What is interim management?
Interim management is the temporary provision of management resources and skills. Assignments vary in length depending on an organization’s needs, from a couple of weeks to 18 months, and can be utilized in virtually any functional area.
When are interim managers needed?
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. Some common scenarios in which interim managers can be an ideal solution include:
- Turnaround/corporate crisis/insolvency
- New/stalled project
- New product or business unit
- Continuity following a departure
- Diversity initiatives
- Responding to industry- or market-specific issues
The common element in all of these situations is the immediate and short-term need for a skill set that is not currently available within the organization.
Interim management has been implemented effectively in a variety of job functions in organizations spanning many sectors, with great diversity in the tasks at hand. See Key Sectors and Functions for some of the areas in which Boyden operates.
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 two weeks between brief and interviews.
- Third Party Administration: We handle all administrative matters from negotiating the contract, to paying the interim executive, and providing 1099s.
- Expertise: Our interim managers are highly qualified. Once they achieved a high level of seniority and expertise in their field, many chose to leave permanent employment and focus exclusively on interim work. As a result, they not only have significant senior expertise and leadership experience in their industry and function, but also a practical understanding of how to implement 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.
- Flexible Resource: Interim managers are independent contractors, which allows our clients to avoid the legal and financial obligations of taking on a permanent employee, such as holiday pay, retirement plan, sick pay and other benefits.
- Return on Investment: Interim managers provide their services at a daily rate of payment. This means the cost of hire is easily calculated. 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 a permanent hire can provide extremely lucrative ROI.
Working with Boyden interim management gives you access to a select pool of proven interim managers who have the knowledge, experience and gravitas to step into leadership roles with immediate impact, and the ability to help ease your organization through diverse challenges and periods of transition.
Contact us at +1 412.756.1000 or firstname.lastname@example.org if you have an immediate need, or would like to learn more about engaging an interim manager.