According to IMA, Interim Management is defined as “the prompt arrangement of senior executives to effectively handle changes or transitions”. To put it simply, Interim Management refers to hiring of experienced and qualified professionals.
The concept of Interim Management is relatively new, but is gaining quick popularity as it provides plenty of benefits, like they can fill up sudden, unexpected gaps, for propagation of changes, resolving of immediate and short term issues, developing strategy for ensuring long term development of an organization and bringing about integrity during transitional phase and the most noteworthy of all is that it is cost effective.
Interim Management and traditional management systems differ from each other in various aspects. The former comprises of experts and skilled professionals who have distinguished experience working in managerial posts. Not only do they help to plan out strategically but also contribute progressive and resourceful ideas within the stipulated time allotted to them.
Normally the team of Interim Management is called upon only when there are situations of emergency or crisis like exit or sudden demise of the CEO or GM, when there is need to rebuild the management system, etc. This supplementary tool should be used permanently along with the management that is already a part of your company from scratch.
This type of management does not possess any special interest in one particular company and hence they will be able to deliver unbiased and impartial outlook concerning the management sector of that particular company. If the team experts are hired to monitor day to day activities of the organization, then they will be able to identify the potholes and shortcomings in your company which might have gone unnoticed by you. Besides identifying issues, they also contribute ideas and solutions to fix the problems and make improvements for the betterment of the organization.
Role of Interim Managers:
Interim Managers are skilled professionals that are hired only when the company is experiencing a transitional phase; hence they need to comply with the corporate culture that is existent as soon as possible. Bridging the gap between the absence/demise of top class executives and their subsequent recruitment in near future, the Interim Managers promote the resumption of an organization’s normal proceedings. Familiarizing themselves and providing exhibiting efficient leadership qualities is definitely an uphill ordeal and thus their being proficient and resourceful is inevitable.
Point wise, the advantages of appointing them are given below:
1. Reputation & expertise.
2. Fresh perspective.
3. Leadership through change.
4. Fixed deadlines.
5. Active Implementation.
6. Building their portfolio.
7. Reporting directly to you.