As companies around the globe are adopting the interim management model, so too are executives discovering the benefits of interim work.
What Is Interim Management?
While the interim management trend is certainly growing around the world, it is especially prevalent in Europe. According to a 2015 European Alliance survey of major corporations, a majority of CEOs on the Continent have either hired or are comfortable with the idea of hiring an interim executive.
The business world has changed in many ways over the past few decades. Increased diversity and creative business models have allowed for impressive innovation and large-scale growth. With the changing makeup of company personnel and operations has also come the need for fluidity and adaptability. This is where many interim executives have found their niche.
It used to be that executives were part of their company identity. Sometimes executives were institutions in and of themselves. However, that has changed in recent years. A fast pace and constant flux can often define the terms for how a company functions and who helms certain tasks or specific projects. Thus, interim management is currently one of the fastest growing fields for executives.
Why Adopt the Interim Management Model?
Companies who bring in interim management cite the following reasons for doing so:
- Time constraints and deadlines
- Need for specific expertise
- Employee costs
- Fluid placement and speedy results
The interim management model works especially well because employers increase efficiency, respond with more agility to demand, see better performance through output-based compensation, and lower costs all around.
Talented executives working on flexible schedules are especially well-suited to startups who worry about the high cost of bringing in too many employees. This, however, represents only a portion of the many ways the interim management model can be applied. As the world has recovered from the recession, companies have worked extra hard to keep overhead low and productivity high. Interim executives enter their roles with exactly that type of mindset.
Benefits of Interim Management for the Executive
We are in a time of cultural change. The gig economy is booming for workers everywhere. With the increase of independent contractors and temporary labor has come the possibility for more flexibility and freedom. This definitely applies at the executive level, as well. Many executives leave full-time arrangements with hopes of living a more balanced lifestyle, enjoying more autonomy, and determining their next direction.
Senior Management Worldwide (SMW) works with companies around the globe who are adopting the interim management model. Executives from all walks of life and experience levels are also discovering the benefits of interim work.
In times of transition and change, business world professionals can apply their expertise as needed. Then, they can move on to the next challenge, leaving behind more stability and productivity than what they found when they were hired.