The Pros of Interim Management
Interim Management has been a focus of Kind Consultancy since our inception and it’s an option that’s become more and more popular, with surveys of senior interims showing an increase in activity every year since 2011. Some smaller businesses still see interim management as the reserve of big corporates, but I think they can be beneficial for companies of any size.
While recruitment times for senior management in our industry continue to grow and grow, it’s still possible to rapidly recruit to tight timeframes for interim positions. Interim professionals will always be looking for contracts to start on as soon as possible, and unlike many permanent employees at similar levels of seniority, they aren’t subject to lengthy notice periods.
Speed is one key factor that makes interim managers so effective – you’re bringing in someone with a specialist skillset, to tackle a particular problem which they have expertise with and are able to focus completely on. With no time lost to training and no entanglement in pre-existing office politics, interim managers approach their assignments as a problem-solving exercise, working with a much greater amount of objectivity than someone from within the organisation could. This is especially crucial with the Compliance professionals I work with but can be beneficial in any management role where a particular project needs to be completed within a set timeframe.
All of which makes interim professionals perfect not just for one-off specialist projects but also for temporarily holding key positions during the potentially lengthy search for a permanent replacement. I think some companies still see this as a luxury option but in reality, it’s extremely good value for money. Permanent staff and fixed-term contractors come with a wide variety of hidden and additional costs on top of their basic salary, including company National Insurance, sick days, pensions and car allowances – none of these may seem like a big cost on their own but they can add up fast. The Institute of Interim Management’s 2016 Survey suggests that an interim manager can cost up to 67% less than a permanent member of staff working for the same period of time.
Kind Consultancy has strong working relationships with a large network of interim professionals with specialist experience and knowledge across the Governance, Risk and Compliance space, many of whom are immediately available. For a confidential discussion about your organisation’s needs and how Kind could help, contact me on 01216432100 or lynsey@kindconsultancy.com
Lynsey Moore
[This blog post originally appeared on Lynsey’s LinkedIn]
