What is the meaning of interim management?
Interim management can be a great solution for companies that need access to experienced and successful executive leadership on a temporary basis. Whether your business is just starting or is well-established, hiring an interim leader can help you address your most pressing needs.
What does an interim executive do?
Interim executives are experienced leaders with a proven track record of turning companies around. They can provide the vision, knowledge, and skillset needed to execute new initiatives, manage turnarounds, scale businesses, and even provide mentorship to the in-house management team during periods of change. This may also involve preparing someone internally to step into the full-time role.
An interim executive is typically brought in to temporarily lead an organization, usually during transition or turmoil. They are tasked with evaluating the state of the business and executing its most pressing goals.
Interim manager vs consultant – which one is the best choice?
Unlike consultants, interim managers are fully embedded in the organization and are held accountable for the results. Most management consultants are typically hired as advisors or strategists to guide an organization in devising an action plan.
But interim executives, on the other hand, both devise and implement the strategy, ensuring that the organization stays on track to achieve the intended target. They are also hand-selected by the recruitment company that deploys them so that their experience and skillset match the organization’s needs.
External consultants also only work with the resources provided by their employer and is outside the company’s control. Using interim management services gives an organization full control of the situation as the interim manager hired works directly with the internal team.
It is also a more cost-effective solution as the faster the interim solves the company’s problem, the better it is for his or her reputation. On the contrary, the longer a consultant stays at the hired business, the more revenue they will generate for their employer.
Quick hiring & flexible contracts
Interim managers can also usually be hired within a few days, and they typically work on flexible contracts that make it easy to increase or decrease the size of a project. Consultants are typically hired on a more rigid contract for a set period of time.
When should I hire an Interim executive?
The best time to hire an interim leader is when an organization could use an outside perspective on handling a crisis or major transition period. Businesses usually source these executives from recruitment outsourcing companies, recruitment agencies, or HR service providers.
Below are 5 different signs that it may be time to start looking for an interim manager.
Leading a major transition period
Organizations are always prone to change. The best thing to do during major transitional periods is to hire an interim manager to guide the company through it. In cases of a sudden change in leadership, the launch of a new product or service offering, or a change in work structures, an interim leader can be hired to strategically lead an organization, ensuring a smoother process.
An interim leader can be a valuable asset to an organization during a transition. They can provide stability and guidance to key staff, help develop and execute a communication plan, and keep all stakeholders informed of changes. Additionally, an interim leader can also fill management gaps while a permanent replacement is being sought.
Companies that use interim management services can also improve credibility with stakeholders by demonstrating that they are taking action to address these challenges. This can be extremely helpful when a business is facing difficult times and needs to reassure its stakeholders that it is taking steps to improve the situation.
Managing rapid organizational growth
If your business is growing too fast, it can be both a good and bad problem to have. While it is great that your company is doing well, the growth can also bring new challenges. Some executives can adapt and lead their companies to even greater success. However, for others, the growth can be overwhelming and require different skillsets and expertise.
For example, if an organization in the UAE wants to expand its operations to Saudi Arabia, it would utilise an interim management service to hire an experienced executive to help them successfully carry out its operations.
Rapid organizational growth can also strain existing employees and, in some cases, lead to talent shortages. Hiring an interim executive is a great way to help manage the additional workload and prevent employee burnout.
Interim managers can provide specialized executive leadership to help an organization through different growth stages. They can also stabilise and structure an organization’s workflow to ease the process for their successor.
Organizations need to constantly be growing to be successful. Interim executives can help with this by launching new products and services or expanding into new markets. They bring a wealth of business development experience to the table and can get your new initiatives off the ground quickly.
Integrating AI (Artificial Intelligence) & automation technology into business activities
As digitization continues to take the workplace, organizations are expected to embrace AI (Artificial Intelligence) and automation and integrate them into their daily business processes. However, they can be difficult to understand and implement without the right guidance.
That is where interim leaders can help. Hiring executives like an interim CIO (Chief Information Officer), for example, can be beneficial as they will place increased focus on guiding the employees through the learning curve and create a long-term plan that the organization can use in the future.
As a global HR company, Linked4HR understand the importance of being at the forefront of technological advancements to maintain a competitive edge. That’s why our roster of senior interim executives come fully armed with the latest digital knowledge and how to implement it into a company’s activities.
New projects requiring specialised skills and unique knowledge
If a business is on a tight budget but needs the skillset of a leader for a new project or venture, hiring an interim executive could be the perfect solution. With the ability to scale up or down as needed, an interim manager can provide the flexibility and expertise you need to successfully complete the project without breaking the bank.
There are several common mistakes that first-time management teams make when trying to embark on a business transformation. Additionally, executives often have extremely limited time for their day-to-day responsibilities, so taking on a big project or initiative may only serve as a distraction.
Hiring a seasoned professional with the specific experience required will allow businesses to successfully execute specialized projects. This also allows companies the flexibility to explore various options and choose what works best for them.
Aiding in talent assessment, acquisition and future planning
Developing an organization’s talent sometimes requires an external party. An interim executive will bring a fresh set of eyes and will be able to objectively assess team structures and workflows. They can then create and execute changes to the existing infrastructure that will have long-term benefits in improving talent retention and engagement.
Hiring an interim executive is also an effective way for businesses to use their expertise to redesign job descriptions, and streamline their recruiting and talent acquisition processes. Unencumbered by politics, interim leaders can significantly future-proof an organization and improve its operational efficiency.
Talent acquisition is the most commonly outsourced HR function. Interim managers hired for talent acquisition help companies improve their recruitment strategies and plan for future human capital needs.
Interim managers are experienced in recruiting talent that is a good match for your organization’s needs and culture. They can help improve your current recruitment strategies, advise on effective methods for recruiting new employees, and oversee the entire recruitment process. This way, they can ensure that any talent gaps are quickly identified and filled with skilled workers.
To sum up
Utilising interim management services is a sure-fire way for organizations to get back on track without sacrificing productivity. Getting rapid, expert help from senior executives can transform an organization and hold them accountable for their goals.
Interim managers are experienced executives familiar with different business contexts, sectors, and cultures. Therefore, the organizations who hire them will benefit from their expertise when using them for management advice or strategic projects.
About Linked4HR’s Interim Placement service pillar
Linked4HR provides exceptional interim executives across the organizational hierarchy for both short and long-term projects. Our leaders will help you transform your business to run more smoothly and efficiently. They will also provide your team with the skills and knowledge they need to make this transformation happen successfully.
Get in touch with us at firstname.lastname@example.org