Interim Executives: Why Organizations Should Consider High-Impact Interim Talents for Critical Roles

In today's fast-paced and ever-changing business world, organizations need to be able to adapt quickly to change and it is important than ever to have the right talent in place to lead the organization. However, finding and hiring the right C-suite talent can be a challenge, especially in a competitive market.

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One way to ensure that critical roles are filled with the right talent is to consider hiring interim executives. Interim executives are highly experienced senior executives who are available to step in and fill a critical role on a short-term basis for a period of 6-18 months. This model is applicable when the organization is facing temporary leadership gap or going through a transition phase or growth will require a senior executive to lead a team or a project on a short term-basis. For example, company-wide digital transformation project or tech-enablement initiatives, M&A activity or any sort of several year project. Interim executives often bring niche skillsets, expertise and leadership capabilities required to drive change.

Understanding generational differences

There are many benefits to hiring interim talent for critical roles. Here are just a few:

  • Quickly fill a leadership void. Interim executives can typically start working within days or weeks, which can help you to avoid the disruption that can come with a prolonged leadership search.
  • A valuable resource. Interim executives have typically held senior-level positions in other organizations, so they have a deep understanding of the challenges and opportunities facing your industry. This can be a valuable resource for achieving a fast turnaround, realizing rapid results, and driving the business forward. Interim talents are invaluable in helping you to navigate through a difficult time or to implement a new strategic initiative.
  • Quick integration: Interim executives tend to be self-starters and integrate into the business quickly, ensuring business continuity and minimizing downtime.
  • Provide a fresh perspective. Interim executives can come in with new ideas and solutions, and they can help you to identify areas where you can improve. This can be a great way to boost your organization's performance.
  • Be cost-effective. Interim executives typically charge a daily or hourly rate, which can be much less expensive than the cost of hiring a permanent executive.

If the organization is facing a leadership gap in a critical role, consider hiring interim talent. It can be a great way to quickly fill the void, get the experience and knowledge you need, and improve your organization's performance.

Here are some data to support the benefits of hiring interim talent for C-suite roles:

  • A study by Korn Ferry found that interim executives can help organizations to achieve their strategic goals 30% faster than organizations that do not use interim talent.
  • Another study by the Association of Executive Search Consultants found that 80% of organizations that have used interim talent would recommend it to others.
  • The average cost of hiring an interim executive is $10,000 per month, which is significantly less than the cost of hiring a permanent executive.

Here are some real-world examples of how interim talent has helped organizations:

  • A global manufacturing company hired an interim CEO to help it navigate a financial crisis. The interim CEO was able to quickly stabilize the company and put it on a path to recovery.
  • A healthcare organization hired an interim CFO to help it implement a new financial system. The interim CFO had extensive experience with the new system and was able to get it up and running smoothly.
  • A technology company hired an interim CTO to help it launch a new product. The interim CTO had a deep understanding of the technology and was able to ensure that the product was launched on time and within budget.

These are just a few examples of how interim talent can be a valuable asset to organizations. If you are facing a leadership gap in a critical role, consider hiring interim talent. It could be the best decision you make for your organization.

Contact us if you would like to have a conversation about interim managers.

Article by Sheena Sreedhar

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