It used to be that the necessity for temporary leadership was simple—and rather uncommon. It started when a permanent executive, generally in the C-suite, left unexpectedly.
An interim executive’s job was equally simple: come in effortlessly and perform exactly what the regular executive had done, but only for a limited time. Relationships between managers and employees remained unbroken. Many of the interim executives were corporate retirees or board members. The main purpose was to keep the ship afloat and buy time until a new permanent executive could take over, not to drive through new projects.
Interim leadership is becoming more popular because of changes in the talent market and the fast-paced pace of change within major organizations. Interim executives are increasingly being used to supplement a company’s human resource assets while also improving “talent liquidity” at the CEO level and promoting change and innovation. Interim leaders are being deployed on demand, in more strategic ways than ever before, across an increasingly diverse array of categories, from a Head of Corporate Affairs who plays an enhanced role during a defined period of transition to Integration Leaders whose roles literally disappear over time. They assist businesses in launching new projects and filling skills gaps in difficult-to-fill positions. They act as discreet counsel to permanent executives who are relocating to a new location.
Here’s why and how your business may cash in on the trend:
REMEMBER THE LEADERSHIP DEFEAT:
Employee tenure has decreased even in the C-suite. Permanent CEOs have an average tenure of nearly seven years, whereas CFOs have an average tenure of little over five years. CMOs are only good for 43 months. At the same time, according to the Association of Executive Search and Leadership Consultants, finding the ideal permanent executive can take anywhere from two to five months. There is increasingly a lag between the end of a successful search and the start of a new position, lengthening the effective time-to-hire.
Against this backdrop, more changes are occurring with greater regularity for practically all businesses and industries. “Change is the new normal,” according to publications ranging from Harvard Business Review to Forbes. Customers can now interact with you in new ways thanks to modern technology. Old inefficiencies are exposed by modern analytics technologies, which open up new product potential. Team structures have become even more fluid and dynamic as Agile methods have become more widely used.
Build vs. Run: The executive who spearheads the strategic implementation of a new CRM or builds a data science hub isn’t always the best person to lead the charge in the future.
Market Timing: Finding permanent leadership for a business unit that is going to be sold is inefficient, if not impossible.
Finite Initiatives: Once the task is completed, the skills required to integrate a new acquisition or complete a change may no longer be required.
Sequencing: When a business function is in change and C-suite leadership is in flux, it might be challenging to recruit VPs at a lower but no less crucial level.
Over time, resolving these issues becomes more about finding ways to fund near-continuous company transitions rather than filling a specific temporary opening. How can you keep moving forward when you don’t have time to discover the ideal permanent hiring, or when a permanent hire isn’t suited for your current business situation or appears to be unavailable?
Fortunately, a new on-demand talent pool has emerged to assist organizations to meet these demands: executives who choose to be self-employed and build a portfolio of interim CEO or C-Suite roles. When you combine it with firms like Business People Group, which helps clients locate and evaluate talent, scope assignments, and support the engagement, you have rapid, flexible “interim” resourcing at all levels, from the C-suite to VP and Director. International Executive Consulting LLC is the finest choice for firms looking to engage the best top-level Interim Executives to help them reach new heights of success in a short period of time. For more information, shoot an email with your queries at email@example.com so that we can provide you the best solutions for your need.