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The Ultimate Guide to Interim Management
Everything You Need to Know About Interim Management
Thanks to our gig economy, it’s possible to get the rock star talent of experienced managers to lead your company, whether you need project management leadership part-time for a short period or you need an executive who can remake your organization and ramp up profitability while paving the way for a future permanent hire.
That rock star talent comes in the form of an interim executive. These experienced leaders are a different breed of executive. They are wired for change and driven by results. It’s why private equity funds so often turn to interim management when they need to streamline operations at the companies they have invested in. They know that interim leaders specialize in growth, turnaround, and transaction oriented situations, so when the job is done that executive will leave and move on to the next challenge. No tears, no severance, and no golden parachutes.
In this Guide to Interim Management, we help you understand when an interim executive is right for your company, what to expect from interim management, and how to get the most out of an interim partnership.
Interim Management 101:What is Interim Management
Whether your business needs an interim executive now, or you want to understand what’s possible for future reference, this guide will cover everything you need to know about the interim management profession, including:
- What an interim executive is
- The experience and skills interim execs bring to the table
- The benefits of hiring an interim executive
- Common use cases for interim management
- How interim executives approach assignments
- How to find the right interim executive for a company’s needs
- How to successfully hire and work with an interim executive
- …and more
Chapter 1: What is an Interim Executive?
This chapter provides a definition of the term “interim executive” and the difference between an interim and a full-time permanent hire. It also outlines the common attributes of highly skilled interim CEOs, CFOs, COOs, CMOs, CHROs and more. They are experienced operators who are wired for action. They help companies solve complex business challenges and have a track record of achieving strong results.
Chapter 2: When is an Interim Manager the Right Choice?
This chapter looks at when it makes sense to contract with short-term interim management services to fill senior-level positions rather than hiring a new permanent executive. It is the right choice for companies in immediate need of a senior executive who will be a change agent, who can offer a fresh perspective, develop a strategic plan and then provide the hands-on leadership needed to implement that plan.
Chapter 3: When an Interim Executive is Not a Good Option
Even we know that interim management isn’t always the right answer. This chapter lays out the time when it simply doesn’t make sense. That can be the case if your company is not in need of immediate help, if you are content to wait for a months-long executive search to find the right new C-suite hire, or if your team is not ready for the hard-driving change management decision-making interims are hard-wired to provide. When choosing to stay the course, contracting with a management consulting company or appointing a board member to babysit the job might be the better choice for you.
Chapter 4: What’s the Difference Between an Interim Executive and a Consultant?
This chapter takes a deep dive into the differences between interim management and management consulting. Both will analyze the problem and develop a go-forward plan, but only the interim executive will stick around to implement the strategic initiatives as part of the company’s management team.
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The Top 5 Trends Driving the Growth in Interim Management
Chapter 5: How do Interim Execs Approach Assignments?
Here we look more closely at the unique characteristics of highly effective interim leaders. They are a specific breed of experienced managers, wired for action and focused on results. They have a track record of success and a skill set that makes them able to be more effective faster.
Chapter 6: Interim Executive Recruitment: Making the Right Match
Finding the interim for an assignment is a complex 9-part process. This chapter outlines our “match matrix” for ensuring a good fit for every assignment.
Chapter 7: How to Prepare Your Company for an Interim Leader
Here we look at what a company can do to get the most out of an interim executive in a leadership role. Your organization will need to have clear goals for the interim management roles. That might be anything from taking a fast growing company to the next level to crisis management or return to profitability. And then you’ll need to set data-driven expectations, determine the assignment parameters and communicate the plan to all stakeholders.
