1. an intervening time; interval; meantime: in the interim.
2. a temporary or provisional arrangement; stopgap; makeshift. [Source: Dictionary.com]
An Interim Manager is an independent professional who has made a career choice to work with many organisations rather than one. An Interim Manager is an experienced and successful executive with a proven and demonstrable track record. When you hire an interim manager you are getting someone who has been in a similar situation before and brought it to a successful conclusion.
Used correctly an Interim Manager can be an effective strategic resource to help you manage not only your short term needs but also your medium to long term skills shortages.
Interim Assignments fall broadly into two categories:
- An interim manager can be a lot more cost effective than using a consultancy as the typical day rates are substantially lower.
- Where you have a fair idea of what you want to do, but you don’t possess the necessary skills in house to deliver.
- Interim managers are often more experienced than either in house employees or consultants
- Using an Interim Manager can be significantly cheaper than recruiting on a permanent basis when you consider the full costs of employing someone over a 12 month period – salary, employers national insurance, healthcare, car, relocation, share options, bonus, pension and of course if it doesn’t work out, termination costs.
- Sometimes, gaps arise suddenly due to promotion, resignation/dismissal or restructuring and you need someone quickly you might want to appoint an Interim Manager whilst you recruit for a permanent member of the team.