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QUESTIONS YOU SHOULD BE ASKING ABOUT INTERIM MANAGEMENT
Winning the war for talent is critical, but increasingly difficult, given the booming overall economy and unprecedented demand for senior executives from e-commerce and high-tech companies. In addition, the rapid evolution of business today penalizes companies willing to accept extended recruiting cycle times that have traditionally been the norm. New sources of rapidly available, seasoned executive talent are needed, as "human capital" becomes the driving force behind business growth.
Companies undergoing transition face many issues that are within the purview of Boards. Alternative means of accessing executive talent are increasing and the process for selecting among them is all too often ill defined.
Many executives who initially think they need a management consultant ultimately decide to deploy an interim manager. In fact, a recent survey of 100 senior directors showed that 78% felt that interim managers offered clear advantages over management consultants.
Like consultants, interim managers provide:
- The latest thinking
- Short-term access to top management talent
- Strategic capability
- An independent eye
- The ability to fast-track a critical project
Unlike consultants, interim managers are:
- Implementers as well as being strategists, analysts and planners.
- Experienced not only with project budgets, but with operating budgets and managing P&L
- Experienced in analyzing enterprise level impacts, rather than the project only
- Loyal to your business objectives - not their consultancy's objectives
- Flexible to do what you need - not restricted to doing things the way their consultancy prescribes
- Focused on your profitability - not their consultancy's profitability. They are not incentivised to sell in additional services you don't need
- More cost-effective
Factors should be considered in addressing the need for outside change management expertise?
- Situation - what is the extent and timing of the change that is required?
- Degrees of urgency - Are there pressing issues that must be addressed now?
- Risk - what are the consequences of delay or of proceeding with an executive who lacks the experience/expertise needed to expedite a prompt solution?
- Are there transition issues that must be addressed before a permanent solution can be pursued?
"Change jobs" are usually very different from "steady state" jobs. It is often a mistake to hire one person to do both. Better to place a seasoned executive in the change management role who has deep expertise and can 'overkill' the situation, while seeking a permanent hire to fill the position when the situation has been stabilized. In addition, many jobs are not 'permanent' and in fact may disappear at the conclusion of the assignment (e.g. close the plant, sell the division, or fill the position until a retained search can be completed and then hand-off to the permanent person and transition out).
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