What is an Interim Executive and how to make it a success?

October 29th 2023 | Posted by Phil Scott

Besides filling the void left by previous employees, interim executives cover up the cost by bringing in multiple financial, and business-specific strategic benefits to your company.

A Brief Background of Interim Executives

The concept of having interim Executive directors may not be prevalent in the business arena with the same vigour as it is today. Now business owners and top-executives from all walks of life need to hire interim executives on a contractual basis to fill the gaps left in the business. In order to meet workload fluctuations, and ensure smooth flow of business activities, interim executives can be your number one choice. For-profit and non-profit organisations from every corner of the world can face complex situations if even one of their top leaders (e.g., CSO, CEO, ED, and EVP) deliberately leaves the job or is forced to quit.

This can be agonising for business organisations particularly when they are without a succession plan. Although the world has previously known interim executives in the non-profit organisational space but now businesses of all sizes and hierarchy use interim executives to fill the void in their organisation left by previous employees. Looking at the benefits of hiring interim executives, businesses are now increasingly relying on interim executives to fill the short-term employment gaps, which eventually gives them time to think, and consider the organisation’s long-term future.

What Is An Interim Executive?

An active appointment of an individual with specialised skills, and expertise for a brief period of time is defined as an interim executive. A temporary employee is generally hired when someone in an organisation working at a key post quits their job, or is forced to leave. Business organisations use hiring an interim executive as a tool to fill the gap in the business, manage workload fluctuations, and ensure smooth flow of business activities in broader perspective.

What Does A Successful Interim Executive Hire Mean To Business Owners?

Can you imagine losing your customers in your existing portfolio only because there is no one to manage them as your previous top executive used to? Obviously, ‘no’ as no one can afford to lose their customers as customers can make or break your business. A successful replacement hiring, although temporary can swing things back in your favour, and grow your company as a whole.

The right interim executive hire can help business owners to fill in the gaps in their workforce, increase their productivity, and help them manage their business properly. Besides filling the gap, a successful interim executive hire can be beneficial for business owners for so many reasons, including but not limited to:

➢ Hiring an interim executive is cost-effective for business owners compared to permanent employees as they are not eligible for numerous perks and benefits.
➢ An interim executive can ensure sustainable ROI
➢ An interim executive can give a fresh perspective to the business
➢ An interim executive can boost morale and overall productivity of the business
Wondering how an interim executive can help an organisation? Hiring an interim executive can be a wise choice for businesses looking to fill the holes in their workforce.