Did you know that finding a new CEO can take anywhere from a few months to a year? This depends on several factors, such as the current talent pool, the industry the company is in, and the company’s size, location, and more.
There are several benefits of hiring an executive interim, including stability, organizational upgrades, and of course, filling in the leadership gap in such a crucial time. If you’re considering whether to hire an interim head or promote a C-level executive, this guide should help you make an informed decision.
Exactly What or Who is an Interim Executive?
The word ‘interim’ refers to a temporary position, usually one that has been left void by the departure of a key employee or leader. An interim executive can be an interim CEO, or someone who replaces a CEO who has left an organization in short notice. This can also apply in senior leadership roles, hence the word ‘interim leader’.
The interim executive comes from outside the company and is someone who is familiar with or has had experience in the industry. They will step in, assume the leadership role, and do the same job as the previous executive, with a few additions.
5 Benefits of Hiring an Executive Interim
Better Change When Needed
A change of leadership, however short it may seem, can be a good thing. Where processes and things are often viewed as normal to those who have been working in the company for a long time, for an interim CEO, it could be seen as inefficient or counterproductive.
Holds the Course Straight
The immediate benefit of an interim leader is the calming effect it brings to an organization. Aside from boosting employee morale, a temporary leader keeps the business running smoothly and acts as a mediator in disputes.
More Time to Search for the Best
Hiring the next CEO should not be taken lightly. Companies should take the time to determine who is the best and most qualified to lead, or else they risk their future. With an interim executive in place, hiring managers can breathe and focus on sourcing excellent candidates instead of being rushed.
New Ideas and Strategies
Fresh ideas often come from those who are on the outside looking in an organization. Trained eyes can see what works and what doesn’t, and they can recommend changes and improvements in line with the company’s short-term and long-term goals.
Avoid Executive Overworking and Burnout
Interim leadership can ease the burden of C-level executives and allow them to continue with their roles. Doing this is a wise move as it prevents executive burnout and overworking.
How to Hire an Executive Interim
The first step in hiring an interim CEO or similar leadership lies in identifying the best firm that can do the job. Interim CEO and Business Partners has everything you need to navigate through and thrive during this difficult transition.
With comprehensive solutions, unparalleled expertise, and years of experience, we can help you achieve accelerated and sustained growth. Contact us today.