Four reasons why hiring an interim manager is a sound business decision
What makes interim managers so attractive to businesses?
There are many reasons why businesses find interim managers attractive as valuable assets. They can be particularly useful during periods of transition for a business like a merger or acquisition, the implementation of new technology or software, strategy development or loss of senior management. An interim manager is able to draw on their wealth of expertise and take responsibility for the project or changing strategy and deliver value-added solutions for their clients very quickly.
What makes interim staff better than permanent staff?
They’re not! Generally, hiring an interim manager does not serve as a replacement for a permanent member of staff and each has their merits and uses to deliver the best return. Interim managers are generally engaged for a specific project or initiative, providing on-demand and as-needed support for complex business challenges or strategy. Unlike a temp employee, interim managers generally provide a specific scope of work to align with project needs rather than handling the day-to-day operational workloads.
However, there are instances where engaging an interim manager as a temporary measure to cover a leave of absence (parental leave, sickness etc.) for a senior executive or as cover following the departure of a senior member of staff makes for a sound business decision.
Hiring a permanent member of staff, particularly at senior management level, can be an arduous task for a business. It requires a clear definition of the requirements, skills needed, experience and even the direction that the role will take. Often, a loss of senior management staff can result in a crisis period or offer the opportunity to restructure or change the role. This can involve a lot of wider investigation into the deeper needs of the business which can be time-consuming and complex.
While engaging an interim may not be the long-term solution, in the meantime, however, hiring an independent, contractual advisory specialist who can take on the responsibilities of a senior-level staff member to enact results and drive success is beneficial. It gives the business time to define what they require in the long run from a permanent hire. That said, this is not the only reason why hiring an interim manager can be the best solution for a business.
The 4 benefits of hiring an interim manager
There is some confusion over how an interim manager might be better than hiring a consultancy firm to provide interim analysis and support. Large consultancy firms will often be employed to place a management consultant on secondment with the business; however, this can come with its own opportunities as well as challenges, including costs, the ability to scale up or down as the project evolves and the ability to transfer knowledge at the conclusion of an engagement.
Choosing instead to employ an interim manager provides greater cost-effectiveness and provides a more in-depth level of service. Interim managers are considered full-time members of staff for the duration of their contracted project and become immersed in the business’s culture, providing well-rounded support to all stakeholders. Management consultants will always remain fringe employees, ultimately only accountable to their larger consultancy business.
An interim manager utilises their particular position within a business to remain impartial; they have no interest in climbing the corporate ladder and thrive off the variety of their projects. This allows them to bring new and informed perspectives to any given challenge.
Having dealt with a wide range of crisis scenarios or overseen a variety of transition periods for different businesses, they are able to bring positivity and enthusiasm in high-pressure situations. This can reinvigorate and reassure a workforce, implementing a positive attitude and encouraging new ideas and problem-solving.
Typically, interim managers are highly qualified to the point of being overqualified for any given project. It cannot be overstated how valuable this expertise is, it is in an interim manager’s best interest to be as qualified as possible for any given project as their next contract could depend on the success of their last. Expertise, intelligence and creative problem solving become the interim manager’s highest priority which they build on over the course of several years and even decades. This allows a business to tap into invaluable amounts of expertise and experience to aid them on a project that, dependent on experience, a newly hired permanent member of staff might not be able to provide.
Responsive and quick turnaround
Interim managers are able to provide quick turn around on any given project. Projects can be any length, from the typical three to nine months up to two years but interim managers are able to enact immediate incentives and are fully operational from the first day. They often have direct experience in a particular industry, business challenge or project and can often provide enlightening and helpful suggestions before the project starts.
How does Oakwood Resources’ approach to interim management ensure success?
Oakwood Resources is able to provide businesses with interim managers who are assessed based on their experience in the market, and in a variety of business scenarios, allowing businesses to find the right interim that will fit in with their unique culture and skills requirements.
If you are looking for a results-focused and transformational interim manager, get in touch today to discuss your project requirements.