Benefits of Interim
Executive interim is a powerful resourcing option because of the following features:
- Experienced, independent view: An interim executive will bring their track record and fresh perspective to an organization/problem and in many case best practices and contacts from other industries and organizations. Having someone who has done exactly what you what, or experienced what you are going through is extremely valuable.
- Speed: Hiring an interim executive is days as opposed to weeks or months, which is essential when time constraints are paramount in an organization that requires change. As a highly experienced management resource, interim executives can grasp business challenges quickly and can add value immediately as they do not require on-boarding, training, and ramp up time; A significant cost/time savings over the traditional approach.
- Cost Effective: Interim executives are a variable cost, not a fixed overhead. They are not head count but a budget item line. In addition they offer flexibility in terms of their availability, working hours, work location and role. An interim executive can be recruited to work part-time or on a project basis, 5 days a week or every other day, usually for three, six or nine months, which can be vital in helping manage costs. The short-term nature of their contract also offers room for manoeuvre when necessary. Extend or retract the time period, or even convert the interim executive to a permanent one thereby executing the “try before you buy” benefit of an interim executive.
Additionally when taking into account the hidden and total cost of a permanent employee to a interim executive, such as EI payments, employee health tax, holidays, pension payments, cost of benefits etc the equivalent all inclusive day rates can seem reasonable. Not to mention the removal of any termination costs or recruitment fees or time invested. The interim executive charges only for the days worked with no additional fees. Our fees are included in the quoted rates.
The return on investment when hiring the right interim manager for your business can be substantial. When a company is in crisis or under extreme growth often the cost of failure to deliver results far outweighs the cost of hiring an interim executive.
- Accountability Rather than taking on an advisory/consultative role interim executives will implement and manage a business or project towards producing a positive outcome, taking full responsibility as they are result oriented and used to working towards a specific goal and delivering to a deadline.
As we conduct post assignment referrals, our interim executives are completely committed to their clients. Their future work relies heavily on referrals and successful track record of delivery. They have a huge influence in the success of the assignments they undertake and will go all out to deliver.
- Long term Impact: The impact of interim executives continues to be felt long after they leave. Our interim executives are not only required to provide a smooth handover at the end of their tenure, but they also seek to embed the changes they have effected in the organization, through developing in-house managers, instilling new ways of working and advising on succession planning.
If you would like to explore how an interim executive could play a vital role in your organization, please do get in touch.