I can't talk for everyone, but this is all I want. Better communication. When things go well, and when things go bad.
As a Community Manager myself, I honestly see this as money well spent ("if all you have is a hammer, everything looks like a nail" and all that). If I can suggest something, have a look at what Nothing did with the Community Board Observers (here, for reference). It's a good way to boost communication, show transparency, and ensure you have a two-way channel of communication.
Aside from that, a good community manager can also help you avoid talking too corporate with your users, they shouldn't be someone who speaks the same language as PR or Marketing. A community manager could also easily run a couple of series of always-on content (like Weekly/Monthly Updates, AMAs, and whatnot) to bridge the communication gap.
Again, I'm biased, but hiring from your core users (typically from the moderation team), can also be an easy way to onboard someone who already knows the Community, knows the product, and knows how to interact with the rest of the users (and can possibly be a cheaper option than hiring a seasoned community manager).
If you want to discuss some ideas, hit me up. I'll gladly share my user-turned-mod-turned-staff story and a few learnings I got along the way (no, I'm not pitching myself, I don't have the bandwidth even if I wanted to).