have an instant successor.
Interim management and your company
Your company's introduction to interim management should be smooth. Inform your regular management team ahead of time that you will be bringing in an interim manager to perform certain duties. If you have the option, have your management team vet your interim manager before bringing them on board; this will minimize any tensions at the beginning of your interim manager's tenure.
Despite the fact that your interim manager is only a temporary employee, they bring valuable insight that your management team does not. Keep this in mind while you mediate any issues. There will undoubtedly be at least some friction when interim management is introduced in your company.
Maintaining peace and harmony among your people will be easier if you keep the purpose of your company's change or interim demands in mind.
Benefits of Interim Management
The demand for interim services is increasing globally as more businesses realize the benefits of having "on demand" access to senior leadership.
Some of the advantages of this flexible solution to short-term business demands include:
- Speed - An interim executive can be appointed and start work in a relatively short period of time, often five working days between briefs and interviews, which is essential in many situations.
- Expertise - Interim executives are typically overqualified since they have already attained a high degree of seniority in their industry. Many people now just look for interim job opportunities. As a result, they have extensive experience as well as the agility to apply their knowledge and abilities successfully in a short period of time.
- Objectivity - Interim executives, as neutral third parties, give an honest and objective perspective with no agenda.
- Cost Savings - Hiring an interim employee avoids the legal and financial requirements of hiring a permanent employee, such as holiday and sick pay, pensions, and benefit packages, and can possibly provide a substantially greater ROI.
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