This is the first part of our interim management series. Every week we will highlight various aspects behind interim management and how it can help solve your next employment query. This week we give an overview
of interim management and whether it is the right career move for you.
What is Interim Management?
Interim management is the provisional adoption of management resources and skills. Interim management is typically viewed as a short-term assignment or business project. Interim managers can fill gaps or take on strategic roles; they deliver results quickly before moving on to the next assignment. The managers who fill these posts are generally experienced executives with specialist skills and a track record of achievement; they are brought into an organization to manage a period of transition, crisis or change within. A business may choose to pursue an interim manager for several reasons. The role in question may not be a permanent position. For example, a company may need veteran logistical support solely to help the firm’s transition from one headquarters to another base of operations. In other instances, a permanent executive or manager cannot be found quickly enough. In most cases, interim managers are usually hired to implement and control change. Whatever the reason, they offer major benefits to firms. Benefits such as:
- Talent can be placed in days, which caters for the immediacy of the project demands.
- The come highly qualified and experienced in similar situations and scenarios
- They are objective to current social, political and cultural company on goings
- They are held accountable for the project timelines, resources and budgets
- They are hired on a completion of project type basis meaning no commitment on the company’s behalf is required.
The biggest difference between interim management is previously in the past, companies would hire consultants who would assess what needs to be done and the organisation would have to implement the suggestions himself or herself. An interim manager takes on the executive responsibility for the duration of the assignment; they ensure the changes are implemented completely, immersing themselves for the entire project.
Why Interim Management?
Interim management has become a favourable career option. Whereas previously it would have been seen as a career move to prevent redundancy and an early retirement, more executives are deciding to become and interim manager earlier in their career. There are numerous benefits of being an interim manager that include:
- A constant flow of new and challenging scenarios.
- The flexibility to choose when and where you work.
- Gives you greater insight into different organisational processes and industries allow to enhance your skills.
- Greater pay, usually charged at a day rate, as opposed to a salary.
- Higher job satisfaction as the turnover of projects can be greater than that of when you are an employee.
What are the disadvantages?
- As an interim manager, your benefits will be removed such as holiday pay, sick pay, although you can negotiate potential benefits if the contract is on a longer term basis.
- You will have to look after your own finances.
- You will have to travel further for your assignments however some people see this as a benefit, particularly if you enjoy the commute time.
- You won’t have the work relationships one can cultivate whilst an employee. You must get comfortable working alone.
Do the advantages outweigh the disadvantages for you? Then maybe interim management is for you.
- Change Management – Interim Manager’s are brought in to solve a problem. If you have a track record in business turnaround and change management then this is one of the most important traits of a successful interim manager.
- Communication – Remember as an interim manager you will be the one leading change, so the ability to communicate your message is paramount.
- Strategic Thinking – Analysing the best means forward and the current problems that exist is usually one of your first tasks. How well can you provide the solutions to the most difficult corporate difficulties.
- Flexibility and Adaptability – One of the biggest challenges you will face as an interim manager is the vast differences of organisational cultures and individuals. The ability to adapt to every scenario differently is what distinguishes great interim managers from good ones.
- Goal Orientated – Interim Managers are hired for the results they produce in a short amount of time. They need to be driven towards the end goal of what they were hired to do and effectively setting out a clear pathway and micro goals to ensure success along the way is an advantageous trait.
If interim management sounds like a favourable employment opportunity for you, upload your CV here for a free CV appraisal.