The Growing Segment of Interim Executives
Job flexibility and unrestrained movement in interim executives are some of the biggest attractions to seasoned leaders.
In the 21st century, people are always on their phones with hundreds of apps. With this large amount of apps, people’s attention spans have decreased tremendously, so they get bored fairly quickly. The same can be said to some executives in interim management. Some like the challenge of “raising a sinking ship” and making it seaworthy again.
Because of this, some executives don’t stay with the same companies for more than a few years, which is one aspect that leads to the volatility of the executive market. This is where interim management comes into play. These executives are not hired full time and have lots of benefits when compared to full-time executives.
Unrestrained Movement Between Companies
Today’s business world is different from that of 30 years ago. Everything from shipping freight to making a presentation can be accomplished in 24 hours. A downside of this is that problems can arise quickly and unexpectedly as well. Due to this, people with different expertise are needed to solve the multitude of problems arising during a companies lifetime.
This is why interim management is becoming a thing. Its highly unlikely that you as a company would find that one successful executive who would work for you for 10+ years. Rather you would need to change executives every few years because you need people with specific expertise to deal with the specific issues that come up.
Additionally, this benefits companies because they would save money by avoiding the opportunity cost of not hiring a new permanent executive. Instead, they would only be paying the interim management team when they need them, rather than every 5 days. This isn’t a one-way street, as the interim executives also benefit, as they are able to leave jobs fairly quickly, which is a bonus to people who get bored fairly easily or like new challenges.
Interim Executive age
The average age of CEO’s and top executives was around 50 years old. Considering that age, a lot of these people are either extremely wealthy and/or close to retirement. There are some who don’t want to fully retire and stay home, they would rather work for a little bit, but still, be semi-retired. Interim management fulfills this wish to those who want to work part-time and still be an executive. They will still be able to work in a position they deserve and be able to help not only one company, but multiple.
A lot of people who work in management never lose that drive to create something successful, but some either get bored with too much success or are not in good enough health to work 40+ hours a week. Interim management is a fast growing career segment because it benefits both executives and companies. It allows people to work for multiple companies throughout their lifetime for short tenures. Organizations are able to change executives quickly whenever the need arises and it saves them money, so it’s a win-win situation for both sides.
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