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Interim Executive Management jobs are a popular career choice
Interim management is a career for those who enjoy a job with challenges and for those who like change. The very nature of an interim management job will require an interim manager to possess both of these qualities.
An interim manager, often called an interim executive will be subject to a variety of challenging, enhancing and intensive experiences with exposure to different industries, products and processes, organizational structures and cultural styles.
An interim management job typically will bring a greater choice of working hours from part time or full time work to the flexibility of home working or on site. Organizational politics tend to be less of an issue for an interim manager as they are not a permanent employee.
Interim management in the UK is now worth an estimated £1bn in terms of the value of fees spent on interim managers. Furthermore, there is a growing trend for interim managers used in more strategic leadership and change management jobs rather than just for short-term gap filling. Reasons for this increase include savings in time and money, important in any business.
Government change has introduced new initiatives and targets that many departments have struggled to cope with. Interim managers address this shortfall and are being used to support and mentor delivery teams through a process of change. Interim managers bring in experience and clarity to high-pressure situations, providing guidance and direction for organisations coping with change.
In days gone by, external agencies and consultancies helped with this shortfall but high costs and disappointing results put many organizations off using them and are now far less popular.
The main difference between what an interim manager can offer as opposed to using external consultancy is experience. Interim Executives are experienced executives who join the senior management team to help the organisation meet targets. Interim managers influence from within rather than the consultancy model based upon external advice. An interim manager will become part of the organisation providing clarity and guidance that can have an immediate impact.
Speed and cost of hire are significant factors, particularly in the cost-conscious public sector as with many businesses. Interim managers will fit into the team quickly without the expensive recruitment process normally associated with hiring at a senior level.
An interim manager will be required to hit the ground running, complete their assignment and then leave. With fees that typically ranging between £500 and £1500 a day, interim managers can often be far more cost-effective than external consultancies.
The different types of job roles that interim managers are being hired for reflects their growing versatility. HR still remains the single most common job function with more than 1 in 4 of interim managers but interim managers are increasingly being used within finance, marketing, IT and senior board-level positions.
Interim management is often incorrectly perceived as a reactive response to organisational failure. It appears that a new breed of interim managers are emerging who have transferable leadership skills that can be applied across all sectors. The implication is that the interim management industry is evolving to become a profession in its own right.