In the volatile, uncertain, complex and ambiguous world of managing the people and talent cost effectively, change can be a challenge. In fact research shows that an unintended consequence of introducing change initiatives is that most internally driven cross team projects fail to meet objectives! The direct and opportunity cost of this is enormous.
Around the world and across a variety of industries and occupations, Interim Managers have been used successfully to fast track change outcomes.
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Interim managers are usually less expensive than consultants, with higher average rates than
employees – and they are focused on your specific deliverables.
The actual return on investment varies, but in general, for every AUD $1.00 you invest in an interim manager, you get back between AUD $5.00 and AUD $20.00.
Interim managers are very good value for money. Daily charge-out rates vary but are typically AUD $900 to AUD $2,500 for a middle or senior manager, up to possibly AUD $3,500 or $4,000 for a very senior executive. There no added costs such as bonuses, holiday pay, employers’ insurance contributions, pensions, health and company car benefits.
Interim Management Assignments usually range from three to nine months, and some are made longer upon agreement. There are two key points when considering when to use an interim manager.
Interim Management will work in any industry function as long as it matches two simple criteria:
The quality of the interim manager is the major success factor.
Interim managers are usually less expensive than consultants, with higher average pay rates than employees – and they are focused on your specific deliverables.
An interim manager may be exactly what your business needs in times of change or duress. There are various factors that need to considered to ensure that interim management will achieve the results you need.
Make sure needs are well understood – a project scope, milestones, quality
measures, and timescales
Hiring an interim manager brings you the skills, specialist knowledge, and flexibility you or your business may be lacking now
Interim Managers are a client to client relationship. Form a relationship that lasts, you may need them again
Clear project team structure. Decide who the interim manager will report to, and know how they will be managed
Set realistically high expectations.
Most executive teams can produce effective strategy. Often, implementation is not as fast as the business needs or the market wants. An interim management solution changes that. A temporary, but full time, interim manager focused on implementation will guide an organization through strategic change, maintaining the strategy chosen and managing challenges along the way.
Interim managers are an effective strategy for gap management. Gaps appear in organizations for a variety of reasons. Ranging from extended maternity leave, sick leave, long service leave or similar. Organisational capability gaps appear as well, these include: sales force restructure, performance management introduction, CRM or other software project implementation, advertising agency review, implementing mergers and acquisitions.
Interim Project Management
New projects bring new challenges. Interim Management addresses challenges arising from new business wins, change in business focus, new opportunities, international opportunities – mergers and restructures. The right interim manager will deliver focused outcomes while allowing current executives to continue with their own responsibilities.
Interim management presents a great change management option. People who have done it, who
still know how to do it and will do it for you.
All crisis management is interim management. Crises arise for a variety of reasons – public relations disasters, unexpected financial issues, business continuity issues, health and safety problems, consumer safety, plant and business closures, or environmental events. The existing executive team rarely has deep skills, knowledge and experience of crises. Interim managers have experience dealing with a wide range of interim crisis management issues.
Australia will have one of the lowest take up rates of executive interim management as a percentage of total workforce population in the English-speaking world.
There is an untapped opportunity for companies in Australia to accelerate growth by leveraging professional Interim Managers in the workforce. Read our research study now.
Look beyond our Interim Management Solution