We see a few common scenarios where you might want to hire an interim C-level executive to fill in on a short-term basis. For example, an underperforming business that needs a quick turnaround or a leader might have unexpectedly stepped down. Or in other cases, when a business makes an acquisition or enters a new market; they might not have the right internal talent.
As much as we see prior planning through effective succession plans, there is a possibility that the need to fill a CEO or top executive position may arise. The process of hiring this role can take months, even if a company would like it done as quickly as possible. The key question asked is between now and then, who will be in charge of steering the ship?
Avoiding an “Acting” Placement:
Often it can be tempting to appoint an internal candidate to take the role of “acting CEO” and cover the role until a permanent replacement can be found. For example, a company may task the CFO with covering the CEO role for the time being. This can be more detrimental than helpful for several reasons:
Choosing an acting CEO instead of an interim may provide a false sense of security
An acting CEO already has a day job, presumably a demanding one
The pressure placed on the acting CEO’s team may place an additional burden which can have a negative domino effect
For a company to succeed, its top leaders cannot split their attention and time. It is imperative for organisations to stay focused and not lose momentum as they move forward and therefore interim CEOs provide a solution to this problem.
Benefits of an Interim Placement:
When operating at the top level, every minute matters if that role is left vacant. A sensible strategy would be to hire an interim and here is why:
Business stability during times of change
Less pressure as a permanent successor is found
Ability to leverage external expertise to solve challenges
Fresh perspective, new ideas whilst they provide strategic advice
We work with skilled interim executives who have seen and experienced a little bit of everything, so they are capable of stepping right in and managing a challenging situation.
In addition to their expertise in operations and strategy, interim leaders we work with have the soft skills and leadership gravitas to succeed. They make the additional effort to understand the organisation's culture so that he or she can work effectively within that environment. The right interim leader can set the stage for a successful transition to the permanent leader.
Consider Interim Placements Today:
You can accelerate change with interim CEOs, helping your organisation move forward with speed, confidence, and precision, while meeting milestones and deadlines.
Space Executive CEO Marek Danyluk says: “Hiring a contractor can be a great way to boost efficiency and serve more customers as you grow your business. It’s truly beneficial to have a nimble and agile approach to working as well as solutioning specific projects, innovation and advancements in the business – contractors allow you to deploy specific skills quickly that you may be lacking in the organisation. A large proportion of managers (statistically over 53% increase) have becoming more willing post pandemic to utilise contractors.”
It is essential that you partner with a firm that has expertise in the interim space on a global scale and has access to an extensive global network of leadership talent when searching for top-level interim talent. This is where Space Executive can support your search because we understand that your situation is urgent. Our team is intent on understanding the challenges facing your business and the solutions that can be implemented - we're not just interested in filling the vacancy as soon as possible.
If you have any questions regarding our hiring expertise within the interim leadership space, get in touch with our CEO Marek Danyluk, email@example.com or our London-based Consultant, Ned Lunnon-Wood: firstname.lastname@example.org.