Interim Management - what is it and what can it do for a business?
Interim management is a thriving business in the face of uncertain times. The main aim of this particular field of work is to support companies in their time of need and to help them overcome hurdles they may be facing, whether it be productively or financially.
In terms of business, interim management can be seen as a temporary provision of management resources and skills. In a situation such as a period of transition, crisis or change, a permanent role may prove difficult to fill last minute. Additionally, such a role may not be deemed necessary, or there may not be an already existing employee who is qualified enough to take it on. This would allow the company to outsource interims to help them achieve their goals quickly and effectively.
Since the outbreak of coronavirus in the UK, many companies have either ceased trading, furloughed staff or have encouraged employees to work from home. It is at a time like this that interim managers would be called upon to help these companies get back on their feet, to weather this challenging period accordingly.
Although interim management employees are called in to help a business while it is undergoing changes, challenges and or a crisis, it doesn't necessarily mean they are a short term solution for a problem. In terms of the coronavirus pandemic and the employment of interim managers, there has been an increase in demand in recent months.
Barry Nethercott, Interim CFO of Yorkshire Housing, said: "My main role as an interim CFO is to support housing associations facing finance and/or government struggles, and Covid-19 has just been an addition to the list of risks to manage. I have found that even in the face of this pandemic, I have been able to continue to get on top of the issues that need to be addressed."
In terms of working through a crisis, interim management has become increasingly popular and cost-effective to clients. Being an 'outsider' as it were, interims can bring a fresh new approach and are able to concentrate on what is best for the business they've been called upon to work for. They can also add value to a company, bringing their own skills and expertise to the workplace. This can be a great opportunity for a business, solving problems at the right time and in turn, boosting customer service and meeting consumer wants and needs to a high standard.