An interim manager can be the best option for companies that need an experienced, highly qualified employee but luck the capacity to take on such an individual on a full-time employment basis. The interim position is more of a stop-gap solution when there are limited resources that can cater to the empty spots in the management department during a particular period. It is a short-term solution during that transition period that helps avert an impending crisis.
Change in any business often comes with a shift in available knowledge, skills, and expertise. Such a stint can cripple the company’s growth and sustainability. For help in recruiting your ideal interim manager visit SSQ Legal search.
Does the employment of an interim manager have its downsides?
Some of the concerns and drawbacks of employing an interim manager include:
- The political implications of involving external individuals in oversight positions.
- The managers level of commitment to help the business grow.
- The cost of employing such a professional; the wages for interim managers range between £15,000 and £60, 0000 per month.
While the downsides associated with employing an interim manager may dissuade a company from considering such a move, the benefits of using such a professional in a short-term period are profound, and they include:
- Comparatively Affordable
If you take into account how much it costs to employ managers permanently in today’s economic times, then the rates of the interim manager seem reasonable. In most cases, the terms of payment will be only for the days worked without the inclusion of pension payments, employee tax, NI payments, and leave pay. Moreover, the terms of employment can see the manager recruited on a project to project basis or working part-time. Furthermore, the employment period can be under 3 – 9 months which is meant to help reduce costs.
It is easier to find a qualified individual to hire for an interim managerial position than to find one with the requisite expertise and qualification to hold such a post on a long-term basis. Being able to find a hire such a manager is essential, especially when faced with time constraints as the business undergoes significant change. The interim manager will be an important resource that helps the company grasp the challenges ahead and ensure operations are on-going.
- A Fresh Perspective
Bringing in an external resource can be value-addition to the company because the interim manager can bring in a fresh perspective ow things are done. The manager can be objective about what is the best thing for the business during the transition period giving unbiased contribution without seeming as an opposing element to the incumbent management. From experience, the best move when employing an interim manager is to encourage the existing teams to welcome the new employer into the business and not views the manager as a threat but a vital addition that will aid in achieving specific goals.
- New Talent
With the interim managers, the company will be employing fresh talent and can help drive the wind of change in the organization and make a difference. Most interim managers are hired at board level and will often work closely with the board to help ensure there is a smooth transition.
The interim managers, being independent self-driven operators, are often committed to delivering as per their mandate. They do this because they know that their future as professionals relies heavily on their ability to perform as expected and their successes sang in their referrals to new clients. As such, these short-term managers will go all out to deliver.
- Substantial ROI
In as much as hiring an interim manager has its benefits, gaining notable returns on such an investment is pegged on recruiting the right professional for such a position. The transition period is one that can spell crisis for most companies, and thus the cost of failure in the delivery of change can be profound. The interim managers can be an answer to averting such an outcome. Moreover, these managers can be employed to handle different scenarios for the success of the business.
The use of an interim manager is quickly gaining favour among many in the corporate sector as an effective and positive means of achieving the business objectives by being able to acquire highly, specialized individuals with the necessary leadership skills during times of crisis.