Many organizations never consider hiring an interim executive for fear of a bad investment. However, if done correctly, this can be an extremely fruitful venture. And, with today's unconventional work practices, this is becoming a much more popular opportunity to revamp operations and generate innovative practices to keep your organization relevant.
Let’s explore key considerations to keep in mind before hiring an interim executive and the added value this short-term option can bring to your organization.
In most cases, businesses aim to hire individuals who are deeply invested in the mission and are looking to grow within the organization long-term. Yet, when you hire an interim executive, you go into the relationship knowing that it is for a limited-time –– significantly changing the playing field for both parties.
We begin by walking through some of the drawbacks you should understand from the beginning, so you can make an informed decision that strategically aligns with your business strategy and budget.
One of the main reasons many organizations do not even consider this option is because of the effort required to hire for a limited time. Given the financial costs, time, and resources that must be spent to identify, assess and bring on an interim executive, it can be difficult to justify to the decision-makers in your organization. Fortunately, there are ways to include this option in your hiring strategy in a way that will not break your budget –– and turn these initial costs into an investment.
Another drawback to consider is the onboarding timeline and learning curve that many executives face when being added to a new organization, regardless of the amount of time they are hired for. Despite their years of experience, this challenge must not be overlooked, as your teams will have particular working dynamics that can take time to learn and adapt to.
Related: The Onboarding Process for Executives
Lastly, it can be difficult for short-term executives to integrate with your teams and culture. Even once they learn their ways, they may find it difficult to fit in and fully connect with their peers or the business/project objectives, and may quickly give up since they know they will only be there for a short period of time. For employers and employees alike, synergy is one of the most important aspects of satisfaction and success.
Now that you have a better understanding of the things to consider, let's take a look at the key benefits that interim executives offer when brought on to your team.
One of the most appealing benefits of hiring short-term executives is that they can bring new ideas and fresh perspectives to the table. They have fewer internal factors influencing their thought process because they have not been a part of the organization before, and may be able to offer novel suggestions without hesitation. Given their years of diverse experience, they can offer innovative business ideas and help put new plans into action within your teams.
Learn More: The Value Different Generations Bring To The Workplace
Another reason why hiring an interim executive for a particular project can add value is that they can give you an unbiased view of your operations, and offer suggestions to improve your way of doing things internally. The key to eliciting this critical information will be a direct result of the environment you create and the trust you build. The first step is to have regular and authentic conversations where these valuable insights can be shared. With these, you will be able to maximize your return on investment.
With this hiring option, you can reap the benefits of an employee with years of experience in a highly specialized area. To do so, you must have a clear understanding of what this person can do and how their skills can be applied to your business. This clarification will help you to define their responsibilities and objectives while working on your team and clearly outline how you want their skills to be applied in your company, process, and project. To help them remain focused on their deliverables and engage them beyond the payout, it is good practice to get them involved in team training, one-on-one coaching sessions, and/or mentorship programs during their contracted period.
Fresh perspectives and new ways of working have the potential to reignite employee engagement both individually and for the team as a whole. Some individuals find that interacting with and learning from these new team members will keep them motivated to work hard and stay committed to the mission. In many cases, this interaction can act as a form of mentorship for your team members –– one that can help guide their next steps in their careers and role at your organization.
Whether you are looking for a short or long-term executive hire, Kinsley Sarn has the experience you need to find the best fit for your culture and objectives. Our refined proprietary process offers a holistic approach to executive search, allowing you to feel confident that your decision is the right one.
We begin with a detailed candidate profile that outlines the position you are seeing to fill. The profile is designed to attract leaders that are just as passionate about your business goals and inspired to bring their skills to work for you. Then, using a variety of assessments and interviews, we narrow down our options and make an offer. Once accepted, we continue to build the relationship with our transitional services. By offering this support during the initial onboarding period, we increase their chances of success and help protect your investment.
If you would like to learn more about partnering with our team for your talent acquisition needs, contact us. We would be delighted to discuss how we can support you and your organization’s goals.