If you have started your own business recently you will undoubtedly wish to keep your costs to a minimum wherever possible.
It may seem unlikely, therefore that you would consider taking on a member of staff for a short period and at a higher rate of pay than your usual employees.
However, if you examine the facts about bringing in interim managers, you may find it to be a valuable and cost-effective investment and the right thing to do to ensure a good start for your business.
Some of the benefits of hiring interim management include:
Gaining an individual who is instantly suitable for their particular role
By bringing in someone when and where you need them, you will find the person with the necessary skills and experience to do the job right now, with no need to consider future paths within your company and no need to take their levels of competence in other departments into consideration.
You will be able to hand-pick the right employee from a range of people who are more than qualified to meet your business needs.
Receiving a focused, results-driven individual
As a company outsider, an interim manager will not have established relationships with other members of your staff, so it will be easier for them to make changes that will improve your organization, free from the judgment-clouding effects of office politics.
This lack of emotional investment in staff allows an interim manager to focus on the end result, and work towards that goal with a clear perspective – Six Sigma and Agile: Can They Work Together?
The interim member of staff will not have a personal investment in your company, which will allow them to stay focused on driving it forward, without preoccupation with the implications on their own career path.
They will be there to complete the job in the most effective and professional manner possible, and will then move on.
Bringing in an interim manager will mean bringing a new perspective into your company.
They will have the valuable experience they can apply to their role and use to improve your workforce and could help guide your business along exciting new avenues.
After all, a fresh, unbiased opinion is a positive attribute to any company.
A surprisingly cost-effective solution for your needs
Interim managers don’t need to be paid wages for sick or holiday leave, nor do they require you to make pension contributions, or provide other financial incentives that you may usually offer your staff.
In this way, hiring an interim manager is a cost-effective move.
For businesses operating within certain spheres, professional indemnity cover is not just a necessity – it’s a legal requirement.
Solicitors, accountants, architects, mortgage intermediaries, financial advisers, and insurance brokers are all required by law to have professional indemnity insurance (PII).
In addition, many groups which offer services, skills, and advice such as public relations firms, designers, and advertising agencies, also choose to take out professional indemnity cover.
If you are required by law because of your profession to hold PII you will have to meet minimum levels of cover, however, if your business falls into a sector where the insurance may be optional, you are best placed to judge whether your company would benefit from the protection.
In terms of the level of cover you take out, you should as a minimum guide take cover to the value of work you are providing to the client and in some cases, you may find a client stipulates that you should take out a set value of cover in order to work with them.