When companies face executive leadership changes, the transition often comes with added stress and tension. Skilled interim executives help bridge the gap until a permanent replacement comes onboard. The right person not only allows the necessary time needed for finding the best candidate, but can be valuable as a company considers sustainable long-term future growth. Ultimately, an interim executive serves two purposes: offering much-needed expertise and providing fresh perspectives during difficult situations.
Here are five ways interim execs can assist your organization:
1. Improved Hiring Practices
It’s no secret that executive turnover is high, regardless of the industry or organization size. One thing to consider is whether you need assistance with your hiring practices. Consistently selecting highly qualified individuals propels your business forward and minimizes disruptions to systems and overall profit. Utilizing an interim executive can save you the high risk and/or expend capital associated with an incomplete or rushed to quickly fill the position. Use the time to reassess your hiring practices to identify if there are ways to streamline and strengthen this critical process. There is a good possibility that the interim executive is ideal long-term fit for your team. Either way, you can reduce your risk of hiring the wrong person and have more confidence in the ultimate permanent hire.
2. Improved Training Strategies
Another area to examine is current training methodologies. Typically companies want staff members to grow but sometimes discover that their current training techniques are not producing personal and/or professional transformation. The end result is perpetual stagnation which leads to unmotivated employees and frustrated managers. If your training strategies are holding the team back, you may need assistance in finding the material, resources or techniques to help employees grow effectively. Interim executives bring fresh eyes to the roles and needs of various positions, as well as offering guidance on building effective training programs.
3. Leadership Gaps Prevention
Whether an effective leader recently quit or your current leaders are running out of ideas, leadership gaps can prove detrimental to your company. They can generate fears and doubts amongst your staff members as they face the uncertainty of change and its impacts on them personally.
4. Address Sustained Economic Problems
Most companies face economic challenges at some point. Seeking assistance from trained professionals who quickly identify problems and develop solutions that will keep you in the black, but facilitate profound economic growth. Many interim executives have specific experience in solving financial problems, so consider whether hiring one might be the key to getting your company back on solid financial ground.
5. Provide Objectivity
Interim executives truly have no “dog in the fight” when it comes to company systems, values, or processes. They are uniquely able to assess things objectively. These executives can evaluate best practices and potentially bring new solutions not considered previously. They can contribute ideas and suggestions freely without fear of retribution from fellow management or employees.
Companies and boards are increasingly turning to interim executives during crucial times because the ROI is substantial. Interim executives are talented, results-driven professionals who can step in and complete assignments as needed across many different scenarios. If your company needs an interim executive, call us today to see how we can help with your particular leadership need.