What does interim mean?
Interim management is the temporary provision of management resources and skills. Interim management can be seen as the short-term assignment of a proven heavyweight interim executive manager to manage a period of transition, crisis or change within an organization. In this situation, a permanent role may be unnecessary or impossible to find on short notice. Additionally, there may be nobody internally who is suitable for, or available to take up, the position in question.
The word interim means temporary and stems from Latin. It is used in many contexts where temporary conditions are described.
Interim Management means temporary hiring in terms of leadership and professional resources. In other words, the hiring of an executive leader on a set time period.
What is Interim Management?
Interim Management is a global term used when companies and organizations assign senior executive leaders on temporary contracts. In Denmark, this concept is gaining ground, which is in line with the changes seen in the labor market, where more and more employees want to work on flexible terms, and to a greater extent act as independent consultants who are hired into the business.
Danish companies have also realised the value and strenght of Interim Management, and increasingly demand the service. There is a clear trend that shows the surge in demand, which Nextt Managmeent has been able to track since the firm’s start in 2003. The increase in demand has been significant, especially after 2014.
Interim Management can be viewed as a temporary assignment or a temporary task managed by an experienced manager during a transitional period.
Interim Management can make a difference in various situations such as:
- Turn around or restructuring
- Demand for growth and increasing profits
- International expansion
- Crisis management
- Merger & Acquisitions
- Product development and launch
- Acute interim recruitment for a critical post, until a new permanent hire has been found
In certain situations, it is unnecessary or impossible to find a permanent recruitment at such short notice. Moreover, situations can arise, that cannot be resolved by internal recruitment, they either lack the right skills for the assignment or are not able to take on the required responsibility.
The terms and conditions for Interim Management are simple and transparent, and the hiring process take place usually with a short notice.
When is it beneficial to hire an interim manager?
There are many advantages of hiring an interim manager. The interim manager and Nextt Management focus is that, most importantly, the interim manager successfully solves the assignment. As a client you have an assignment that needs to be solved successfully- and this is precisely the end goal for both Nextt Management and the interim manager.
Moreover, the assessment of areas of need, hiring process and date of joining the business, are significantly faster than traditional recruitment, and significantly more cost effective.
When you hire an interim manager, it gives you many possibilities in terms of flexibility in the hiring process; e.g regarding the possibility of extension of contract or the transition period and complete control over the eventual recruitment or for a permanent position of the candidate.
If your company has a specific assignment that can be solved by an interim manager, contact Nextt Management and hear more about your options.