The loss of a project manager can be detrimental to a business. The project can become chaotic and time and money are both wasted. Employees become dissatisfied and high turnover rates may result. Interim management is the solution to this problem, though most businesses never consider this. Some of the benefits of an interim manager are outlined below.

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.

In addition, interim management consultants differ from many other consultants in that they have undertaken training specific to business change. If a project is in difficulty in the middle of its development phase, they understand how to get it back on the rails. Traditional project managers may be able to see a project through from beginning to end, but they may not to be able intervene in a project already underway.

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.

When an interim manager takes over a floundering project, employees feel more assured of good guidance and leadership. Employee confidence decreases employee turnover. Less employee turnover produces more profit for the business, thereby bolstering stockholder confidence and stock price. In this manner, hiring interim management can increase business profits, and increase the chances of long term business success.

Companies often look for interim managers for many reasons. Often, they must replace a project manager with a spotty performance record. Sometimes, the high management turnover rates may sink big-time projects into chaos. If you’re wanting to raise profits and lower turnover for any reason, an interim manager process just makes good business sense.

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 exactly 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.

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George Purdy recently published some new articles on interim management. He is an established public speaker and writer on this matter. More info, resources and great products on interim management on executive coaches.