Interim Management: Solution to the Impact of COVID-19?

We are well into 2021, and the impact of the health crisis is still being felt in organisations across many sectors. What if interim management could see you through this challenging time? Here, we explore why an interim manager can help you thrive now to set you on the path for future success.

Health crisis fallout: The economy and the world of work

The period of crisis we are going through has global economic, demographic and societal impacts. The International Monetary Fund (IMF) has estimated that the global economy contracted by 4.4% in 2020. While they predict a global growth of 5.2% this year, this is largely attributed to countries such as China and India. In fact, China was the only major economy to experience growth - 2.3% - in 20201.

The UK’s GDP in January this year was 9% below February 2020, the major contributor to this drop being the decrease in services. Production was 5% lower than February’s level last year, with manufacturing being the main contributor, with a decline of 5.7%2 . In terms of productivity in the UK, the sectors hit hardest have been hotels and catering and transport equipment manufacturing3.

With the decline in the economic activity of many organisations, changing restrictions, and the need to adapt rapidly towards an agile business, the world of work has been massively disrupted. Drawing on the expertise, know-how, and experience of an interim manager will be essential for many organisations to move forward. New practices are emerging or developing in this "post-crisis" period and require substantive shifts. These include the need to adapt to change swiftly and hiring new talent. Adaptability, flexibility, and speed of execution - qualities unique to the interim manager - are now crucial in today’s world of work.

The new world of work requires agile guidance

Faced with the many changes brought on by COVID-19, the interim manager restructures and simplifies processes, with the goal of restarting and reviving your business. This ensures that your organisation is not only more efficient now, but it is also future proofed and able to respond to upcoming crises. Here are the five key aspects which make interim managers a great solution for the current situation:

In-depth expertise

While interim managers will be experts in your sector, they are not caught up in company politics. This unbiased approach means they can tackle the job at hand and fully focus on strategizing. At a time when emotions are running high, having someone step in with impartiality is invaluable. Effective decisions can be made purely with the organisation’s future success in mind.

Agility

One of the buzzwords of the past year, agility in the new world of work is critical. Interim managers can step in with a unique perspective and will think outside the box to troubleshoot and provide solutions. Moreover, they can use their extensive experience to spot whether it’s a good time to change direction in the organisation and how to restructure effectively.

Swift action

Your organisation has made it through one of the biggest challenges in recent history, but there is no time to rest on your laurels. To stay ahead of the competition, putting decisions into action rapidly is the key to success.

You can take on an interim manager quickly – the average time is five days from briefing to interviewing - and they can immediately start guiding teams through this difficult time. This allows you to focus on sourcing the right permanent management for the future, with the peace of mind that your team is in expert hands.

Return on investment

In many cases, crises breed innovation and opportunity. Successful businesses will be able to respond to challenges quickly and identify potential avenues for growth. Setting up a new project or strategizing requires a specific skillset, especially during a crisis. Interim managers possess this expertise and at the same time are more cost-effective than using an internal employee (who will require additional remuneration) or sourcing new permanent talent.

Are you looking for an expert to quickly step in to take charge of a project or guide your team temporarily? At Badenoch + Clark, we have an extensive pool of highly qualified interim managers to align with your unique organisational goals. Contact us today to connect with talent to take your business further.