Who are interim finance managers? What are the main roles and responsibilities of interim finance managers? Due to the current fragile economic condition, and with the prediction that the economy is going to get worse, demand for interim finance managers are expected to increase significantly over the years. Large corporations, which are growing fast and with financial ability, will continue to hire long-term staff. Companies, which are not as fast-growing, turn to temporary finance managers for their staffing needs. This will ensure that they do not put a strain on their finances. This is where interim finance managers come into play.
Hiring interim finance managers fill in the company’s senior needs by providing short to medium-term solution. They are usually hired for three to nine months. Hiring a permanent staff is expensive. It may be unnecessary due to the nature of a project or budget constraint. In today’s economic environment, appointing full-time finance managers is not possible although they are needed. In this case, experienced interim finance managers have plenty to offer, and they are usually willing to take on a term contract. The company may choose to go the interim route because a permanent manager often cannot be found fast enough. Interim finance managers can often start immediately, or available to start in days, unlike in recruitment where the process can often take a long time, which includes selecting, short-listing, interviewing, and all the hassles of hiring.
Interim finance managers offer many benefits. The services offered by them are as good as, or even better than that of a permanent staff. They are used to being judged by results from their last placement, and therefore they know how to deliver. They will, or are willing, to transfer their huge amount of skills, experience, and contacts to your current team even after they have left. These skills and experiences are valuables which will remain for a long period of time. Interim finance managers are not caught up by company politics, protocols, personalities, and they are focused. They can be assigned a critical task, and deliver great performances. They can also act as counsel to the Board.
Interim finance managers bring objectivity to the company, and are often willing to take on tough decisions than permanent managers. They help organizations undergo major change, if needed, and implement strategies. They provide strategic capability, the latest thinking, an independent eye, short-term access to top management talent, and are more cost-effective.