Interim Professional means a contract between the company and an organisation or individual, other than one of employment, for providing interim or stand-in services for a defined period. Services rendered may include such deliverables as may be required and specified within the contract, which may also involve elements of consultancy services.
Organisations use interim professionals during transition periods, such as a merger or acquisition, to the implementation of new technology or software, through strategy development or loss of current staff. Here are a few examples of how our clients have used interim professionals:
The Case of the Absent CFO: The CFO went on maternity leave, and the team hoped they would cope without her. Unfortunately, things soon went south when the numbers started getting scrambled, and the reports started coming in late. Rather than wait for things to get completely out of hand, the CEO employed an interim senior accounting professional to cover the gap for the remaining three months of the maternity leave of the CFO. The experienced interim financial executive could pick up the ropes seamlessly and soon had the ship returned to a steady course. Furthermore, the interim had picked up on several issues that the regular CFO and CEO had not noticed, as is often when a fresh set of eyes looks at the financials. When the CFO returned from maternity leave, she was extremely grateful that she did not have piles of outstanding work to catch up on.
The Case of the Delayed Project: A large financial services operation was in the throws of building a shared financial services center after its merger with its latest acquisition. The executive in charge of the financial services operations had his hands full managing the transition to the new structure. He was finding it very difficult to give full attention to his regular duties and those of the project team. He employed the services of a financial professional with extensive project management experience to oversee the transformative project. The interim professional hit the ground running, having managed similar projects, and soon had the delayed project back on course. The project came in on time and within budget, saving his reputation and his company a pile of money in defrayed additional costs.
The benefits of hiring an interim professional are significant, namely:
Creating a dynamic mix of permanent employees and highly skilled interim professionals allows businesses to increase or decrease staffing numbers based on current demands, giving you more control over labour costs – and morale. You can rapidly staff up or down in response to customer demand while at the same time lightening the load for employees who may be stretched too thin.
New and diverse perspectives
Interim professionals keep up with current best practice standards and can apply what they have learned from previous projects they have completed. Internal factors can influence the views and decisions of permanent staff members, while interim professionals can provide a fresh perspective and new ideas.
Typically, interim professionals are highly experienced, gained from exposure to a wide range of assignments. Expertise, intelligence, and creative problem-solving become the interim’s highest priority which they build on over several years and even decades. This allows a business to tap into invaluable expertise and experience to aid them on a project dependent on the expertise that a newly hired permanent staff member might not be able to provide.
As businesses battle for a competitive advantage, they need to be able to respond quickly and strategically. Interim professionals offer business flexibility as they bring in the right skills at the right time and for as long as needed.
Quick to get started
Another critical benefit of interim professionals is the speed at which they can hit the ground running. Instead of taking weeks and months, temporary professionals are accustomed to getting up to speed quickly, with minimal support.
Need help with finding an interim professional for your organisation? Contact OUTprof now at email@example.com