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Interim management is a business service that provides temporary management support for companies and other types of organizations. Management services of this type may be engaged to aid a company that is going through some sort of transition period, allowing the business to secure additional expertise during that time frame. Interim or temporary management may also be provided for a specified period of time when a key manager is no longer capable of fulfilling his or her responsibilities, providing the business with the chance to either seek a qualified replacement or have the manager resolve the difficulties and return to the company fold.
One of the more common applications of interim management is bringing in temporary executive managers to support a business during some sort of transition. The idea is that once the transition is complete, the company will be able to move forward using the management resources that are already in house. For example, if the company has recently defeated a hostile takeover attempt and is entering into a period of regaining its financial stability, interim management in the form of an additional financial manager may aid in the recovery process. Once the business is back on sound financial footing, the interim manager completes his or her assignment and moves on to other opportunities.
The use of interim management may also be effective in situations that result in a temporary vacancy in a company’s management team. For example, if a key manager undergoes major surgery that requires an extended period of recuperation, the company may choose to contract the services of an interim manager to take over his or her responsibilities for the duration of that recuperative period. This approach allows the business to continue operating as before, while preventing the need to terminate the employment of the permanent manager.
Interim management is also a valuable resource when a permanent manager suddenly dies or for some other reason will not be able to continue with the company. Rather than rushing to find a permanent replacement, employing the services of an interim or temporary manager makes it possible to take the time to look for qualified candidates both within and outside of the company organization. By having the opportunity to carefully consider different candidates in a timely manner, the chances of choosing the right individual to permanently fill the position is greatly enhanced. During this phase, the interim manager makes sure the operation is not hindered by the loss and the company can continue to function at or near peak efficiency.
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