People rent movies, moving vans, apartments, and tuxedos. Why not an executive? The executive for rent concept has gained momentum in a business culture that is encouraged to downsize and reengineer to compete in the current economy. Not a Consultant, an Interim Executive, an article from Bloomburg BusinessWeek, explains that it takes a pragmatic executive to listen effectively, quickly diagnose problems, and implement solutions. An interim executive can bring a hands-on approach as well as external expertise and creativity. Below we have listed a few benefits our clients have experienced while using an interim executive:
- Quick learners: Interim executives are different from more traditional, temporary employees. They give you someone with the experience you need and require very little training to acquaint them with the task. You are able to establish an immediate relationship because the interim executive can hit the ground running.
- Expertise: Interim executives are often former corporate leaders and functional business practitioners. This allows a company to expand beyond its internal talent and gain insight from the superstars in the marketplaces. In addition, while consultants are often hired to make recommendations, interim executives are hired to make decisions and implement new policy.
- Accountability: In hiring an interim executive, a business gets a practitioner. Consultants and advisors typically come into a business environment, observe the operations of the organization, and compile a report that outlines a series of recommendations. Interim executives are immediately immersed and become part of the existing team with a primary focus on implementation. As a result, there is more accountability for an interim executive to contribute high quality results to the organization.
- Objectivity: Sometimes, full time employees are hesitant to bring up potential problems or objections in fear of being penalized. An interim executive is not under as much pressure. There is no fear to respectfully address potential problems that could cost the organization both time and money.
- Test Drive: The interim executive performs the duties of a full-time executive on a trial basis. This allows an organization to “test drive” a candidate for culture fit and necessary expertise beyond what could be determined in a standard interview.
Has your organization considered hiring an interim executive? Do you see any additional benefits?