Why the interest and growth in the interim management industry?
In Europe, the interim management industry has been growing by an average of 20% per year over the past ten years, and has doubled that growth during the past five years. Similar patterns are emerging in America. The growth in the industry is a result of not only the increasing success that companies have experienced using interim management, but also from the constantly evolving change within the business environment itself: successful senior level executives are downsized as companies merge and reorganize, and outsourcing and mergers create an immediate need for proven leadership. Most important to this growth, however, is that interim managers are no longer seen as temporary solutions but successful strategic initiatives.
How does interim management work?
Interim managers come into your company and hit the ground running, providing the senior level leadership and hands on management that is crucial to tackling tough objectives. These senior level executives are provided through companies that specialize in interim management placement, maintaining extensive databases with qualified executives. Because of the strategic, financial and operational importance of these individuals, your goals and objectives are carefully matched to the proven qualifications of the candidates. The interim manager is experienced in your industry or situation and is well respected for past accomplishments.
What do companies hire interim executives to do?
Interim executives are experts with a history of success, working with a company to accomplish specific goals and objectives within a defined period of time. The need always involves change.
These senior level executives may:
- Guide Corporate Turnarounds
- Manage M&A
- Lead Consolidations; Expansions
- Implement Financial Control: rebuild financial health; due diligence
- Restore Manufacturing or Production Performance
- Repair Customer/Supplier relationships
- Provide Management Expertise required by venture capital firms to gain or continue investments
- Implement Lean/Six Sigma or other corporate initiatives
What are some of the roles that interim executives most often take?
Interim executives may serve for a limited time as:
CEO/President, Vice President CFO, Production/Plant Manager, COO, Division Direction, CMO,
Objective focused:
Plant turnaround, Due diligence, M&A integration, Lean/Six Sigma, Organizational Redesign
Who are the companies that hire interim managers?
Any industry can use interim management—financial services, insurance, consumer goods, manufacturing, business services, biotech, healthcare, government, entertainment, advertising, retail, distribution, and start-ups—plus venture capital companies and private equity firms to reinforce the desired results from their investment.
Who are interim managers?
Interim managers are well qualified, proven executives who have made a career choice to provide their expertise by engaging as a hands-on leader within an organization for a limited amount of time (typically 6-9 months), with defined goals and objectives.
Do interim managers take permanent positions with the companies that they are providing services for?
It happens, but rarely. Interim professionals have chosen interim management as a career and like the high intensity, measurable performance and short term nature of their assignments.
Does the Interim Association place interim executives?
No, the Interim Association is not an interim recruiting agency. Interim recruiting agencies are part of our membership, along with interim executives, investment firms, legal resources, turnaround specialists, academic organizations, and clients who use interim executives. We recommend that interim executives contact our member recruitment and management agencies for representation. These organizations are available in the member directory (accessible to members only).
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