Interim management is the provision of managerial skills and resources on a temporary basis. It entails allocation of short term assignment to a proven qualified manager to manage a period of transition, change or crisis within an organization especially after the departure of a highly skilled senior member. These managers are referred to as interim managers. They provide a specialized skill which the business requires to operate efficiently and do not have internally. They also help reinforce an existing project team because of their rich knowledge or skill base.
Interim management is usually applicable in cases where the vacant position is not permanent or when getting the right candidate takes more time than expected. Also, it is vital for organizations that are undergoing significant changes and trying to implement a critical strategy. The managers are usually hired for short term periods of three to nine months.
Importance of Interim Management
- The interim managers are highly qualified and experienced hence they operate under the minimum supervision and deliver within the expected time frame.
- It allows for the fast or speedy hiring of the required employees. This is because of the availability of the interim managers who require minimum recruitment or termination formalities.
- Quality work is guaranteed. This is because the interim managers are usually judged by results hence performance, and good track record is key to them.
- Immense knowledge transfers to the team as the interim managers transfer knowledge to the employers’ teams that remain with them even after their departure.
- The interim managers are very objective since they are not limited by the company’s politics and personalities.