When you lose an upper-level employee, everything from production timelines to your company stock price can be affected. In fact, research has shown that replacing a well-educated CEO can cost up to 213% of their annual salary, partly because of training new employees, paying overtime and lost productivity. However, hiring an interim manager can help you to negate these expenses and protect your financial future.
An interim manager can help fill a key role within your facility until you find the perfect candidate for the position. There are manufacturing management consulting companies who specialize in filling upper-level personnel vacancies after someone in a leadership role, such as a partner, executive, or upper-level manager, either quits, goes on personal leave or passes away, making it difficult to run your business at full capacity.
The Value of Interim Management for Your Manufacturing Facility
Losing an employee can be stressful, but the need to replace an upper-level manager can feel downright devastating. Interim managers keep your company running smoothly and ease frustrations through the hiring process. And, even better, interim management can save your facility money in the process.
Trained in a wide range of business specialties including accounting, organizational behavior, and production processes, interim managers can help keep your company operating at proper levels until you find the right employee to promote or the right qualified outside candidate for the role. Because it isn’t always easy to fill higher-level roles quickly, interim management teams are typically flexible with pricing and scheduling, making it easy to adjust structure within your company.
So, how exactly does hiring an interim manager save your company money? Here are three important ways:
- Fill urgent gaps to deliver your product or services. Filling a leadership role generally takes at least a month to find the right person, and then that person usually services a three-month trial period to ensure he or she is the right fit. This means it will be four months until the role is securely filled, and this delay can in turn cost your facility thousands of dollars in lost contribution. An interim manager can fill that gap, ready to step right in and get the results needed to improve your company’s bottom line.
- Provide expertise for faster implementation. Permanent employees take a while to settle into their new role as they learn the ins and outs of your company, meet the team, establish processes and more. However, an interim manager’s goals have been clearly defined from the start, and he or she can jump right in and start implementing those processes or changes needed to ensure your facility’s success.
- Help your facility avoid the ramifications of hiring someone unfit for the role. If you’re rushing to fill a management role, there’s a true risk you could choose a less than ideal candidate. And, you’ll face paying this unqualified person a large salary plus benefits. With an interim manager, you’ll simply be being a daily rate times the amount of days worked, all while you spend the right amount of time finding the perfect fit for the role.
Interim Manufacturing Management Services from Manufacturing Resource Network
If you’re seeking a qualified interim manager to fill a key role at your manufacturing facility, Manufacturing Resource Network can provide management and executives for every department in your company. Let us help by allowing us to serve as a temporary manager or executive-level team member throughout your hiring process, no matter how long that process takes. MRN takes pride in having experienced executives who can easily step in and perform daily duties while you look for a permanent replacement.
Contact us today to learn more about interim manufacturing management from MRN.