FAQs about Interim Management
We have included a list of FAQs about Interim Management, perhaps the question you have is listed here. If not, then please contact us on 01296 720281 for further clarification.
What is Interim Management?
Interim management can best be described as using an experienced sensibly over-qualified manager to fulfil a short term assignment within a company in order to achieve a set of pre-defined objectives.
Why do companies use Interim Managers?
Interim Managers were historically known as ‘trouble-shooters’ or ‘company doctors’ brought in to turn around ailing company’s. Whilst this is still the case in certain circumstances, companies of all sizes are now attaining benefits from using interim managers for a number of strategic reasons including:-
- Managing a ‘change’ e.g. factory move, business recovery and re-engineering
- As a facilitator helping the business through a period in which the management team have little or no experience
- To manage the transition to an out-sourcing policy
- As a gap manager covering for illness, maternity or time to recruit a replacement following a staff members departure
- As a project manager when the clients permanent resource is simply unable to cope with workload or time constraints
- As a supplement to fast growth whilst an infrastructure is built to manage the ongoing workload
- As a coach or mentor to a member of staff
What are the benefits of using an Interim Manager?
Finding the right interim manager is as important as the objectives of the interim assignment itself. In order to help you reach your decision about which interim management provider to engage, our interim managers all operate through their own limited companies, all have appropriate insurances in place and have all made the conscious decision to become career interim managers. In addition, all our interim managers are qualified by Aster personnel in advance of each assignment.
We try where possible to present a shortlist of 2-3 suitable candidates for each assignment to each client. All included in the shortlist will be sensibly over qualified for the assignment ensuring they can ‘make a difference’ for you from day one.
Do we have to pay a recruitment fee for your Interim Management Services?
No, we charge an agreed daily rate for the work carried out.
How much does it cost?
Each assignment is different; therefore Aster Interim Solutions will negotiate a daily rate for each assignment. This will depend upon the experience of the interim and the complexity of the assignment. Typical rates range from £500-£1,000/day depending upon the nature of the assignment.
How long does each interim assignment last?
An assignment is always linked to an agreed set of objectives and as such it is clear when an assignment has been completed. On average this can be between 3 to 12 months but can last longer as the terms of reference change.
What is the difference between an Interim Manager and a Consultant?
An interim manager is involved in the day to day running of the business, making decisions, effecting change, managing staff etc, whilst a consultant will get involved in planning and advising the client’s management team.
How does an Aster Interim operate contractually?
A interim service agreement needs to be drawn up for each assignment. This will specify the role the interim is required to perform, the objectives, daily rates, review mechanisms etc. This is not as onerous as it sounds and draft agreements can be forwarded to you within 24 hours of reaching verbal agreement.
Can you see references from previous clients?
At Aster Interim Solutions we believe our best sales staff are our satisfied customers. Provided our clients are happy to do so, we are more than willing to put you in touch with companies who have benefited from our services in the past.
What types of companies use Interim Managers?
There is growing evidence that companies of all sizes have benefited from the use of Interim Managers, from start ups, through to SMEs and large multi-national companies.
Is there a recruitment fee?
No, all costs are covered in the agreed daily rate although expenses may need to be paid for the Interim Manager depending on the location of the assignment.
Is there a termination or redundancy cost?
No, as all of our interim managers operate through their own limited companies, they are not employees of your company. As a result no contract completion costs are incurred at the end of the interim assignment.
Are you able to offer any training for people interested in becoming an Interim Manager?
Yes, our sister company, Aster Training delivers a one day training course in Milton Keynes for aspiring Interim Managers.