Wondering how to budget for an interim executive? Curious how long interim assignments last? Or how soon you could have an interim candidate in place at your business? Below you’ll find a handful of frequently asked questions that often come up when organizations are considering bringing in an interim executive.
How soon can I have an on-demand Odgers interim executive in my business?
As soon as we understand your needs, we can start sourcing interim executives who can deliver on the mandate. This can take 1 hour or up to 5 business days but our average is about 72 hours. Your availability and your ability to move quickly when talent has been identified is important and should also take into account when engaging Odgers Interim.
How long does the average Odgers Interim mandate last?
Our executives can work anywhere on a full-time basis to a few days per week, for a few weeks or a full year. Engagements last 6-8 months on average, but this varies by client, need, and the interim executive’s availability. We have seen our executives engaged for 1 day/week for 12 months, 5 days/week for 8 months, 3-4 days/week for 2 years, and every option in between. Clients who see positive outcomes are inclined to extend the engagement beyond the timeframe that they had initially anticipated. Assignments can also be wrapped up early if the need no longer exists.
How much does an interim executive cost?
Interim executives’ rates will vary depending on the nature of the work, length of assignment, and urgency of results. Candidates are quoted at an hourly, daily, or monthly fee. We find that most of our clients prefer the daily “per diem” rate, which ranges from $350 to $6,000 per day.
Hourly: Just like it sounds.
Daily: Whether it’s 8 hours a day or 12 hours a day, you pay only the daily rate.
Monthly: Whether there are 4 or 5 weeks per month you only pay the agreed upon monthly rate.
Even though hiring an interim executive may seem to cost more than a full-time employee, this is often offset by additional costs related to full-time employment that you don’t have to pay such as benefits, vacation, and other employer-paid costs.
How do I budget for an interim executive?
Our executives are bound by contracts, so you can allocate the cost of the interim executive to whichever operational budget makes sense for your business.
Since an interim executive is tasked with specific objectives and timelines, they are far less likely to get involved in day-to-day politics or low-level details, achieving greater results in a shorter period of time, and delivering excellent value for you and your business
How does Odgers Interim get paid?
Our fee is already included in the quoted interim executive’s hourly, daily, or monthly rate. We operate on a pay-as-you-go basis, as opposed to a retainer. Other than any business expenses or any potential accommodation costs incurred by the interim executive, the quoted interim executive’s rate is the only fee.
How does Odgers Interim source its interim executives?
Backed by Odgers Berndtson, the top executive search firm in Canada and the world's leading privately-owned executive search and talent advisory firm, we’ve been connecting executives with companies for over 50 years. As a result, we have an unrivalled reach amongst senior executives, including those who prefer to use their experience on an interim basis.
Our pool of available interim management talent is the largest in Canada, and includes interim executives whose experiences cover all disciplines and a wide spectrum of businesses. Through our vast network, we have built a roster of more than 6,000 pre-vetted candidates (and growing) who are ready to step into an interim role and start delivering results as soon as you say go.
Why not just use LinkedIn or my network?
- Top independent executives seek out third-party firms like Odgers Interim to represent them. We keep our executive talent pool aware of available executive opportunities, acting as a resource on their behalf.
- We have the skills and deep networks to vet potential candidates in a timely and reputable fashion.
- The majority of the executives interested in this type of work do not advertise this. The clients we work with also do not advertise these types of roles.
- We understand what success actually looks like, and which candidates are particularly well-suited to interim assignments. Not all executives have the agility to work on an interim basis.
- We have the knowledge of the labour industry to ensure that our interim contracts and agreements meet employment standards and applicable laws across Canada, and the US. This means there is less risk for you as a client or candidate, as we act as an agent on your behalf.
What’s the difference between an interim executive and a management consultant?
An interim executive is a leader who is available to carry out strategic initiatives for your business, or to fill in on a temporary basis when your leadership team has a gap in skill set or headcount. With their hands-on experience, they will be able to assess your need, advise you on the plan and then execute the solution seamlessly. These are leaders who act as an extension of your team.
A management consultant on the other hand, is a consultant who provides an assessment, advises on how a team can solve an issue or augment their business, but then usually steps away as the execution takes place so the execution is left to you and your team. We can also connect you with an interim management consultant if this fits best with your needs.
Can I convert an interim executive to full time?
Yes! Sometimes the fit is so good that a client wants to bring an interim executive on as an employee. If this is the case, and the interim executive agrees to the arrangement, we will convert the individual to full time. The conversion from an interim executive to an employee can take place at any time during their mandate.
Is there a conversion fee?
Yes, fees are calculated on a number of variables including when the conversion occurs. The conversion fee generally ranges from 50% to 0% of the quoted interim executive’s cash compensation.