Interim Management: a new approach to trouble shooting
By Stephen Harvard Davis (June 2005 Issue)
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The interim sector used to be about filling dead men’s shoes or bringing someone in to help in an emergency. No longer! Companies large and small are using interims to take on projects, run departments, work on mergers and acquisitions, and even lead companies at CEO level.
Interim management began in the Netherlands in the 1970s in response to restrictive Dutch labour laws. It only began to gain momentum in the UK a decade later. Today we have arguably the most sophisticated interim management service in the world with interims offering a wide range of skills and expertise.
As a result using interim management as a trouble-shooting method of redressing performance failure is an area of growth. Conservative estimates put the current UK spend on interim managers at more than £400 million per annum, of which in excess of 70 per cent is being spent on the services of individuals networking directly with others. It is estimated that an interim manager working in the UK is paid an average of between £500–£900 per day and often earns over £70,000 for just six months’ work.
Interims are people who can start at short notice and be asked to leave at short notice. As a result this can make them a low risk option. They also tend to be of a higher calibre than would be required for the job under normal circumstances. There is a disadvantage to this in that although they may have experience of dealing with complex situations, expectations of their abilities to be able to manage any and all situations tend to be very high by the companies that hire them. ...
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