Facilities Show 2019: The benefits of Interim Recruitment
What is an interim manager?
Interim managers are typically highly experienced senior managers, who are hired for their specialist expertise and proven track record in resolving specific problems, challenges or transformations.
It is critical that organisations experiencing significant change, transformation or crisis, have the leaders in place who possess the necessary experience, knowledge and skill set to navigate through these strategically pivotal periods. However, it is commonplace that organisations will not have the required internal senior leadership to support these needs.
As such, their survival, growth and sustainability are potentially at risk. Bridging this gap is therefore vital for businesses, making interim management a viable option that is often overlooked or resisted as a practical solution.
From an employee perspective, the number of managers electing to pursue interim work over full-time employment continues to increase. Interim assignments provide managers with access to work on a multitude of projects on a fixed-term basis. Access which would otherwise be inaccessible if in full-time employment. In doing so, interim work can expose managers to fresh challenges, regular acquisition of new skills and the power of control and choice over their career. With this control, interim managers can also dictate their work-life balance far more effectively, therefore increasing motivation and productivity substantially.
A fresh set of eyes:
Interim managers can also provide a fresh perspective, analysing business needs with a more balanced and unbiased approach than that of a permanent employee. Permanent managers must consider the bureaucratic ramifications of their decision making and the potential implications this may have on their career prospects within the organisation. On the other hand, Interim managers are there with one goal in mind and will use the experience and exposure from various other types of assignments to get the job done.
Due to their extensive resume, they can also bring forward fresh ideas to the current strategy which they can share with the organisation's permanent employees. This is potentially vital information that will remain In the organisation long term, even after the interim manager’s term is over.
Is it more costly?
Whilst day rates can appear to be a high premium for the benefit of hiring an interim manager, the reality is that the hidden costs associated with hiring a permanent, full-time employee can often take the cost over that of an interim manager at the same level of seniority. Pensions, bonuses and all other added contributions organisations must make, increases the cost to around double that of base salary. Interims can also be paid out based on their performance at the end of an assignment with bonuses or with milestone payment models, potentially reducing cost risks for the organisation.
The percentage of interim managers as part of the total global workforce looks set to continue to increase. Organisations experiencing significant change, crisis or growth should look to interim management as a genuine and viable option in guaranteeing survival and success of the organisation. Despite an interim appointment only having a temporary and short term direct involvement in the organisation, the potentially positive ramifications and long term results are clear and should be considered when implementing hiring strategies.