Susan Moor, Head of Interim Management & Placement Services, looks at how interim managers can help management and businesses through many challenging situations and times.
If any of the points below are evident in your business, now is the time to consider an interim manager:
- No-one on the management team was in a position of responsibility during the last recession – a lack of experience means decisions have been reduced to a series of fire fighting and knee jerk reactions which loses the confidence of the workforce.
- Decision-making paralysis at a strategic level has set in – fear of making a wrong move or a reluctance to make tough decisions has caused the Board to take a ’wait and see’ approach, leaving the workforce confused and with the perception that management is weak.
- The Finance Director’s (FD) workload has gone through the roof, or worse, there is no FD – a benign economy has enabled the business to function adequately with an accounts manager, but the company lacks the safe pair of hands of an experienced FD, which leads to increased stress on the incumbent financial team.
- Cost-cutting has become random – the Board lacks the experience necessary to understand how best to trim costs, while safeguarding the core business operation.
- Board level disagreements – the pressure of a tough trading period has led to fundamental disagreements between Board members, making collective decisions impossible which undermines the stability of the workforce.
What does it say about you as a business person?
For managers and directors, reaching the stage where the need for an interim manager is acknowledged is tough enough. Many see it as a sign of weakness, although experience tells us that this is not the case. Those who seek help early enough stand a greater chance of steering their business through these troubled times and retaining their skilled employees.
What qualities should an interim possess and what remit can they fulfill?
Used in a variety of roles, the interim manager is contracted to either:
- assume responsibility for a specific project, often involving significant strategic, financial or operational change in stressed or distressed situations; or
- mentor the board back into a cohesive group to undertake precision decision making again.
Each interim has honed their skills within a variety of companies, gaining valuable experience along the way. By drawing on specific sector knowledge and wider business experience, the interim can then manage the client’s specific needs.
The interim manager should always possess greater skills than the project requires, as this guarantees a proactive approach from day one. Because of their independent status, interims do not get involved in the politics and protocols that can often ensnare staff and management. The interim can either complement, mentor or replace current management in difficult or stressed circumstances. At the end of the assignment, an interim should have passed to management the key skills needed to take the business forward.
Career interim managers
For the associate, interim management is not a stop-gap measure; it is a preferred career path. As such, they will be focused on the assignment and committed to achieving results - this is the very nature of the interim role.
Interims assume a senior management or board level position within a company and the fees are charged accordingly. It should be noted, however, that by employing a highly experienced executive at short notice, who offers skills not available within the company at short notice, the remuneration is far more cost effective than employing a full-time executive.
Many companies and financial institutions use agencies to help identify a suitable interim associate. The aim of an interim management placement agency is to best match the skills of the individual interim to the needs of the client and to affect a close working relationship. As speed is of the essence, it is important to ensure that the agency has a network of highly respected interim managers available in a matter of days.
For more information about Vantis Interim Management & Placement Services, please enter your details and submit the online form below.