Interim Management (general article)
Interim management is a foreign term that would be lost on anyone who isn’t running his or her very own company. Interim management is the practice of hiring a temporary manager to help fill in the gaps in the instance of a sudden loss of a manager. While this may not happen frequently, you have to be prepared for possible loss such as death, unexplained walkouts, or a crisis. Fortunately, interim managers can help to prevent a hiccup in progress and profitability for as long as it takes you to find the perfect replacement for the management individual that you have lost.
While these interim assignments will vary depending on the company that hires them, they are all meant to help to cover any possible losses. Generally speaking, they are hired based on assignment lifecycles, especially if there was a particular assignment that was understaffed with management or if there was a loss within the management team, then once it is complete, they will exit the company and allow the corporation to maintain the hard work that they put in.
First and foremost, the company will need to bring the interim manager up to speed. Generally, the corporation will require preliminary assessments to be completed before the interim manager is brought on board, however, with the experience that most interim managers have under belt, it rarely, if ever results in a non-hire of the interim manager.
Once the interim manager has been brought in, they are then tasked with researching the current situation that the company is in so that they can understand how it came about and how to best tackle the objective that they face. After which, the interim manager may have a few proposals for the company heads to read over, either approving or denying the changes that the experienced interim manager has given to the company heads, allowing them to make the final decision on how to proceed with the interim management and corporation relationship.
After they have received all of the proper approval, the interim manager will take the time that is required to implement all of the written objectives to the best of their abilities for the company. They will provide intervention, project completion, and hopefully a solution to any problems that may have been caused by previous management. Whether it is management of teams, projects, or dealing with holding down the fort while another manager can be found, there is never an every-day situation that the interim manager will face. Each situation is in its own way unique and will provide them with all the more experience in the future.
Now that the interim manager has completed what they were hired for, they will hand over any classified information and training information that they have helped to create. Whether successful or not, the interim management position was never meant to last, but, it should have help to stave off any possible hemorrhaging of profits while in the face of a massive change in your company.