Interim management agencies specialise in rapidly placing interim managers and executives across diverse industries. When you need to hire an interim manager or project team, mistakes can be costly and detrimental to your business’s projects and transformation efforts.
Our agency’s process ensures that you find the right talent quickly. We have long-standing relationships with many of our associates and know who consistently delivers effective results. When sourcing niche skills, we proactively approach candidates who have the specific expertise needed, ensuring a better match for your requirements.
What Does an Interim Manager Do?
Interim managers are brought in to lead change or transformation programs, fill urgent gaps in senior leadership, address skill shortages, or strengthen an existing project team. They are usually hired for a set period to achieve specific objectives. With an outside perspective and freedom from internal politics, interim managers provide objective insights that are invaluable for driving organisational change.
When Should You Use an Interim Manager?
Interim managers are ideal for short-term situations, such as during periods of change, transition, or growth—like opening a new market or acquiring a subsidiary. They are also effective in managing one-off projects or bridging the gap between a departing manager and their permanent replacement.
Interim Management vs. Management Consultants: Key Differences
While both interim managers and management consultants offer expertise in guiding organizations through complex situations, there are key differences:
-
Accountability and Motivation: Interim managers are hired directly by businesses based on their reputation and skills. This motivates them to quickly deliver cost-effective solutions, unlike management consultants, who may have a conflict of interest as they often recommend additional services from their agencies.
-
Specialisation and Expertise: Interim managers are typically specialists with deep industry knowledge, whereas management consultants tend to be more generalist. This means interim managers often have the specific experience needed to succeed in a given role.
-
Value and Preference: Many organisations now prefer interim managers. A recent study found that 78% of senior directors favor interim managers over management consultants for their flexibility, speed, and effectiveness.
Difference Between Interim and Executive Search
Executive Search focuses on recruiting permanent, highly skilled senior executives who can drive long-term business goals. In contrast, Interim Executives are temporary, bringing specialized skills to navigate a period of change without being on your payroll.
What Day Rate Should an Interim Be Paid?
Determining the right day rate for an interim role can be complex. Unlike permanent positions, which are benchmarked to market rates, interim management day rates are more flexible. The standard calculation is based on 220 working days per year plus an additional 30% to cover benefits that permanent employees typically receive.
Advantages of Using Interim Management
1. Immediate Impact:
- Interims are available immediately and are often overqualified, ensuring rapid results.
- They offer a cost-effective alternative to hiring management consultants from major firms.
2. Cost Savings:
- No employment or administrative costs, no benefits or training expenses, and no sickness/absence costs.
- You only pay for the specific skills and knowledge you need.
3. Flexibility:
- Scale staffing levels up or down based on business needs.
- The hiring process is faster, and it’s easy to terminate or extend contracts as needed.
4. Performance and Fit:
- Interims offer a “try before you buy” model, allowing for quick remedial action if needed.
- You can assess performance and cultural fit with minimal risk.
5. Management Support:
- HR and problem resolution support often comes from the interim provider.
- Interims are agents of change, bringing fresh perspectives and best practices to your organization.
Key Qualities of a Good Interim Executive
- Leadership: Able to navigate unforeseen challenges and drive positive change.
- Knowledge and Experience: Brings deep industry insight and commercial acumen.
- Transformation and Turnaround: Implements change quickly without compromising long-term stability.
- Legacy: Leaves the business in a stronger position with sustainable improvements.
How to Hire the Right Interim Manager
To hire the right interim manager, consider these points:
- Do they listen, understand, and effectively respond to your needs?
- Do they offer a clear process or roadmap for achieving your goals?
- Have they demonstrated success in similar roles, and do they provide strong references?
Thinking of Becoming an Interim?
If you’re considering becoming an interim manager, assess whether your skillset is in demand and if you can build a strong network. Be prepared for the challenges of working independently and dealing with potential gaps between assignments. Watch our video “Can I Become an Interim?” for more insights.
Current Trends in the Interim Management Market
The interim management market has faced challenges with Brexit, IR35 changes, and the pandemic. However, as businesses adapt to new regulations, the demand for skilled interim professionals is rising. To learn more, check out our full blog here.
OUR FOCUS ON LONG-TERM PARTNERSHIPS
At re:find we have been in Interim Management and Executive Search for over 20 years. We believe that recruitment is not a one-off transaction but rather a long-term partnership. We aim to build long-term relationships with our clients, providing ongoing support and advice to help them find and retain the best talent for their organisation.
In addition, as a business, we understand that every organisation is unique and that there is no one-size-fits-all solution when it comes to recruitment. That’s why we offer bespoke recruitment solutions that are tailored to meet the specific needs of each client. Whether you need help with a single hire or a full recruitment campaign, we can help.
We are committed to providing our clients with the highest quality service. As part of this, we ensure that we take the time to understand your organisation’s culture and values, as well as the specific skills and experience needed for each role.
For more information on our executive search practice and our CCS framework
please get in touch with our Managing Director, James Cumming.
