Written by Craig Saxby on July 18, 2017
As customers are increasingly demanding more from businesses, it is unsurprising that so many organisations are going through some form of change and transformation. However, to ensure these journeys are successful every business will need experts in their teams who they can trust. This is when many turn to high calibre interim managers to guide their teams in the right direction.
Of course, your permanent employees are the foundations of your business but interim managers are sourced to deliver flexible and cost-effective transformation solutions at speed, whilst providing a high level of expertise. Alternatively, an interim manager may be hired to fill an internal high-level position until a permanent solution is established or plug a skills gap where there is a shortage in expertise.
Interim managers are not a permanent solution (although some individuals may take on a permanent position within the business after their assignment is complete) but it is a solution for achieving fast turnaround, rapid results and identifying a strategy to take a business forward.
At EO Executives we have always seen a demand for interim managers but over the last few years this has accelerated greatly. So, I wanted to share just a few benefits of hiring an interim manager and why so many businesses are choosing to do so:
Interim managers are hired to solve urgent requirements, can typically start within days and create an immediate impact. This is a great alternative to permanent recruitment because you do not need to wait for the candidate to work a notice period; a great solution for urgent needs.
Interims are very adaptable and are extremely experienced in immersing themselves in a new organisation straight away and working at speed, meaning you’ll start to see progress not long after they start.
2. Experts/ Knowledge Transfer
Interim managers are experts and great for filling skills gaps or ensuring a project is carried out thoroughly and to the highest standards. A great quality that interim mangers hold is that they tend to be over qualified for most permanent positions. Why? Because they are specialists in one area and have extensive experience, meaning they can drive with minimal direction and will be able to transfer knowledge to the rest of the business.
From working on many different assignments, interim managers can introduce you to valuable contacts in their networks, which will no doubt prove to beneficial for future business.
Though interim managers are open and adaptable to different company culture’s, they are also experts in separating their work from company politics, personalities or protocols. Being new to your business and coming on board to complete an assignment in a short amount of time will mean they will be strategic and impartial.
As interim managers are typically outcome focused and work tactically, they are great for delivering back to the board. They are also key for ensuring work is delivered on time and on budget, whilst working to ensure a good return on investment.
Interims can also give the company executives/ board members the ability to access skills that aren’t necessarily available in-house which will open the door to more project based work. Certain skills can be brought in to deliver certain projects that would have potentially been put on hold.
5. Value for Money
In many cases an interim will manage their own business or will have experience in running P&L through previous employment. They will also have the capability in understanding why certain decisions have been made to benefit the business, because they have been there before. Perhaps most importantly, an interim manager will know that there is an ROI figure attached to both themselves and the project they have been hired to execute.