So what is an Interim Manager? How does it differ from the common areas of temping and sub-contractors? And, more importantly, how can we, as managerial consultants tap into this growing area of demand? I recently spoke with a range of experts in this field around the world to try to find the answer to these questions.
The first thing that came across is that Interim managers see themselves in a different field than management consultants. nearly all the people we spoke to in researching this piece considered consultants more focussed on giving advice and performing specific project related roles. IM's, on the other hand, seemed to be more focussed on delivering the results, implementing and executing rather than enabling and advising could be a good description.
Eddie Mullen, A Director with Booster Interim Resources Ltd in the UK, notes that "Interim managers are normally over-qualified for assignments, and provide effective, impartial and expert support at short notice, integrated into the line management structure of the hiring organisation".
Eddies distinguishes between consultants and Interim Managers through their cross functional operational expertise;"What differentiates contractors and other temporary staff from interims is value added. In addition to core skills (HR, finance, marketing, sales, IT), interims bring much greater generalist cross-functional management experience, expertise and knowledge to the hiring organization, at a senior level. By contrast contractors tend to be recruited to operate in a relatively narrow functional area. "
Eugene Rembor Principal of Rembor Partners Ltd, takes this descriptuion a bit further, explaining some of the differences between subcontractors and IM's " An interim manager is a senior person, usually someone who has held board positions, been there, done it and got the t-shirt. ...[Subcontractors]..do none-line-management jobs or defined projects, whereas interim managers are turnaround experts, gap-busters, change managers or strategic consultants.
But is it worth it? Eugene goes on to add "I enjoy every second...I am always working when I want, but free to take a couple of months holiday when I want, I am earning money beyond my wildest dreams and get to see places."
THis has to rank as one of the key areas where consulting professionals can find additional revenues over the coming years. There is a genuine lack of resources out there in business and management. Demand is exceeding supply, the old guard are retiring into semi-active and full retirement roles, and business is booming as never before. (Fueled by super commodity cycles, the spike in Asian growth and a range of other well know reasons)
In fact another of the people we spoke to, Vincent Papi, the Managing Director of Boyden Interim Management, sees an influx of available talent as well as a booming market. "Our practice is limited to senior executive positions and we're growing at a very brisk clip. On an individual level, we're finding plenty of talent -- usually execs who took early retirement and have plenty of gas still in the tank -- who relish the idea of taking on a serious challenge, even a short-term one."
With his comment that his practice is growing at "a brisk clip" he believes that Interim management is now a permanent growth area within the North American resource marketplace.
From across the pond there is a similar view. David Hay, a Partner at AshtonPenny Interim, notes that there are a lot of inquiries but he also detects a lot of "window shopping." Like others in our discussion he also believes that Interim Managers are"...senior executives who have chosen the interim route, rather than those who are struggling to find a new permanent role; those for whom earning money is less important than the interest and the challenge; those who network effectively and continuously."
However, he also has a warning for those wishing to work in the industry and for those looking to hire from the pool of growing executive Interim talent. "Those...who are experienced IMs will have been on the receiving end of multiple calls about the same assignment from different providers.
In the main these are connected to companies seeking to use an IM for the first time, when there is a tendency to send the enquiry to all and sundry. Whilst I can understand their reasoning I have to say it is not always in the client's best interest to create what is in effect a race. Inexperienced or less professional providers can be tempted to submit candidates without proper vetting, just to 'get in first'. It's frustrating for us and I'm sure it's no different for you IMs out there.
Once, there were only a few providers here in the UK, but the market is now quite crowded, with a grey area around what I would call the top end of contracting and that must be confusing for new IMs and clients too."
As a "would be" IM, this has been a fascinating look into the alternate universe of Interim Management, the potential rewards within the area, and the exciting levels iof growth associated with it. When (if) I ever go into practice for myself again I personally will have the Interim management badge as part of my own portfolio of works.
Interestingly, most people we contacted about this area all commented that most of the leads they get come from within their own networks.
For those of you looking to find out some additional information there are some excellent resources on the web, two of those mentioned in our discussion are.
Eddie Mullen, new to Interim Management and the best respondant we received on this topic puts it this way "I would certainly recommend interim management to others but would strongly recommend detailed research, personal refection and structured planning and preparation before committing to an interim career, particularly as it can take time to get established."
View Executive Consulting Jobs
