When a business needs to fill a managerial position, it might do so by employing an interim manager. These managers differ massively from traditional managers. Short-term managers have a unique set of skills that make them valuable to transitioning companies.
Over the past few decades, interim managers have become more and more popular among companies in the West. And according to multiple sources, the demand for short-term executives is set to increase over the next decade.
Since the outbreak of COVID-19, over 90% of companies’ top management plans on working with interim managers over the next 12 months. More and more companies are starting to appreciate the immense benefits that come with recruiting interim managers.
However, this concept is fairly new in most countries, especially African and Asian countries. As a result, there has been a widespread misinterpretation of the job description of these managers. The following article sheds more light on the nature and work of interim managers.
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So, who are interim managers, and what do they do? Here are the main roles, responsibilities, and emerging trends of interim managers.
Who is an Interim Manager?
An interim manager is an experienced and highly-skilled professional who is sought after because of their quick and effective solutions. In contrast to ‘traditional’ managers, interim managers are employed for a short period, often lasting about 3 to 12 months.
The word interim is ‘used’ to show a temporary or provisional state. As a result, it is common to see the terms ‘temporary executive’ or ‘provisional director’ used in the same breath as interim managers.
Interim managers are also called ‘company doctors’. This is because of their ability to diagnose failing processes in an organization and implement the necessary changes to bring the same to profitability.
These individuals are best known for taking on failing or tough assignments and quickly turning them around to a more favourable situation. Such situations include the sudden departure of a senior executive or a massive dip in a given company’s profits. Such cases are also known as business crises.
What makes provisional managers highly in demand is their ability to turn around such situations in a short time.
What Do Interim Managers Do?
A provisional director helps a given company meet specific organizational goals in a short period of time. An interim manager’s main job is to help an organization meet its objectives by solving a particular problem.
Most of a company’s policies and activities are subject to direction from the senior management. These executive positions, also known as C-level managerial positions, include CEOs, COOs, CFOs, CMOs, and CIOs.
An interim manager’s job includes assuming the responsibilities that were once vested in these individuals. As a matter of fact, a recent report showed that 55% of interim managers are on C-level assignments. Many firms trust interim managers with top-level managerial decisions because of their specialized skills.
What Kind of Assistance Could an Interim Manager Provide?
There are a host of situations that a temporary director could help with. Assuming the succession of the previous executives was fruitful, provisional managers will help with;
- Project Management
Activities here include implementing new technology, or strategy, expanding into a new market, and factory relocation, among many more.
- Turnaround Management
Activities here include business transformation, crisis management, recovery of failing projects, handling mergers or acquisitions,
- Gap Management
Activities here include filling in after the sudden loss or departure of a senior, change in management, restructuring, overseeing organizational changes, and managing a start-up.
Functions, Roles, and Responsibilities of an interim manager
An interim manager performs in the same capacity as a permanent manager. However, the key difference is that a temporary manager will only work for a short period of time. Additionally, the provisional executive is not affected by company politics and culture.
Here are some of the functions, roles, and responsibilities of an interim manager.
- Leading activities in the organization with respect to the mission, goals, and objectives
- Work closely with HR to select and hire competent employees.
- Analyze business procedures and activities. Afterwards, the temporary manager gives recommendations and sustainable ways of implementing.
- Motivate employees and foster a spirit of teamwork and unity among staff members.
- Oversee the operational budget
- Plan and strategize the implementation of systems and processes that will help the company meet organizational goals.
- Stay in constant communication with other managers, directors, the president, and vice president of the corporation.
- Perform any other duties given to him/her by the company
Essential Qualities and Skills that interim Managers Should Have
Successful interim managers have a wealth of skills that help them in their line of work. Interim management combines more than a track of delivery at the senior level. Here are several key skills that interim managers have.
- Decision making. Interim managers are accustomed to stress and pressure in an organization. As a result, the ability to make tough decisions is an important trait that provisional managers possess.
- Leadership. Interim execs are expected to motivate and lead the team into accomplishing organizational objectives while maintaining productivity. Leadership skills come in handy when initiating projects or motivating the team to increase their productivity.
- Strategic thinking. ‘Traditional’ seniors are required to make strategic decisions that will affect the company in the long run. However, a provisional senior is required to make quick and strategic decisions that will take effect almost immediately.
- Effective Communication skills. The ability to send clear messages to an audience is essential in many professions, including this one. Interim managers are leaders who take into account a host of factors to allow them to motivate and get the most out of their staff.
- Computer competence. The outbreak of coronavirus changed the way we work. For instance, many people in the white-collar industry were forced to work remotely. Computer competence is an essential attribute that modern-day interim execs have.
