Interim management is the temporary provision of management resources and skills. It can be seen as the short-term assignment of a proven interim executive manager to manage a period of transition, crisis or change within an organisation.
In this situation, a permanent role may be unnecessary or impossible to find at short notice. Additionally, there may be no internal resource who is suitable for or available to take up the position in question.
Interim management is especially popular in countries where permanent employees are protected by long notice periods and where companies face large costs for terminating employee contracts. In such situations, hiring managers on a temporary basis often provides companies with a quick and cost-effective solution.
There are several factors that make interim management the popular resourcing option that it has become today:
Interim managers can be in place within days as opposed to weeks which is essential in situations where time constraints are paramount.
Interim managers are usually more than qualified for the position they take on and also have past experience of similar challenges to the ones they are about to face. They are equipped to have an immediate effect in their role and to be productive from the outset, thereby minimizing the risk of things going wrong, and more importantly, ensuring success.
Interim managers are unencumbered by any prior involvement in company processes or staff relationships and therefore provide a fresh perspective and are free to concentrate on what is best for the business.
Rather than taking on a purely advisory role (as a management consultant would), interim managers are responsible and accountable line managers who will implement and manage a business or project in their own right.
Operating at or near board-level gives interim managers the authority to effect significant change or transition within a company. This is unlike any other temp that would just be there to “hold the fort”.
Interim managers are typically committed to an interim career. For them, it is never just something they do until a suitable permanent position is found. An interim manager enjoys the challenge of different assignments and takes pride in maintaining the highest standards for every subsequent job.
There are a number of different business situations that could result in the need for an interim manager such as crisis management, sudden departure, illness, death, managing transition, sabbaticals, maternity leaves, IPOs or mergers/acquisitions. Independent Business Group (IBG) provides interim management services for companies at all levels ranging from middle management to senior management.