What is Interim Management?
Interim Management is the temporary provision of management resources and skills. These short-term positions are often referred to as 'assignments', and vary in length dependent on an organisation's needs. Assignments can last anything from a couple of weeks to 18 months.
When might Interim Managers be used?
A number of business scenarios demand high-level, experienced management that can be engaged quickly, efficiently and without long-term obligation. That is where Interim Managers excel.
Whilst there are numerous variable scenarios in which Interim Managers can be used, there are some that are common to many businesses, for example:
- Strategic reorientation, reorganisation and restructuring;
- Turnaround situations and leadership of transformational change programmes;
- The driving through and acceleration of growth;
- Programme & Project Management;
- Provision of continuity and stability of service to bridge a vacancy whilst a permanent search is conducted, either as a role is created or after the departure of an incumbent;
- Corporate crisis management or insolvency;
- Mergers & Acquisitions, including integration and divestment.
The common theme present in all these scenarios is the immediate and short-term need for a skill-set that is not currently available within the organisation.
Interim Management has been implemented effectively in a variety of job functions in organisations spanning many sectors, with great diversity in the tasks at hand. See Key Sectors and Functions to read about the areas Boyden Interim Management operates in.
The Benefits of Interim Management
There are several factors that make the Interim Management model an increasingly popular and cost-effective solution to short-term business needs.
- Speed: an Interim Manager can be sourced and start work within a very short timeframe, with typically 5 working days between brief and interviews, which is essential in many scenarios.
- Expertise: Interim Managers are often over-qualified for the assignments they undertake. Once they had achieved a high level of seniority and expertise in their field, many of the professionals that Boyden Interim Management work with chose to leave permanent employment and focus their career exclusively on interim work. This means that our Interims not only have significant senior experience in their industry and function, but also a seasoned understanding of implementing their skills and knowledge effectively in a short-term context.
- Objectivity: as an independent operator, an Interim Manager can provide an honest and objective perspective, without agenda.
- Flexible Resource: Interim Managers work through their own Limited Company, which avoids the legal obligations of taking on a permanent employee—redundancy, holiday pay, pensions, statutory sick pay, benefits, and PAYE, to cite some examples.
- Return on Investment: Interim Managers provide their services priced at a daily rate of payment. This means the cost of hire is easily calculable. Rates are often set on the understanding of measurable goals and objectives being achieved, not just on the basis of attendance. The money an Interim Manager saves a business versus the cost of hire can often provide extremely lucrative ROI figure.
Working with Boyden Interim Management gives you the immediate access to our select pool of proven Interim Managers who have the knowledge, experience and gravitas necessary to step into leadership roles with immediate impact, and help ease your organisation through the diverse challenges and periods of transition that businesses so often face in today's economy.