There are few headaches worse than replacing a leader who resigns out of the blue. If a company doesn’t spot the warning signs, it may struggle to find a new candidate fast enough to avoid lost productivity.
That’s where interim management can help. Hiring a senior executive who can manage the transition allows companies to find their footing and secure a permanent replacement with less hassle. Let’s take a look at what to expect from interim management.
What Is Interim Management?
As the name suggests, interim executives work in a position on a temporary basis. Sometimes, this interim period happens after a leadership position opens unexpectedly. As a result, interim managers often have to deal with a crisis, transition, or major change.
Interim managers are responsible for a role’s normal processes. They may have to manage projects, oversee teams, and reach specific metrics. They will also report to leadership on a department’s progress.
Some interim positions require major changes. This is especially true if the company is going through a crisis. Interim managers may need to evaluate processes, review past decisions, and adopt new tools.
Interim Manager vs. Acting Manager
The terms “interim manager” and “acting manager” are sometimes used interchangeably. However, there are subtle differences between them.
Acting managers carry out the tasks of a manager who will return in the future. When a manager goes on a leave of absence, for example, an acting manager may step in. Often, acting managers already work at the company in question, and they’ll step down once the current manager returns.
Interim managers carry out tasks when the previous manager leaves the company. They may be hired from outside the company. Sometimes, these interim positions can become permanent if the interim manager performs well.
Finding an Interim Manager
Interim managers have to bring many skills to the table, and they’ll also have to work well in a crisis. What’s more, companies that need an interim manager often have to work fast, as a vacant management position can be bad for productivity. As a result, finding the right person can be tricky.
Companies looking for a high-performing interim manager should look for candidates with seniority and allocate a sufficient budget for their salary. Ideal candidates will be adaptable team players who are ready to hit the ground running. It’s also more crucial than you’d think to make sure your chosen candidate is a good culture fit!
If you’re struggling to find the right candidate, consider interim management services.
Various companies specialize in matching brands to the right people. Groups like aawpartnership.com, for example, will provide a shortlist within 48 hours. This makes it easy for companies to fill their interim roles faster.
Take Advantage of Interim Management
Though no company wants to scramble to replace a manager, interim management can be an easy solution. Finding a qualified and experienced leader is a great way to manage complex business concerns and ensure your company’s future success. Consider working with an interim management consulting or recruiting company to find the right executive fast!
If you found these business insights helpful, be sure to take a look at our other posts for additional tips and tricks.