Interim Management

An article by Avril Fish.

I met a new acquaintance recently; someone who is deeply knowledgeable on many subjects; someone whose job it is to provide responses to a wide variety of questions and for whom learning is their raison d'etre. I asked them to describe interim management, and this is what they said.

Interim management is a practice that has been gaining traction in recent years. It refers to the hiring of a temporary manager to oversee a company or organization during a period of transition, crisis, or change. Interim managers are experienced professionals who are brought in to provide leadership, expertise, and support to organizations during challenging times. In this article, we will explore the concept of interim management, its benefits, and how it can help businesses navigate difficult times.

What is Interim Management?

Interim management is a form of executive management that involves hiring an experienced professional to fill a temporary position within an organization. These professionals are typically hired to lead a company or a specific project for a limited period. They are expected to provide leadership, direction, and support during times of transition, crisis, or change.

Interim managers are typically hired for three reasons:

To fill a gap in leadership:

An organization may need to fill a leadership gap temporarily, either due to an unexpected departure or a planned sabbatical.

To lead a specific project:

Companies may need a leader to oversee a specific project, such as a merger or acquisition, restructuring, or turnaround.

To manage a crisis:

Interim managers are often called upon to manage a crisis situation, such as a product recall, reputational crisis, or financial emergency.

Benefits of Interim Management

Interim management provides several benefits to companies and organizations. Firstly, it allows organizations to bring in experienced professionals who can provide an objective perspective on the business. Interim managers are not tied to the company's past and have no vested interest in the organization's future, which makes them ideally positioned to provide objective advice and guidance.

Secondly, interim managers provide companies with a level of expertise that may not exist within the organization. They bring with them years of experience in their field and have likely worked on similar projects or situations in the past. This experience allows them to quickly understand the challenges facing the organization and provide actionable solutions.

Thirdly, interim management provides companies with flexibility. The duration of an interim management contract is typically agreed upon upfront, and the interim manager can be released as soon as their services are no longer required. This allows organizations to respond quickly to changing circumstances, without being tied down to long-term commitments.

Finally, interim management provides organizations with a cost-effective solution to their leadership needs. Instead of hiring a permanent executive, which can be costly and time-consuming, organizations can bring in an interim manager for a fraction of the cost.

How Interim Management Can Help Businesses

Interim management can help businesses navigate difficult times in several ways. Firstly, interim managers provide a fresh perspective on the business. They are not tied to the company's past and can bring a new perspective to the organization's challenges. This fresh perspective can help businesses identify new opportunities, break down silos, and drive innovation.

Secondly, interim managers can help businesses manage change. They are experienced in leading teams through periods of transition and can provide guidance and support to employees who may be feeling uncertain or anxious about the future.

Finally, interim managers can help businesses manage crisis situations. They are experienced in managing high-pressure situations and can provide a level of leadership and expertise that may be lacking within the organization.

Conclusion

Interim management is a practice that is becoming increasingly popular in today's business environment. It provides companies with a flexible, cost-effective solution to their leadership needs and can help businesses navigate difficult times with ease. Interim managers bring with them a level of expertise, objectivity, and leadership that can be invaluable to organizations during times of transition, crisis, or change. If your business is facing a period of uncertainty, consider hiring an interim manager to provide the guidance and support your organization needs to succeed.