Companies in stagnation need change. That usually means a change in leadership which is where interim executives come into play.
With loads of financial and strategic expertise, interim executives can help bring positive change to a company in the short term.
Interim Executives Benefit #1: Third Party View
When an interim executive is hired by a company, that executive has no stake in the company, nor do they have any emotional attachment to anyone in this organization. Due to this, they can bring an outsiders point of view on how things are being run at the company. This can help to create a drastic change, as tough decisions such as firings or a change in production methods can be easily implemented with an interim executive.
Interim Executive Benefit #2: Loads of Experience
Most interim executives have been hired in several companies with issues similar to the one your company may be facing. With this experience, you can be confident that this leader knows what they are doing since they have seen it all. This is crucial with young organizations such as startups, as the smallest of mistakes can be detrimental to the future of that startup, thus an executive with experience, like an interim executive, is the perfect fit.
Interim Executive Benefit #3: They can be held Accountable
Rather than just advising organizations, such as a consultant, interim executives manage a company. Because of this, they are responsible for the success or failure of a company during their tenure. With this in mind, you can be sure that whatever the interim executive does in your organization, they have the wellness of your organization in mind, since they have to be accountable for whatever goes on.
Interim Executive Benefit #4: Successful Outcomes
If someone wants to make a lifelong career out of being an interim executive, they have to be successful. These executives are essentially their own mini-company, thus they market themselves with their success stories, so they look better to potential organizations in need of a leader. With this drive, interim executives are hard working people who only succeed when you succeed.
If your company has an unexpected departure of an executive, with no planned successor, an interim executive is a great leader in the short term to manage your company.