A temporary executive can be a CEO, a C-level executive, or a high-ranking leader who’s placed in an organization to fulfill a temporary role. They’re unlike CEOs, who spend a significant amount of time leading a company until they retire.
A time could come when a long-standing CEO suddenly resigns, and there’s a void that needs to be filled quickly. This is perhaps the most defining role of an interim leader, but that doesn’t mean they’re limited to this kind of role. Here are five myths surrounding temporary executives.
Myth#1. Interim Executive Roles are More Expensive
Paying an interim CEO is different from paying a CEO. Depending on the agreement between them, an executive interim can work on an hourly basis or per project. The short-term contract may seem to be bigger and more expensive than one getting regular wages, but keep in mind that interim leadership already have years of experience under their belts and can work immediately.
Myth#2. You Only Need Temporary Executives in Times of Crisis
Temporary CEOs are not just for stepping in and taking the reins of an organization for a period of time. It’s just a part of their overall skill set. Used fully, interim executives can do other important things, such as assessing the structure and processes of a company and making recommendations to streamline and make them efficient.
They might also have specific expertise that can be helpful in mergers and takeovers. You can think of these C-level personnel as agents of change who can actively contribute to a firm’s overall growth and success.
Myth#3. A Temporary CEO For a Large Company is Not a Good Idea
Regardless of whether an organization is medium-sized or large, having an interim executive help you out in crucial points is a good thing. Others might think that there are too many moving parts in a large company for an interim to handle, but these individuals have more time than those who are currently serving.
Myth#4. An Interim Leader Won’t Bring a Positive and Long-Lasting Impact
One of the biggest myths surrounding interims is that they won’t have any lasting impact during their tenure. However, the true work of a temporary CEO is such that they solve key issues and work on high-value projects. The immediate hiring of a temporary leader puts out internal conflicts and distractions while calming stakeholders and board members.
Sometimes, all it takes is a new perspective on things to correct the course and allow the organization to discard antiquated practices and technology behind.
Myth#5. Interim Executives are Impossible to Find
Interim CEO and Business Partners is available at any moment’s notice and provide exceptional value through stakeholder and management partnerships. We can work at all levels and bring about the necessary workflow changes, as well as solve both immediate and long-standing challenges your company might be experiencing.
Our seasoned executives can enable firms to improve personnel and company performance on all levels. Browse through our interim services and meet the team today!