- Flexibility and Adaptability. Temporary managers often take on assignments that are characterized by uncertainty and ambiguity. The ability to successfully deliver in such conditions is an essential skill that many interim execs possess.
Scope and Job Outlook of Interim Managers
Interim managers work for a short period in a company. According to multiple surveys, the average time an interim manager spends in an organization is about 200 days. However, 90% of all provisional executives have completed an assignment in a year.
Not only that, but temporary executives are seasoned veterans. The average age of an interim manager is 53 years. However, the younger generation of leaders aged 40 and below are making a name for themselves in European countries such as Poland, Sweden, and Hungary.
A small fraction of interim managers (33%) are newcomers in the industry, with less than 2 years of experience. 23% of temporary managers have been in the market for more than 5 years. Nonetheless, approximately 58% of interim managers have over 20 years’ experience.
More and more companies are employing interim managers to hold senior managerial positions, including board positions. 37% of all interim managers operate as executive members, with 15% and 34% as chairmen and advisors, respectively.
Top sectors that often employ interim managers include manufacturing, engineering, banking, financial services, pharmaceutical, automotive, and public sectors. However, all business sectors profit massively from the appointment of an interim executive.
For instance, Safaricom, one of the largest telecom service providers in Africa, hired an interim manager after the sudden death of the then-current CEO, Bob Collymore. The interim manager was able to steady the ship and boost investor confidence.
Temporary seniors work internationally and locally. According to multiple surveys, over 57%all interim members work with international companies based overseas to provide their valuable services in a given domestic market.
Who Needs an Interim Manager? Should You Hire One?
There was a time when organizations needed help from outside seniors to help them with transitions or change. The option then was to bring in management consultants. Their main role was to analyze and give recommendations.
However, the implementation was left in the client’s hands, in this case, the organization. As a result, the need to have a turnaround manager (who would work in the short run) arose.
Today, about 65% of interim managers work in the private sector, with 31% and 4% working in the public sector and non-profit organizations, respectively. All sectors would benefit massively from hiring an interim manager.
More and more companies are trusting interim managers with the top positions. 55% of interim managers are on C-level assignments, including top managerial positions in an organization such as CEOs, CFOs, and COOs.
Combine such statistics with the fact that 3 out of every four executive directors are set to leave their jobs in the next five years, and you have a growing need for interim management. But does this mean that you need an interim manager?
It would be best to consider hiring an interim manager if your business is in the following predicament;
- The sudden departure of a senior.
The world is rapidly changing as a result of advancements in technology. Businesses are struggling to secure top talent for the long run as talented managers are becoming increasingly difficult to find.
It would be best to hire a temporary executive to help fill the talent gaps in the organization. Additionally, this will allow you more time to strategize and find a more permanent solution.
Permanently hiring an executive is risky. Multiple surveys have shown that newly appointed CEOs struggle to make an impact, with 3 out of every 5 struggling to live up to their billing in the first 18 months.
- Your business is going through change.
In the business world, change is inevitable. For instance, the outbreak of COVID-19 changed the way the majority of businesses conduct their operations.
However, only 42% of all businesses have the capability to implement change effectively. Whether your firm is going through significant changes or planning to, an interim executive could help with the transition.
The main projects that interim managers work on involve change or transformation.
In Conclusion
Interim managers can be the difference-maker in your organization. With the business environment constantly changing, temporary executives provide solutions to current and possible future managerial problems.
Their relatively short tenure in an organization means that your strategic goals for the long run remain unaffected. Additionally, their skillset and experience handling various business crises make them ideal for quickly turning around an unfavourable situation.
So, should you hire an interim manager? If you have recently lost a senior or you are stuck in a business crisis, then you should strongly consider hiring one. Besides, you risk huge losses and demoralizing your current workforce if you don’t.
Are You Looking for an Interim Manager?
Looking for an interim manager can be a challenging task. It takes a company an average of 6 months before they identify and recruit an interim manager. For this reason, many firms opt to use the services of a headhunter or a recruitment agency.
Over 50% of companies use recruitment agencies to help them secure top talent managers. If you are looking for an interim manager, it would be best to use such services to save on resources and time.
Flexi Personnel is one of the leading providers of recruitment and headhunting solutions in Africa. We have worked with many globally recognized corporations, all of which were looking to set up shop in Africa.
We would like to work with you on your next project. With over 12 years’ experience, you are guaranteed professional recruitment and employment solutions. Not only that, but we have established a large database of high calibre interim managers to ensure that we offer the very best to our clients.
Get in touch with us today at Flexi Personnel for this and more HR management solutions.
