Why use an Interim Manager?
Interim management is the use of individuals - usually at executive board level - in operational situations where prior experience is not only desirable but essential.
Interim Managers bring a wealth of knowledge and expertise to a problem or situation where there is neither time nor suitable personnel in-house. They are "hands-on deliverers", not just strategic consultants; they are there for as long as it takes to get the job done and no more.
People use interim managers for a number of reasons:
- You may need somebody very quickly
- You may have a specific task to be completed in a short time-frame
- You may have a skills gap that you need to cover
- Or you may just benefit from a fresh external perspective.
Interim managers bring knowledge and expertise to a problem or situation where there is neither time nor suitable personnel in-house.
- Interim managers are usually on-site for 4 – 8 months, long enough to define the problem, establish the solution and strategy, launch it and assist with a permanent replacement for themselves
- They minimise your risk by having a proven track record
- They can be put in place quickly - from initial enquiry to start can take less than a week
- An interim manager lets you control your costs - compares favourably with the true cost of a permanent equivalent
- An interim manager offers you flexibility - no notice period or commitment beyond the assignment.
How Much will it Cost?
Interim managers are charged at daily rate, so you only pay for days worked.
Interim Management is not an expensive solution compared to the real costs of an equivalent permanent employee….. (employer costs can add 50% or more e.g. Recruitment fees, bonus, share options, benefits, training and development, NI, potential redundancy costs, notice periods etc). We recommend you compare the costs of interim management with the cumulative cost of the problem unresolved or your desired business benefit not being delivered.
What are the contractual commitments?
The Interim Manager usually operates through a limited company, so you have no employment liability. The Terms of Reference are often fixed within the first three weeks of the assignment. Regular reviews against the Terms of Reference ensure deliverables and milestones are met, culminating in the End of Assignment review where the work is signed off against them. You only pay for the days the Interim Manager works; expenses for travel and accommodation usually follow your corporate practices.
Typically two weeks’ notice is required on either side within the first three months, extending to four weeks thereafter.
How do Interim providers ensure quality?
With a good Interim provider such as
Veredus or
Capita Resourcing, all interim managers are rigorously assessed through in-depth interviewing, referencing and verification of qualifications. During the assignment the interim manager is required to provide regular reports on progress.