Your business project may be thrown into disarray if it loses a project manager. This may lead to wasted money, lost time, and an increased number of employees leaving the firm. One way to avoid this is to hire a consultant in the field of interim management. While most companies don’t do this, an interim manager can help your company in several ways.
Firstly, interim management consultants are very experienced in the intricacies of project management, and are respected and highly regarded by their peers in the field. Therefore, the client can be sure that they are hiring the best person to take on challenging business change projects. Selecting an interim management consultant certified by the Institute for Change Management (ICM) is a great way to ensure that the best person is hired for the job.
Secondly, interim management consultants, unlike most traditional management consultants, have specialized training in the management of business change. Traditional project managers are skilled in guiding a project from start to finish. In contrast, interim management consultants have additional skills and talent in taking an incomplete, floundering project and putting it back on track.
Hiring an interim manager is a proven strategy for success. Interim managers tend to complete projects 25 percent faster than traditional managers, and this is supported by a study by the Institute of Project Strategy in Business (IPSB). They were more efficient too, and their projects tend to be more likely to meet deadlines: 72 percent completed on time compared to 60 percent of projects that were led by traditional managers.
Business owners and managers realize that high turn-over causes lowered profits and stockholder distress. Turn-over can effectively be decreased by utilizing interim management. Employees will feel confident about their job and are much less likely to leave a company if they think they are receiving good leadership and guidance from an interim manager.
There are many reasons that companies may choose to hire interim managers. High-value projects may be in disarray after the previous manager’s departure, or a manager with a poor track record may have just been terminated. It makes good business sense to hire an interim manager to help complete projects, leading to improved profits, and reduced employee turnover.
Businesses often suffer upheaval after losing a project manager. One way to limit the problems is to hire a consultant to serve as an interim manager. Interim management consultants have experience in project management, and they have specialized training in business change projects. They know precisely how to take on a floundering project and put it back on track. An interim manager can also improve the morale of employees working on an abandoned project. Employees working under an interim manager know that they will receive the advice and leadership they require. If you want to raise profits and lower turnover, hiring an interim manager makes good business sense.