The pace of change is increasing rapidly, in business as in the rest of the world. Attracting and retaining the skills needed to manage that change is already a challenging proposition. 40% of C-suite executives are looking to leave their jobs this year! Which is why many businesses are turning away from traditional executive hiring toward interim management to fill the gap. You might also find that you require an expert with executive experience, unique skills or niche expertise to head up a short-term project, address specific business challenges or to help your organisation through a period of transition.  

While an interim is occasionally used to plug a gap in senior or executive management due to a leave of absence or departure, more often interim managers are used to deliver a specific project or programme when the skillset or resource doesn't exist in-house.  

Interim Management engagements may include: 

  • Loan staff  
  • Business transformation 
  • Business advisory services 
  • Programme and project delivery 
  • Growth, merger, disposal, and acquisition strategy 
  • Compliance, governance, and internal audit support 
  • System implementations and integrations 
  • Business process and performance improvement 
  • Shared service centre creation and enhancement 
  • Cost reduction and resource allocation improvement 
  • Improved finance function, commerciality, and effectiveness 
  • Profit maximisation and fundraising support 

Benefits of Interim Management for organisations 

Hiring an interim manager can quickly address specific challenges and provide you access to experienced professionals with specialised expertise without the commitment of a long-term employment contract. There are several benefits for organisations seeking to engage interim management services including: 

  • Flexibility 

The average interim management contract in the UK lasts between 11 and 12 months and because interim managers are hired on (relatively) such short-term contracts, they provide an exceptional level of flexibility for businesses. They can be brought in quickly, allowing organisations to respond rapidly to unexpected challenges. The flexibility of their contracts also allows for interim managers to work full-time, part-time or remotely allowing organisations to manage their resources effectively.  

Interim managers are also suitable for a wide variety of assignments and engagements. Everything from project-based assignments to maternity leave can be covered by interim managers making them a versatile solution to address unexpected challenges or to fill a sudden gap in leadership. 
 

  • Access to expertise 

Interim managers are typically highly experienced professionals who have worked in senior management or executive roles in their field for several years. They bring a wealth of expertise and knowledge to an organisation and are able to hit the ground running, making an immediate impact on the business. 

Alongside their specialist knowledge and experience in a particular area, interim managers bring with them fresh perspectives and new ideas and approaches that can revitalise a project or team. Having a source of expertise available can even help your existing employees access knowledge and skills that could be valuable to the business in the future.  
 

  • Objectivity 

Additionally, interim managers bring with them a level of objectivity allowing them to provide a view of an organisation's challenges and opportunities without being influenced by internal politics or bias. This can lead to better decision-making and a more strategic approach to business challenges. 

By identifying blind spots, challenging assumptions, and bringing best practices to the table interim managers can identify potential solutions and opportunities that may not have been considered before. 
 

  • Cost-Effectiveness 

Engaging an interim manager is a cost-effective solution as it eliminates what is often an arduous recruitment process as well as the ongoing costs of a permanent hire such as salaries, benefits, and bonuses. The variable cost of an interim manager is therefore attractive as businesses only pay for the time the interim is engaged; this variable expense allows businesses to scale their resource up or down based on the project and business needs.  

Not only can you reduce hiring and employment costs with an interim manager, but their ability to rapidly reach full productivity means businesses see an impact quickly without having to wait for a new permanent employee to become fully integrated into the business.  

 

  • Crisis Management 

For organisations facing a crisis, an interim manager can be a valuable resource.  

Interim managers can be used for strategic and crisis planning, crisis communication, financial management and stakeholder management. You may find yourself needing a skilled interim manager during periods of business disruption, reputational damage, or financial distress.  

Bringing with them expertise, objectivity, and experience interim managers can be an excellent way to help organisations navigate periods of crisis and emerge stronger. 

After discussing the major benefits of interim management we'd like to talk about the unique benefits Oakwood's Blended Model can bring if you are looking to engage an interim manager.  

What sets Oakwood apart 

Oakwood Resources offers a unique blended model that combines the hands-on specialist expertise of interim management with the strategic framework delivery of a consulting firm. This model enables businesses to accelerate problem-solving, transform operations, and achieve strategic and cost-effective solutions. 

  • Agile and bespoke project solutions that yield results 
  • Consideration of your short- and long-term strategic business plans 
  • A personalised approach that captures your key objectives and goals 
  • Deep relationships with consultants who understand how your business works   

Access all these benefits and more with Oakwood Resources as your Interim Management partner! 

When you partner with Oakwood Resources you gain the expertise and knowledge of our specialist interim managers with the strategic delivery of a consultancy. This powerful combination means you can harness the data analytics technology you need to transform your finance function. 

For a more responsive, cost-effective solution that gives you a bespoke strategy tailored to your business, think Oakwood! 

Learn more about our Blended Model or contact a consultant today.