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Interim Management provides temporary management support for companies during transitions or when key managers are unable to fulfill their responsibilities. It can be used to avoid terminating permanent managers and to allow time for finding qualified replacements.
Interim Management is a commercial service that provides interim management support for enterprises and other types of organizations. Management services of this type can be hired to help a company that is going through some type of transition period, allowing the company to gain additional expertise during this period. Interim or interim management can also be provided for a specified period when a key manager is no longer able to fulfill his responsibilities, offering the company a chance to seek a qualified replacement or have the manager work out the difficulties and return to the company fold.
One of the most common applications of interim management is hiring interim executive managers to support the business during some type of transition. The idea is that once the transition is complete, the company can move forward using the management resources that are already in-house. For example, if the company recently defeated a hostile takeover attempt and is entering a period of regaining its financial stability, interim management in the form of an additional finance manager can help the recovery process. When the business returns to financial soundness, the interim manager completes his task and moves on to other opportunities.
The use of interim management can also be effective in situations that result in a temporary vacancy on the company’s management team. For example, if a key manager undergoes major surgery that requires an extended recovery period, the company may choose to enlist the services of an interim manager to assume his responsibilities for the duration of that recovery period. This approach allows the company to continue operating as before, while avoiding the need to terminate the permanent manager’s employment.
Middle management is also a valuable asset when a permanent manager dies suddenly or for some other reason is unable to continue with the company. Rather than rushing to find a permanent replacement, employing the services of an interim or interim manager allows you to spend time searching for qualified candidates, both inside and outside the company’s organization. By having the opportunity to carefully consider different candidates in a timely manner, the chances of choosing the right individual to permanently fill the vacancy are greatly increased. During this phase, the interim manager ensures that the operation is not hampered by the loss and that the business can continue to function at or near peak efficiency.
Asset Smart.
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