An interim manager or a permanent for your company?
Firstly, does your company have a project to manage or a role to fill?
Not all permanent managers can work in projects, but conversely, change management is the life-blood of interim managers.
If you have a project then your company team should prepare a brief, which may include a scope of work, the delegation of responsibilities, milestones, planning, KPIs and budget. It is normal practice for the interim manager to confirm and expand the brief after being assigned.
If you have a role to fill then an interim manager can still help your company as their vast experience and availability can assure that they become operational quicker than a permanent A typical European Interim Manager is 56 years old, with more than 6 years of experience as an interim professional and works at C-level. So they have a track record of excellent project management and can quickly hit the ground running. A permanent manager may not be as responsive and indeed may be still focused on finding a permanent role
What about the costs?
Interim Managers can collaborate “as and when” needed by the project. Short contracts can be used to explore business opportunities and part-time can be used for SMEs where the project may be less time demanding, the budget is tighter or when a family succession takes many years to complete.
The average interim contract duration is 11.4 months and European interim managers orchestrate change in this short period. Indeed, many interim managers are sought after because they have a track record of closing projects within the deadline. As the name implies “permanent” managers may want to stay with your company for longer.
An interim manager provides contract flexibility, cost transparency and change management. The project must return your investment so that the interim manager can enhance his/her reputation. The return for your company can be new business, reduced costs and increased operational efficiency.
Lastly, your company should calculate all the costs of a permanent manager (benefits, contract termination, expenses) and fix a preliminary budget.