Introduction to Executive Interim Management

In the last decade the world of business has been changing at a very fast pace and companies had to find new ways of advancing their operations to remain successful. An important question has arisen – what type of options are opening up for companies to gain access to untapped talent sources, seasonsed forward-looking professionals who can competently lead the change process?

The more complex the economic and technical environment is, the more crucial is the professional for the business and the more demanding and profound proves to be also the task of identifying and engaging the right executive.

Even though many companies still chose to solve new challenges through existing employees, there is a growing trend of engaging senior interim executives. They present a vital resource for organisations seeking to change direction or tackle unforseen situations as they bring with them significant expertise and a specific set of skills to deliver quick and lasting results.

We believe that in a business that is changing rapidly – People Make the Difference. They are the ones who find the opportunities to adapt to the changing environment. They are the ones who Drive Innovation. They are the ones who Realise the Transition.

WHAT IS EXECUTIVE INTERIM MANAGEMENT

Interim Management is a temporary provision of management resources and skills of a proven heavyweight, overqualified and overexperienced interim manager to lead the company through a transition, crisis or a change to unlock performance potential.

The Institute of Interim Management defines Interim Management and Interim Managers as:

Interim management is the provision of effective business solutions by an independent, board or near-board level manager or executive, over a finite time span. Such complex solutions may include change, transformation and turnaround management, business improvement, crisis management, and strategy development. Interim managers are often experienced in multiple sectors and disciplines.

Interim managers bring well-qualified skills and expertise to bear at short notice, without the overheads and shackles associated with employment. They consult, plan, advise, implement, and embed the lessons, then exit, handling a range of key strategic and tactical interventions. As businesses in their own right, they offer independent expertise, free of company politics, and take responsibility for delivering results, not just offering advice.

Flexible, independent versatile and overqualified

Interim Managers provide stability to a business following an exceptional situation or a sudden departure of a senior management and / or provide highly specialised skills required to generate the necessary change momentum and deliver strategic initiatives. In such situations, a permanent role may be unnecessary or impossible to find on short notice. Additionally, there may be nobody internally who is suitable for, or available to take up the position in question.

Highly qualified executive interim managers help you develop and execute practical strategies to navigate successfully through the change process. They all have a solid track record of driving change through complexity in a positive direction.

Executive Interim manager usually brings to the table:

  • broad operational experience
  • knowledge of a specific industry, market or country
  • particular skills in a functional area
  • proven expertise in delivering results for similar types of assignments
  • immediate availability

Interim Manager vs Permanent Employee vs Management Consultant

There is an important difference between a management consultant, permanent employee and an interim manager. Consultants, strictly speaking, are only giving advice, writing up recommendations and putting them down on paper. The costs of a management consultant attacks hundreds of Eur per hour. Management consultants bring specific knowledge from a specific sector, however, they do not have the field experience and hands-on approach. Often, management consultant are very junior people gathering professional experience.

On the contrary, executive interim managers are strategists, analysts, planners and implementers who are aligned with your business objectives. They are on your team, focused on your long-term profitability and growth. They are practical problem solvers and their deployment is more cost-effective. Many organisations who initially think they need a consultant ultimately decide to engage an interim manager.

Hiring a permanent employee for a specific mission could be cost ineffective and entails a lengthy process including

  • Executive Search Fee. Often to be paid upfront.
  • Lengthy selection process of 3-6 months with interviews and reference checks
  • 3 – 6 months termination period at his current employer with a significant risk of permanent employee to be attracted by another position during his termination period
  • On-boarding. With permanent employee you go for a long term cultural fit, not immediate problem solving
  • Training. Often, you hire a candidate who fits the role for 70-80%, because there are other factors influencing your decision
  • Trial period.
  • Termination period, labour law, lawsuits etc.

An Executive Interim Manager

  • has a proven and verified track record
  • is overqualified for the project
  • is immediately available
  • does not enter into company’s politics
  • is not building his “future position” within the company
  • is not selling or offering you additional related services

WHY DO COMPANIES ENGAGE INTERIM MANAGERS?

A complete solution to your business model

Companies today recognize the many advantages that the engagement of executive interim managers brings them. On their journey to competitive advantage and profitable growth they are moving more and more in the direction of flexible deployment of brain power. They increasingly prefer interim managers to consultants as they provide a complete solution for their business.

Interim managers will oversee current operations, develop strategies for improvement and implement them. Executive interim managers will have a professional approach, out of the box view and a verifiable track record of delivering several similar projects. They provide the right solution to critical challenges in business. They are committed to their role as short- or mid-term staff members and their varied experience in critical situations gives them a strategic advantage when handling new problems and challenges.

Interim managers are usually appointed to:

  • manage a turnaround
  • reinvigorate an underperforming company, business unit or production plant
  • plan and implement a significant redesign of an operational function (supply chain, production planning, sales, marketing, finance, etc.)
  • reduce operational costs, working capital and improve efficiency and quality
  • reduce personal costs
  • secure profitable growth
  • lead on business expansion abroad

Based on surveys of businesses utilizing interim managers carried out by respective European associations, the main value-adding aspects of interim managers have been leadership competencies, delivery of rapid results and working on a strategic level.