How to Use Interim Executives to Fill Leadership Gaps
Even the smoothest-sailing organization can be knocked off course when a company loses a CEO or other top leader from the C-suite. An executive who leaves because of a new job, bad performance, injury or illness, maternity leave, military service, or a sabbatical leaves a gaping leadership hole that jeopardizes the organization's success.
It takes time and money to hire a new executive, and the risks are high. The average time it takes to hire a C-level executive is over two months, and many executive searches might take up to six months. However, waiting for that long with an empty seat could have a detrimental impact on the company's bottom line, morale, and momentum. However, making a hasty decision and employing the incorrect individual can be just as harmful.
We at International Executive Consulting LLC understand the ramifications of a leader's sudden departure. It's one of the many reasons we put together a team of elite interim executives who can step in and fill leadership voids rapidly. We specialize in linking businesses with top-tier leaders to address their most pressing issues. In a few of days, you can locate the ideal executive.
Risk of Leaving an Executive Seat Unoccupied:
Patience isn't necessarily a positive trait. Certain situations necessitate a quick response. One of them is having an open leadership position at your organization.
Leadership has a cascading influence on the rest of the organization. A vacancy at the top causes ripples throughout the organization. The appropriate leaders must be in place, and they must be in place immediately. The longer an open leadership position goes empty, the higher the direct and indirect costs will become.
These expenses could include:
· Lost productivity and revenue
· Decreased growth rate and market share
· Increased hiring costs as the process drags on
· Corporate assets being underutilized
· New initiatives not pursued
· Loss of competitive advantage
The purpose of a temporary or acting executive is not to keep the seat warm. They’re also not consultants who make plans but don’t carry them out. Interim executives are action oriented. They devise a strategy, take action, and propel the organization ahead forcefully.
Temporary Executives Can Be Hired Quickly:
When a leadership gap appears out of nowhere, it can cause a lot of problems for a company. During these moments of uncertainty, interim executives are used. Depending on the demands of the organization, they may serve for a few months to a year or longer. It may be necessary to occupy an executive position during a planned absence or until a permanent replacement is identified. In other circumstances, an interim executive signals a complete shift in the company's direction.
Executives at International Executive Consulting LLC have a proven track record in interim and project management. We bring the talent to you, unlike the traditional executive search process, which requires a firm to go out into the market to find candidates. If we believe a good match between you and an executive can be created after reviewing your needs, we will give one or more recommendations.
Interim CEOs Produce Real Results in Real Time
Interim CEOs are increasingly being used by middle market organizations for short-term, high-impact projects. The depth and breadth of experience that an interim brings to the table is unrivalled. And, because they are judged solely on results, they provide a perspective that is free of politics, bureaucracy, or the way things were done in the past. Our turnaround professionals are ready to swoop in and save a faltering company at any time. They've been in similar situations previously and are capable of making big changes rapidly.
