In this interview, Claire Lauder highlights the benefits of choosing interim managers for organisations undergoing change and transformation.
What is the true definition of an ‘interim manager’?
Professional interim managers are experienced executives and senior managers with specialist skills and a track record of delivery. They are usually hired at board or senior management team level to resolve a specific challenge.
Interim Partners’ methodology – ‘Return on Interim’ – ensures we work closely with our clients and interim managers to achieve the desired outcome and deliver value for money.
What are the benefits of using an interim?
Interim managers are highly skilled and have a breadth of experience gained from working in various businesses. This exposure to different sectors and organisations gives them a unique, fresh perspective when facing challenging problems.
They are impartial, it can be much easier for an interim manager to say the difficult things. A CEO or board member sometimes only hears what their management team thinks they want to hear. This simply does not happen with interims because they have no reason to avoid delivering a difficult message.
You can read about the ‘Return on Interim’ methodology at: interi.ms/ROInterim
To find out more, contact Claire Lauder: interi.ms/2cdFWK4
They are hired for a finite period of time; a business often benefits from an over-qualified person for a short period because they can deliver more quickly. What a business needs today may not be what it needs in six months.
Why use an interim over someone internally when the cost is significantly higher?
An executive on £100,000 actually costs the business a lot more.
Once you have added bonuses, holiday pay, National Insurance contributions, pension, health, company car, other benefits and recruitment costs, it’s almost double.
With interim managers, you only pay for the days they work and their work typically covers their cost many times over – something ‘Return on Interim’ helps you measure.
If a business uses an internal resource, there are opportunity costs associated with stopping that employee doing their usual role (or indeed a different role). They will not always see the full picture or gain access to everything required due to internal politics. An interim can bring outside perspective along with a proven track record in delivery.
Can you pay interims on a performance-related basis?
Yes! If the best solution is one that includes an end-of-assignment, results-driven bonus, then that can form part of the agreement with the interim manager using our ‘Return on Interim’ methodology.
Could you use an interim management solution rather than a management consultancy?
Interim managers are often chosen over management consultancies because they have similar levels of expertise and experience, are able to contribute strategically and are also prepared to get hands on.
Like consultants, interim managers provide:
- The latest thinking
- Short-term access to top management talent
- Strategic capability
- An independent eye
- The ability to fast-track a critical project
However, unlike consultants, interim managers are:
- Implementers as well as strategists
- Loyal to your business objectives – not their consultancy’s objectives
- Flexible to do what you need with an approach that suits your business
- Focused on your profitability – not their consultancy’s profitability. They are not incentivised to sell you additional services
- More cost-effective