Q: WHAT DOES AN INTERIM MANAGER DO?
Interim managers, or interim executives, are normally used to lead a change or transformation programme, to fill an urgent gap in the senior leadership team, to bring a skill or area of expertise you don’t have in your current team, or to reinforce a project team you already have in place. They are normally hired for a specified period of time deliver key objectives. An interim manager is often seen as an objective point of view, who is removed from the internal politics of an organisation. For this reason, they can be an invaluable source when moving forwards as an organisation.
Q: HOW MUCH DO INTERIM MANAGERS GET PAID?
Interim managers tend to operate via their own LTD company or an umbrella and would be paid a daily rate. This daily rate can vary drastically dependent upon the role they are undertaking. The average day rate can be between £400 – £1500 per day. In some instances, interim managers can also charge the client for their expenses, including travel and accommodation.
Q: DOES INTERIM MEAN TEMPORARY?
Whilst they are similar, there are subtle differences between interim and temporary.
Temporary is generally a term used for someone who is employed by an organisation for a defined period of time. The key word here is employed. Temporary normally means you are an employee. Interim’s are not employed by an organisation but are providing their skills/services through a transitional period between certain events.
Q: WHEN SHOULD AN INTERIM MANAGER BE USED?
Interim managers are most useful when implemented in short-term situations. This is most common when in a period of change or transition, the organisation is opening a new market or acquiring a new subsidiary. They are also useful when managing a one-off project or being the intermediary between a departing manager and their permanent replacement. Interim managers may be taken on permanently if performance is deemed good, the interim manager is us i
Q: WHAT IS THE DIFFERENCE BETWEEN INTERIM AND ACTING?
The difference between Interim and ‘acting’ is that someone who is an Interim already has a similar title/qualification, whereas someone who is in an ‘acting’ position doesn’t have the title/qualifications but is ACTING in that role as if they did.
So, ‘Acting HR Director’ is someone who is doing the role short-term but doesn’t have the relevant qualifications, but an ‘Interim HR Director’ already has the skills and experience for that role, but is doing it on a short-term basis.
Q: WHAT IS THE DIFFERENCES BETWEEN INTERIM MANAGERS AND MANAGEMENT CONSULTANTS?
On the surface, both interim managers and management consultants share many of the same roles and responsibilities. But there are a number of benefits that come with hiring an interim manager over a management consultant.
Firstly, interim managers are hired based on their abilities and reputation whereas management consultants work for an agency. Motivationally, this means that interim managers benefit from cutting costs and improving effectiveness within the organisation quickly whereas management consultants inherently benefit from recommending their agency’s additional services. This also means that management consultants report to an agency, which can create a conflict of interest, an interim manager however reports and is directly accountable to the business.
Interim managers are often specialists in the field that is needed. For the hiring business this is an assurance that they have the interim manager has the necessary experience that is needed. Management consultants, however, are typically more generalist and so may or may not have the levels of experience and specialty knowledge that is needed to successfully operate in the given role.
Overall, interim managers offer a more complete service over management consultants. This is a fact that organisations have noticed in recent years. It has been reported that around 78% of senior directors feel that interim managers are preferable to management consultants.
Q: WHAT ARE THE CURRENT TRENDS IN INTERIM MANAGEMENT?
The interim management industry has continued to grow since its emergence in the 1970’s.