For companies requiring a heavyweight employee who can make a real difference, but are reluctant in this climate to take someone on full time, bringing in an interim manager could be the answer. There are advantages to seeking a stop-gap solution for a lack of management resource and to address a skills gap during a period of transition or crisis.
During any period of change, a company will require skills, knowledge and expertise that may not exist within the business. Without these skills, the organisation’s sustainability, growth and sometimes survival could be at risk.
Perceived disadvantages of using an interim manager
There can be some reluctance to utilise interim managers. Factors can include:
- Political implications of engaging external individuals
- Level of commitment from an interim manager to the business
With rates ranging from £500 to £2,000 per day, at first glance these figures can seem high and dissuade companies from utilising an interim manager.
Cost, speed and a fresh perspective
However, when taking into account the hidden and total cost of a permanent employee to a business, the equivalent day rates can seem reasonable. The interim manager charges only for the days worked with no additional NI payments, employee tax, holidays or pension payments applicable. An interim manager can be recruited to work part-time or on a project basis, usually for three, six or nine months, which can be vital in helping manage costs.
The speed in hiring an interim manager is days as opposed to weeks or months, which is essential when time constraints are paramount in an organisation that requires change. As a highly experienced management resource, interim managers can grasp business challenges quickly and can add value immediately.
... bring in an interim manager could be the answer.
As an independent external resource, interim managers bring a fresh perspective to an organisation. They give an objective view on what is best for a business and are able to contribute honestly without being seen as a threat to incumbent management teams. Experience shows staff that welcome interim managers into the business, especially when it is understood that that they are not a threat, but are there to assist in achieving specific goals.
Professional interim managers are talented, results-driven individuals dedicated to driving change and making a difference. Generally employed at board level or to work closely with board, they have the credibility to affect change and transition rapidly.
As independent operators, interim managers are completely committed to their clients. Their future work relies heavily on referrals and successful track record of delivery. They have a huge influence in the success of the assignments they undertake and will go all out to deliver.
The return on investment when hiring the right interim manager for your business can be substantial. When a company is in crisis, often the cost of failure to deliver change far outweighs the cost of hiring an interim manager. Their skills and experience can be applied to many different scenarios. The use of interim managers is increasingly being considered as an effective and positive way for companies to achieve their business objectives and obtain highly specialised leadership skills at crucial times.
For more information about how Page Executive Interim can help you secure the right interim manager to lead a turn-around situation or fill the skills gap, please get in touch with one of the team.