The Strategic Use of Interim Executives – Driving Corporate Innovation (Part 2)
The Strategic Use of Interim Executives
This is Part 2 in a three part series, click here to view Part 1.
CEOs are charged with developing strategies for meeting business objectives. Competitive and functional strategies – whether looking at growth, stability, or renewal – typically evolve around such things as sales, profits, new and existing customer base, just to name a few. More and more companies are looking to another strategy: using top-tier interim executives. If you have been operating under the premise that an interim executive (Interim Executive) is 1) used only for vacancies; 2) brought in when companies are in trouble; or 3) too expensive, then you are being left behind in an increasingly competitive landscape.
We interviewed executives at Cerius who go into the field every day and meet with corporate CEOs to discuss ways companies are using interim executives – and dispel a few myths along the way. Answering the following questions can help you see if you are missing a key strategy for your company, as well as a critical innovation driver.
It’s not uncommon for a company to outpace the capabilities of a department manager’s abilities to execute the job well.
Strategic Use of Interim Executives: Do you have agility and speed necessary to adapt, react and outpace your competitors?
If you see a promising market opportunity, how quickly could you respond? What about an expansion opportunity, either geographically, or simply in another industry segment? If you have an innovative idea, how quickly can you respond and execute? With predictions of significant growth in the developing world, will this change – or should it change – the way you do business? There is also a prediction of increased collaboration between large and small businesses. Preparing yourself for successful collaboration can put you ahead of the game.
Why it’s important and how an Interim Executive can help:
Any expected or unexpected opportunity can cause a shift in your workforce needs. Your company can’t afford to waste time and money by hiring a full-time employee for every specific talent need that arises. As your needs change on a dime, so should your response to those needs. Adaptation is key to a high-performing company, and delays are a curse to innovation. An Interim Executive can help you without disrupting your organization, or burdening long-term costs.