When a company needs to fill a top management position in a short span, it appoints an interim manager. Short-term managers have a unique set of skills that can help in the business transition. Interim managers have become more popular in most industries due to their immense benefits. According to various sources, the demand for these managers is set to increase over the next decade. There are various factors to consider when recruiting an interim manager: years of experience, competency, reputation, skill set, and work ethic.
Interim Manager Meaning
An interim manager is a c-level executive who acts as a temporary leader during periods of transition or change within an organization. Typically, most employers appoint or recruit an interim manager in order to fill a top management position on short notice. Organizations may look for an external candidate for an interim management position, especially if there are no internal employees with the right qualifications. Due to the development of technology, you can find the best interim manager online. Sometimes the interim manager can acquire a permanent managerial position.
Interim Manager Roles
An interim manager is responsible for providing an appropriate level of control and direction. The interim manager can fill various c-level managerial positions, including CEO, CIO, CMO, CFO, and COO. This manager solves a certain problem to help the firm attain its objectives. Below are the main roles of interim managers:
- Implement strategies to deliver effective solutions
- Analyze and suggest ways to increase productivity
- Define procedures to save a business from a crisis
- Determine whether the equipment and team are working properly
- Create new strategies to improve processes and procedures
- Oversee the operational budget
- Lead activities with respect to the mission, vision, and goals of the organization
- Stay in constant communication with other c-level executives
Interim Manager Importance
1. Substantial Return on Investment
Recruiting the right interim manager can help your business benefit from a substantial return on investment. During a crisis, a firm struggle to maximize profit and minimize operational costs. An interim manager comes with new ways to solve underlying problems within the company. These managers have experience and skills that help an organization achieve tangible results.
Unlike an interim manager, the cost of hiring a permanent employee is quite high. A permanent c-level executive will require a salary, holiday allowances, national insurance contributions, an end-of-year bonus, and fringe benefits. Hiring a short-term manager comes at a price, but it’s worth it. You’ll only pay an interim manager for the days worked. This is cost-effective in the long run. A business will utilize its resources to increase production.
3. Executive Experience
Many interim managers have held more than one role at the c-suite level. Therefore, most of them have enough executive experience. The experience of an interim manager can help in the following ways:
- Launching new product lines
- Fixing struggling organizations
- Turning around divisions
- Spinning off new units
On the contrary, other interim managers are successful entrepreneurs who can help in the growth and development of a company. Most interim managers move from one company to another to help with new strategies to attain set objectives.
4. They Offer Fresh Perspectives
Interim managers come with fresh perspectives because they aren’t burdened by the company’s politics and culture. They work freely without any influence. This helps them focus on major aspects of the firm that’ll improve productivity. For instance, fresh perspectives will help sort out barriers that affect project implementation. In addition, new perspectives on how to handle issues will help in time management and cost reduction.
5. Cross-Industry Skills and Expertise
Interim managers move from one company to another within a short span. Unlike short-term managers, permanent c-level executives can stagnate with time. Interim managers learn new things, which makes them stay on the cutting edge. They have access to the latest technology, skills, talent, and thinking. The cross-industry expertise helps interim managers succeed in different niches. Most c-suite interim managers have a passion for professional development and continual learning.
The right interim manager will inspire and motivate employees to attain the set objectives. They play a major role when it comes to mentorship and team-building. In addition, they excel at assessing talent within the company and assigning employees the right tasks. Putting people in their area of specialization and empowering them will increase productivity. There are various skills that will help an interim manager succeed:
- Managerial skills
- Excellent communication skills
- Organizational skills
- Planning skills
- Computer skills
- Great decision-making skills
- Leadership skills
These skills will help an interim manager flourish. Some short-term managers will do a SWOT analysis to determine the strengths, weaknesses, opportunities, and threats of the company. This will help in the creation of a feasible plan.
7. Fast and Flexible
An interim manager can get hired today and start working the next day. That is if you use the right channel to find the ideal candidate. A reputable c-level recruitment agency can eliminate the tedious process of selecting and interviewing numerous candidates. The right interim c-level executive will be flexible because there won’t be influence from other parties. Flexibility helps top managers achieve greater work-life balance, leading to improved morale.
Interim managers make things happen because they have the diverse skillset. Companies use results to measure the success of short-term managers. Therefore, interim managers implement the right strategies that’ll improve processes and procedures within the company. They take charge of a project and execute it to success. The main aims of a firm are to maximize profits and lower operational costs. An interim manager relies on the latest technology and skills to attain the intended results.
Interim managers can help a business attain its set objectives. The right short-term manager should have various skills: excellent communication, organization, planning, computer, decision-making, leadership, and managerial skills. In the current era, there’s a high possibility to recruit interim managers and other c-level executives online. There are numerous benefits of hiring the best short-term manager: force-multiplier, cost-effective in the long run, results-oriented, cross-industry expertise, and fresh perspectives.