Whilst businesses employ permanent staff to focus on their core competencies, many companies see benefits from "insourcing" the expertise of specialists and senior executives on a short to medium term basis. Interim managers and executives are brought into organisations either to manage specific projects or to fill gaps where interim vacancies exist.
Here are 10 insights to the benefits of interim management, to both the organisation and the interim executive:
Interim management is a practice in which organisations hire experienced and specialised professionals, often at a senior executive level, on a temporary or contract basis to fulfil specific mandates, manage projects, or fill gaps in their workforce on an interim basis.
The need for interim executives can arise due to extended staff absences, special projects, mentorship programmes, HR challenges, "working interviews," or while searching for a permanent candidate.
Interim executives are contracted for their expertise in a particular field, or to address specific challenges an organisation might face.
Employing interim executives provides organisations with rapid access to specialised skills, cost savings (as they don't have to provide benefits like medical aid, pensions, etc.), flexibility in hiring and accountability for project outcomes.
Interim management allows organisations to adjust their staffing levels as needed, without the complications and costs associated with permanent hires.
Interim executives include professionals who enjoy the flexibility and challenges of temporary assignments, experienced managers and specialists who may have been laid off and retired “silver fox” individuals with valuable skills.
Interim executives typically work with clearly defined objectives and deliverables, making it easier to assess their performance and contributions, based on specific and measurable outcomes.
Interim executives provide leadership, manage teams, and transfer skills, knowledge and experience to permanent staff, helping organisations build internal capacity.
Interim executives are often more outcome-focused and less involved in internal politics, which can enhance their effectiveness in achieving organisational objectives.
Experienced interim executives are usually adaptable and creative, drawing on diverse experience and knowledge gained from a broad range of assignments.
In summary, interim management is a strategic approach for organisations to access specialised skills, address specific challenges, and achieve well-defined objectives on a temporary basis. It offers both flexibility and cost-saving benefits while enabling the transfer of knowledge and experience to permanent staff.
For a confidential discussion about joining the DMA Group as an interim executive, or how your organisation can benefit from interim management, email info@dma-group.co.za or call 011 888 9009.