Benefits of Interim Management to both the Individual and Organisation
If you have been retrenched, are self-employed or are looking to generate income whilst searching for a permanent role, working as an Interim Executive brings with it a number of unique and rewarding benefits, to both the individual and organisation.
What is Interim Management?
Whilst businesses employ permanent staff to focus on their core competencies, they often “insource” the expertise of specialists, on a short to medium term basis. Defined as “the contract hiring of specialists, managers and senior executives to accomplish a specific mandate for a limited duration of time”, Interim Executives are brought into organisations to manage specific projects, or to fill gaps where temporary vacancies exist.
These opportunities can arise as a result of:
Permanent employees taking sabbaticals, maternity leave, overseas visits, training, illness or extended absence for other reasons.
Company start-ups, turnarounds, the introduction of new technology, product launches or projects such as ISO implementation.
Mentorship programmes to settle, motivate, coach and retain high potential individuals and those newly appointed in a more senior role.
The HR-related challenges that often come with the appointment of permanent staff.
A "working interview", when senior managers or executives are initially appointed on a contract basis, to evaluate their abilities more effectively in a specific role prior to permanent appointment.
Appointing an individual on an interim basis, whilst the search for the right permanent candidate continues.
The organisation's need for flexibility as their staffing requirements fluctuate, without the complications and overheads of permanent appointments.
The need for an organisation to streamline personnel, whilst maintaining critical mass.
Typically, Interim Executives have proven track records and abilities in their areas of specialisation and can normally be divided into categories that include:
Professionals who enjoy the independence, flexibility and challenge of demanding assignments.
Managers, Executives and Specialists who may have been retrenched due to company mergers or downsizing activities.
The “silver foxes” who though retired, have a great deal to offer and are keen to make a significant contribution to organisations on a contract basis.
Benefits for an organisation from the Interim Management concept include:
Rapid access to talent and experience not represented within the company.
Client savings of company benefits normally paid to permanent employees such as medical aid, pension funds, leave, bonuses and incentives.
Comparative savings when compared with consultancy fees, plus the added advantage of implementation and accountability.
Flexibility in terms of appointing staff only as and when they are needed, without the complications and costs of letting people go.
The opportunity of “insourcing” individuals of an extremely high caliber for the duration of a project, then replacing them with a more junior maintenance person.
Measuring outcomes against defined objectives, key deliverables and a clear mandate, agreed at the outset of an assignment.
A focus on the control and direction of resources for the implementation of ideas and achievement of objectives.
The application of proven leadership skills as the Interim Executive directs, manages, motivates and controls teams to meet defined objectives.
Skills transfer of knowledge and experience to permanent high-potential staff.
Interim Executives tend to not engage in company politics or power struggles and remain focused on the outcomes of their intervention.
Interim management provides numerous benefits to both the individual and the organisation. For a confidential discussion about how to become an Interim Manager, or how your organisation can make use of this service, email at firstname.lastname@example.org or call 011 888 9009.