“Interim managers are experienced executives with specialist skills and track record of achievement”

This definition by The Interim Management Association (IMA) sums it up nicely. Interim managers are a rare breed of individual, highly experienced and knowledgeable professionals able to implement and execute strategic change quickly. And they’re often available at short notice. It is no wonder that they’re highly sought after by organisations.

Having completed similar projects before but able to bring a new perspective to proceedings, hiring interim managers allows organisations to maintain momentum on their business critical projects but without having to add to their permanent headcount – they are a variable cost. Organisations get the knowledge and experience when they need it and for the amount of time they need it.

Interim expertise

So what are the areas of expertise that organisations are looking for? The fast growing digital and tech industry is a hotbed for interim managers, especially now “during times of uncertainty given the uncertainty around the future so they [organisations] don’t really want to take any risks,” says Charlotte Vitoux, MD of Morgan Philips Switzerland. Key skills include digital transformation and data science as well as cybersecurity, change management, ERP, e-commerce, UX, UI and CX.   

Interim Finance is another area where there is steady demand for talent. Given the testing economic environment, organisations must pay attention to their cash flow management, so payroll and credit control specialists are highly prized. “Industries that are dependent on compliance processes such as life sciences, banking and financial service have also seen an increasing demand for interim talent,” adds Elyas Bozan, MD Morgan Philips Germany.

From business transformation to digital transformation, financial services to healthcare, interims can add significant value – both in the private and public sectors. There are many other specialist skills areas too where they can make a huge impact. These senior leaders are hired for a whole array of corporate projects, from operations to rolling out HR initiatives or marketing strategies.

Comfortable with change

What other skills do interim managers need? Apart from technical skills, interims must be adept project managers and excellent communicators. Relationship building is pivotal, both with team members and other internal and external stakeholders. Above all, they must take the initiative and adapt to new situations. “Given the changes in the market, there is a growing requirement for individuals to become more agile and manage change,” remarks Patty Yang, MD Morgan Philips Taiwan.

The value that interims bring, the ability to deliver and transfer their vast knowledge makes them an incredibly valuable commodity – particularly during periods of crisis. As Rémi Fouilloy, Managing Director of Morgan Philips adds, “For dynamic businesses that carry out fast-paced and crucial projects, drawing on a pool of highly experienced interim managers to carry out highly-strategic assignments for an agreed period of time makes perfect sense.”

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