If you’re left with a vacancy that needs to be urgently filled, then there are several options worth considering. Of these, an interim manager is increasingly becoming a popular choice. Let’s take a look at some of the advantages.
It’s a given that interim managers will charge more than their long-term equivalents. They have a particular skillset that is difficult to find elsewhere, and they’re able to start at short notice. With that said, they also provide a considerable return on the investment once the cost of inducting and training a new permanent manager are factored in.
If you’re suffering from a lack of liquidity, then you might consider financing to get the desired candidate installed. Secured business loans provide a means of turning that single big one-off payment into manageable instalments over the long-term.
It’s important to remember that a permanent staff member will command bonuses, pensions, NICs, and other hidden expenses – all of which are absent when we’re considering interim managers.
A New Perspective
When you hire from within, then you’re inculcating the values and culture of your company into the new recruit. This allows for some degree of continuity, but it also risks your company stagnating, creatively. By contrast, an interim manager will have their own outside perspective on the way you operate, and they might even be able to play a mentoring role for the rest of your company. Fresh insight can be worth a huge amount!
Speed & Efficiency
Interim managers are prized for their ability to ‘hit the ground running’. They’re able to adapt to new surroundings, circumstances and require little time to adapt. If you’re in a crisis and need someone to come in and steady the ship, then the advantages of interim are obvious. Their arrival might provide a morale boost, particularly if the business has had to endure a tough time.
Interim managers aren’t just there to cover shortages. If you have a particular project looming on the horizon, and no-one on your workforce has the experience necessary to deal with it, then bringing in a specialist outside might be just the thing to fast-track the project, and to avoid unnecessary delays and to identify any issues that may prove a hindrance in the long-term.
An interim manager doesn’t expect to be offered a permanent position. When the contract is up, they will move on to the next job – that is, unless you decide to offer them an extension. Consequently, you won’t need to worry about notice periods or redundancies, and if the person in question isn’t a great match for your business, then you won’t need to worry about being saddled with them for the long-term.