A growing pool of experienced ‘interim executives' is available to help businesses overcome temporary problems, supplement senior management, or help to push a new project through to completion.
The nature of business has changed dramatically in recent decades, in response to worldwide advances in technology and e-commerce, a new emphasis on outsourcing, global export trends, the expansion and diversification of markets and a focus on growth through mergers and acquisition.
The result is significant changes in management styles, working patterns and employment trends, tending more towards short-term projects and leading to a boom in part-time and temporary positions.
The main positions for which these executives have been used include:
- Special Project Directors
- Finance Directors
- Manufacturing/Operations Directors
- HR Directors
- Sales Directors
- IT Directors, and
- Marketing Directors
Interim executives tend to be mature, experienced problem solvers with a track record of success in senior management roles. They enter companies to provide immediate leadership support and guidance in the absence of a CEO, director or senior manager, either to maintain ‘business as usual' or to implement change management initiatives.
They can direct or facilitate specific projects, mentor new directors or supplement an executive team during expansion programs, relocation, major systems implementations, public flotation and mergers or acquisitions.
They tend to be proven practitioners with specific hands-on experience and a track record for successful management achievement in companies of different sizes.
Often they are people who have decided, for diverse reasons, that they no longer want a full-time corporate role. They enjoy the challenge, variety and focus that a short-term assignment gives them, often in the most demanding of business situations.
They are usually deployed in a range of roles within an organisation, at short notice, for a defined period of time or for a specific assignment or project.
The following circumstances can illustrate the type of situation where short-term executives can assist businesses.
Holding the fort
Let's assume a senior executive leaves the company, either permanently or on medical or maternity leave. Whether the departure was planned or not, you need immediate leadership in that role. In this situation, an interim executive can act, for example, in a ‘caretaker' role to maintain business as usual, and provide objective advice and assistance if you decide to redevelop the position description or scope.
Project leadership and support
You have a major project to complete and you do not have anyone available at the right level to lead it. Or you need a particular set of skills that are not available within your organisation. In this situation an interim executive can inject senior leadership and facilitation skills to ensure that the projected benefits are realised.
Supplementing the executive team
Your company is growing or you have seasonal peak workloads. Perhaps you are involved in a merger or acquisition and you need your key executives to devote significant time to that task. You may also need quick access to specialist skills not found among your existing management team. You cannot afford additional permanent executives and do not need them for the longer term.
Business assessment
You need an objective review of the performance of your business, or a particular function within the business. Maybe it is under performing; perhaps it needs to expand into new services or markets or it needs new management.
Possibly there is nothing wrong at all. You just want to identify ways to add value to a business that is already doing well. You do not want to hire a management consultant because you want the job done by someone who has worked at the frontline of an organisation. In this situation an interim executive can provide an independent and pragmatic assessment of the function or organisation and recommend and implement practical improvements.
Identifying the right short-term executive
Prior to engaging an interim executive, there ought to be a detailed briefing session to understand the position's managerial and budgetary responsibilities and your corporate measurements of success.
After the qualification process, a shortlist of recommended candidates is presented. You will receive an executive profile on each interim including an assessment in respect of the particular assignment's needs, their career history and achievements, personal details, reference information and remuneration details.
You are given ample opportunity to assess the candidates through interviews and any subsequent discussions. Once a candidate is selected, additional reference checks may be required and the terms of the engagement are negotiated.
Remuneration is generally on a daily rate basis with a specific time-frame in mind in order to ensure budgetary guidelines can be met.
To ensure smooth transition into the company, it is recommended that you appoint a contact person for the executive to orient them to the corporate culture, day-to-day office procedures and other significant staff with whom they will be working.
Ensure that you receive regular reviews and a full debriefing at the end of the assignment.