Interim Executives: A Strategy for Success
Sales. Profits. New customer base. Existing customer base. Growth. Stability. Renewal. CEOs are in charge of developing strategies for meeting business objectives for all of these. Increasingly, companies are hiring top-tier interim executives to optimize business operations.
Interim Executives: An Immediate Impact
Some CEOs operate under the premise that they should only use interim executives for a narrow set of purposes. The first assumption is that interims simply fill vacancies. The second is that they enter when a company is in trouble. In addition, many CEOs believe that bringing in an interim executive is too expensive.
The reality about interim executives, however, is much different than one might imagine. They represent a field of accessible, talented professionals who can provide specific leadership and innovation at critical points of expansion and change.
Interim Executives Respond to Business Needs
Sometimes growth outpaces a company’s management infrastructure. It is easy to recognize this type of problem, but it is difficult to know how to respond. Often, the company will try to support a manager, but the rate of change puts a strain on the entire chain of command. Other times, the company will hire a new executive and concentrate support efforts on yet another long-term senior level position. Meanwhile, the company might be losing out on innovation because of stagnation in departmental leadership. Growth is good, but managed growth is better.
In such cases, an interim executive can be just the strategy a company needs. Put simply, the short-term investment of an interim executive can yield long-term dividends. Interim executives can assess a department’s functionality immediately and hit the ground running with a specific purpose or set of objectives. They get to know their teams quickly, analyze processes, foster interdepartmental relations, mentor future executive prospects, and focus training efforts. Also, they offer a fresh set of eyes and can increase efficiency, stimulate revenue, and build morale.
Interim Executives Offer Intangible Benefits
When one of Senior Management Worldwide‘s interim executives enters his or her new role, it is a chance to help change the face of the company. This process requires much more than typical business functions, such as improving IT, expanding product output, or developing manufacturing systems. Changing public perception of the company as it grows takes objective thinking, creativity, and calculated risk-taking.
An interim executive can act as a liaison with outside vendors on a full-time basis, keeping staff abreast of changes while also allowing them to fulfill existing orders. He or she can also provide an outsider’s perspective on operations which may be slowing, rather than increasing, the company’s efficiency and growth. In many crucial situations, an interim executive’s objectivity and decisiveness can inspire production teams who crave out-of-the-box thinking and exciting innovation.
Interim Executives Model Forward Thinking
Ultimately, hiring an interim executive for specific needs around company growth and development can be an excellent strategy for tangible and intangible benefits. Doing so can focus teams around sales initiatives, and it can create a culture of innovation. Some projections show that around half of the global workforce will be temporary or interim within the next decade. Added to this, about 80% of large corporations will increase their use of flexible staffing.
Thus, hiring an interim executive for a specific staffing need can certainly help a company’s bottom line. But that’s not the extent of its benefits. Doing so also signals that your company is part of the vanguard of a changing business culture that seeks optimization of operations and streamlining of service. Sales. Profits. New customer base. Existing customer base. Growth. Stability. Renewal. These are priorities for company longevity. They are also the points of focus for SMW‘s interim executives who enter some of the most forward-thinking companies in the world.