Hiring the services of an interim manager or interim executive is an important and time pressured investment. Clients use the services of interim management professionals for a variety of reasons, but it more often than not involves some sort of change.
There are 5 top reasons why your business may need to hire an interim manager:
1. Skills Shortage – Interim Managers are really effectively used where there is a lack of skills in-house following departures, poor execution, or where niche expertise is needed. For example, we have seen a spike of activity from our retail clients where they have lacked senior marketing executives with e-commerce experience and in financial services where there has been a focus on risk and compliance.
2. Merger or Acquisition – Any client going through mergers or acquisitions are facing substantial change within the organisation. The process of M&A activity can not only put stress and additional workload strain on existing Directors, but often the skills needed to manage a smooth integration do not exist within their team. Interim managers are effectively used here when the spike of activity requires additional resource and that resource can then be switched off once the acquired business has been effectively embedded.
3. Lack of Leadership – Most UK or International businesses at one time or another realise that poor performance is linked to poor management or lack of leadership. The use of interim managers is an effective way of injecting senior level leadership skills to give an organisation re-focus and direction or to re-focus a division of a large corporate. Interim managers are naturally good at mentoring and coaching and do this well as part of their role leaving a more robust and up-skilled team as they exit a role.
4. Turnaround & Change Situations – Turnaround situations are classically when interim managers and interim executives come in to their own, whether the businesses are private equity backed, privately owned or where business needs a refocus and a plan to move forward. Many of our interims are members of the IFT and are professional turnaround specialists with experience of working in the UK and abroad.
5. Major Programmes – At senior level interim managers are often brought in for a specific time period to lead and run major programmes or to get failing programmes back on track. This can be individual interims or as part of a swot team of interims.
Whatever the reasons for hiring an interim executive or interim manager the crucial elements are having a clear brief, a clear focus on outcomes and execution and establishing a partnership with the most suitable interim management recruiter or interim management agency operating at the right level or in the right industry for your role.