Interim Managers Economy FAQs for Talent Analytics Leaders
Interim Managers represent 15% to 25% of the global workforce today; by 2025, they are projected to comprise 35% to 40%. The growing popularity of this employment model is raising questions for many: Where do you find this type of talent? What do you have them do? What’s unique about their needs and work?
With the ability to analyze external labor market trends, talent analytics will likely be asked to answer many of HR and business leaders’ questions about the Interim Management economy and how to take advantage of it. Below, we’ve featured some answers to business and HR leaders’ most common questions about the Interim Management economy and some project ideas you might consider if these topics are a priority for your business.
Where Can We Find Interim Managers?
India, the Philippines, and the U.S. are the top three hubs for contingent workforces. The Contingent Workforce Index is a comparison of local labor markets around the globe that measures the likelihood of identifying and accessing workers to supplement an organization’s full-time workforce. The numerical values assigned to each country rank them in descending order based on the availability, cost, regulation, and productivity of contingent workers. Within the U.S., the locations with the highest number of 2018 job postings for independent workers were New York; Houston; Chicago; Washington, D.C.; Atlanta; Los Angeles; Charlotte, North Carolina; Austin, Texas; Phoenix; and San Francisco. In terms of industry, the healthcare, retail and consumer products, oil and gas, and professional services industries have witnessed the highest growth of Interim Management workers in the past five years.
Are There Different Kinds of Interim Managers?
Interim Managers can be divided into four segments:
- Free Agents — Workers who derive their primary income from independent work and actively choose this working style.
- Casual Earners — Workers who use independent work to supplement their income and do so by choice (Some have traditional primary jobs, while others are students, retirees or caregivers.)
- Reluctant — Workers who derive their primary income from independent work but would prefer a traditional job.
- Financially Strapped — Workers who work independently to supplement their income but would prefer not to have to do side jobs to make ends meet
What Type of Work Are Interim Managers Well-Suited For?
The dynamics of Interim Managers are now slowly shifting from traditional field and season dependent jobs to highly skilled and project or assignment-based jobs. Although traditional Interim Management jobs in areas such as transportation and material movement, office and administrative support and sales-related occupations account for a higher share in the world job market, skilled job functions such as content writing and marketing, PR and branding, graphic design, accounting and finance, data science and analytics, and software development comprise an average of 15% to 25% of the total job postings today (including permanent jobs). In the U.S., sales and marketing and office and administrative support jobs are the most in-demand for Interim Management.
What Are the Main Benefits of Using Interim Managers?
Benefits of using Interim Managers include:
- Cost savings — Organizations can save a lot of money by adjusting workforce size based on business requirements.
- Speed and agility — The Interim Management economy allows organizations to quickly fill talent gaps to meet specific skill needs or competitive challenges as they arise.
- A boost to innovation — Involving workers from outside the organization creates an exchange of new knowledge and best practices across organizational boundaries.
What Are Some of the Risks of Leveraging Interim Management Workers?
Interim Management are particularly difficult to engage, often because:
- They feel less connected to the organization and its goals than full-time employees.
- They don’t get the same benefits as fulltime employees.
- They face steeper learning curves than full-time employees and receive little career support.
Any disengagement can affect productivity, work quality and likelihood of working for your organization again.
Interim Management workers also complicate typical recruiting and workforce planning processes. Organizations must be prepared to develop new ways of managing the ebb and flow of Interim Management talent if they want to tap into this part of the workforce. Given the stated risks of the Interim Management economy, some of the key attractions for Interim Management workers are:
- Medical and health insurance
- Retirement savings plans
- Tax assistance
- Occupational accident insurance
- Remote working options
- Monthly public transportation subsidies in case of travel requirements
- Career assistance counseling
As organizations continue to invest in the Interim Management economy, consider how you as talent analytics leaders can help ensure return on that investment. Working on some of the project ideas above and preparing to answer your stakeholders’ key questions can help you continue to provide value to your organization on a critically important topic in today’s business environment.