Three Reasons Nonprofits and Small Businesses Should Consider Interim Executives
Today, the demands of business have provided an emerging opportunity for outsourced c-suites to aid organizations in speeding up their progress and stability. Many organizations are seeing shifts in staff and even challenges rehiring. When those empty roles are located in the c-suite and your organization doesn’t want to make a panic hire or commit to a new candidate, an interim executive may be the perfect fit. Additionally, critical business needs can be addressed by these highly-skilled, temporary roles. an interim executive takes on a short-term commitment to meet the challenges that clients have been facing. A somewhat newer trend, the hiring of interim executives has allowed companies to experience the expertise of executives with meaningful functional and operational skills to solve issues in times of crisis.
The transformation of the traditional outline of an organization has altered and transformed the way businesses view external talent in the field. Organizations all over the world are positively influenced by the benefits of hiring interim executives to transform their business ideology.
Why do businesses prefer to work with Interim Executives?
Businesses and nonprofits have truly embraced the trend of hiring interim executives and outsourcing c-suite professionals. Interim executives are highly rated for delivering up to 82% more efficiency and cost-effectiveness in a professional environment. They can achieve this so broadly because of their expertise in reaching business goals and their experience from working within various organizations. These interim executives give small businesses or nonprofits the opportunity to receive top-shelf talent at a massive discount and in a highly efficient dose. Let’s take a look at the top reasons organizations are turning to interim executives…
1. Short-term projects require focused expertise and “horsepower”
Companies dealing with short-term projects often require extra help to ensure timely delivery along with expert solutions for their challenges. It is logical to engage interim executives for short-term projects because hiring permanent executives would not only be expensive but also the level of professionalism required for the job could possibly be compromised. If your organization is facing a quick turnaround on a complex project that your team lacks the experience to take on, an interim executive can come in, provide the necessary hours needed and no more, and base their cost on that work. Bringing in a permanent hire introduces far more commitment to a single person, their skillset, and the expenses of hiring full-time. Therefore, in order to achieve maximum efficiency and effectiveness of your short-term projects, it becomes favorable to engage interim executives.
2. Interim Executives fill in the place
An outsourced c-suite, including interim executives, is often considered lifesavers in the business industry. Hiring an interim executive can allow more emphasis on challenging projects and can fill roles within the organization that may not be needed full-time staff, but are required for contingency in times of crisis. Similar to the point made in reason number one, these interim executives can work the minimum hours needed when you need help. This is perfect when expertise is needed but your organization simply cannot take on a new executive. Interim executives often fill the position of “fixers” of the blunders or hassles that the organization often can’t face alone. Change management projects are often the most challenging ones. Business models suggest that the most difficult task in an organization is to introduce any change in the current working methods. Since interim executives are not burdened by the current working methodologies of the organization, they are more likely to accept these changes and get them implemented for short-term projects. This alone proves their value.
3. Evaluation before finalization
Instead of assigning interim executives as C-suite or any senior designation in the company, you have the liberty to evaluate their skills and commitment. You can also ensure that their vision of doing business is in line with your organization’s vision. You are at the liberty of drafting the terms of an interim contract to suit your needs This control benefits you with the leverage of terminating the interim executive if your desired objectives are not being achieved. When hiring a permanent, full-time executive, your organization must make a decision and commit to a candidate at the end of the day. That commitment is a big investment in time and resources. Shifting around full-time hires is far less flexible, feasible, or cost-effective than dealing with interim executives.
Businesses and nonprofits are utilizing interim executives as solutions for short-term challenges or for common struggles and crises. These executives are using their advanced knowledge and prior experience to solve business problems from small to large. They provide businesses and nonprofits who otherwise couldn’t get talent like them the expertise of an industry veteran and far lower cost. The time frame assigned to interim executives is shorter and more flexible. Interim executives have become a growing trend as technology and the business world continue to emerge and evolve. The efficient and unique ability to come in and drive recovery by interim executives along with their commitment to assuring effective results continues to enhance their effectiveness and demand in the market during times of struggle.
Looking for more insights on interim c-suite roles? We offer resources that you can find here.
Wondering how NMBL can meet your Interim C-Suite needs? Reach out to us today and start a conversation.
