Companies often seek to hire permanent executives who will remain with the company for many years. However, depending upon the scenario, this is not always the best solution. Hiring an interim executive for temporary placement can have many advantages. For starters, they’re cost effective, fast and flexible, and help businesses to achieve short-term goals.
Why Hire An Interim Executive Over A Permanent One?
An interim executive is a seasoned business professional who can provide growing enterprises with hands-on leadership and extensive experience in the field. Here are the benefits to hiring an interim executive for temporary placement.
Interim Executives Have Experience Working in Several Industries
Interim executives prefer the challenge and novelty of stepping into new positions with different companies. These professionals often come with a lot of experience from their past roles, sometimes in various industries.
Having an extensive knowledge base helps interim executives accurately diagnose and resolve issues that develop instead of simply treating the symptoms. These career-driven leaders think fast on their feet and have the skills necessary to clearly portray their vision and ideas.
Interim Executives Often Discover Organizational Challenges Faster
Business leaders are not always able to spot challenges that exist within their own departments. Sometimes it takes a fresh perspective from an outsider to see where problems exist and how to best approach these issues. Interim executives are often hired to closely analyze a business and see where positive changes can be made.
Interim executives can identify challenges within a business and often have ideas on how to resolve the issue without causing massive business interruptions. This can be an invaluable skill set and prevent a business from experiencing a downward progression.
Interim Executives Know How to Improve and Implement Processes
When businesses experience rapid growth, they may overlook essential company components, such as technology and financial aspects. Over time, these components may start to break down, causing more challenges and wasted resources. When these situations occur, bringing in an interim executive instead of a permanent one can bring about positive changes.
Interim executives can assist in the improvement and implementation of new or modified processes. These professionals know how to get the ball rolling and are willing to put the work in to cut costs and streamline operations.
Interim Executives Are Beneficial For Both Sides Of An M&A Transaction
Mergers and acquisitions often present a wide range of challenges. It can be difficult for permanent staff to understand the full scope of business priorities and what each organization will bring to the table.
Interim executives often have experience handling M&A transactions and can be a valuable asset for both sides. It is common for companies to inherit a variety of new systems and tools after a transaction, some of which may not align with the organization’s vision moving forward. Interim executives can help with integration planning to ensure the best outcome possible.
Interim Executives Set the Standard for Future Permanent Executives
Interim executives are designed to be temporary, meaning that most companies will ultimately hire a permanent executive to fill the role. Excellent interim executives help set the standard for future permanent executives and help ensure that replacing the temporary executive is a quality hire.
An interim executive can also help permanent executives transition into the role more smoothly by providing guidance and advice. When the exit of an interim executive is handled properly, the permanent executive can step into their role with confidence.
Interim Executives Are Hardworking And Motivated
Interim executives tend to be very hardworking and motivated as they want to get the most amount of work done during the time that they are with a company. This requires these professionals to stay focused on the organization’s primary goals and prioritize tasks that drive business forward.
Interim executives not only remain self-motivated but also motivate the people around them. Natural leadership and communication skills help interim executives encourage other staff members to work hard, approach challenges with confidence, and accomplish more in a short period of time.
Speak With Hartman Executive Advisors For More Information
The departure of an executive can be tough for companies, often leading to a disorganized transition. Hiring an interim executive instead of a permanent one can help prevent this type of disorganization by allowing an experienced leader to temporarily fill the role and maintain momentum.
There are many occasions in which an interim executive is a great choice, such as when there are one or more sudden departures or when specialized expertise is needed for the business to be successful. Are you considering hiring an interim executive? To learn more, contact the business management consultants at Hartman Executive Advisors and find out whether an interim executive might be the right approach for your organization.
