Businesses, at their best, are dynamic, growing, ever-changing and evolving. As a result, businesses often need advice and guidance as they grow. Identifying and hiring permanent new leadership is oftentimes a time-consuming process that may not always be in the company’s best interests. With half of executives reporting increased opportunities for interim C-suite officers, it is worthwhile to consider the benefits of interim C-suite leadership for your company.
At 3sixty Consulting Group, we provide personalized business consulting services to help companies fill gaps and solve their most complicated challenges. In the same way that every person is unique, we believe that every company possesses an individual culture, structure, and organization. For this reason, we tailor our approach depending on the specific goals and objectives of your business. For more information, consider contacting 3sixty Consulting Group at (404) 398-3888 today.
What Is an Interim C-Suite Officer?
C-suite officers is a broad term that describes a company’s senior executives. The C-suite title comes from the first letter often associated with these positions – “C” representing the word Chief. For example, C-suite officers may include a chief executive officer (CEO), chief operating officer (COO), chief information officer (CIO) or chief financial officer (CFO).
An interim leader is one who steps into an organization or company’s leadership role on a temporary basis. Much like traditional full-time leaders, interim executives are tasked with creating a sustainable trajectory of growth for the organization they are serving. Moreover, an interim officer has the expectation to fulfill a short-term and specific need for the company. This can include establishing processes and tasks for another person that will fill the position permanently in the future.
It is important to note that interim tenure spans can range from between a few weeks to a few years, depending on the needs of the company. The average interim tenure span is typically eight months. Additionally, interim leadership can also include a range of positions, which may include the following:
· Executive Director
· Chief Operating Officer
· Chief Growth Officer
· Chief Financial Officer
Interim officers can be utilized to fill any senior leadership role. These officers, however, differ from interim managers in that they are not typically responsible for day-to-day operations. Rather, interim officers strive to create vision, strategy, and/or direction within a company.
What Are the Benefits of Interim C-Suite Leadership?
Organizations may opt to fill leadership roles with interim officers for a variety of reasons, depending largely on the short-term and long-term goals of the company. Any executive-level change is an opportunity to improve and refine the company, underscoring the importance of considering interim C-suite leadership. It is evident that strong and experienced interim leadership is in demand, reflecting continuing global growth and market trends.
There are over 66,000 interim executive directors in the United States. Businesses are realizing that the strategy of hiring interim C-suite leadership can provide substantial flexibility and scalability to keep up with market changes and close the talent shortage gap that an array of industries are facing. Clearly, there is a shift happening. The question is: What are the benefits of interim C-suite leadership?
Access to Expertise and Experience
Prior to the influx in interim leadership, executives tended to work at the same company for decades. Industry experience was at a premium and that was reflected in the company’s C-suite. Now, diversified expertise and experience is highly valuable. Interim executives are always moving from organization to organization, across industries and sectors. As such, they are much more likely to see the institutional blind spots that other long-term executives may not.
Interim officers thrive on the cutting-edge. The cross-industry expertise and experience that they bring to the table is unprecedented. Thus, interim executives are well-positioned to provide fresh, new insights. These insights can propel a company forward and enact great change within an organization.
Return on Investment
The success of an interim executive is measured based on the results that they have produced during their tenure. They are not intended to warm seats for decades within a company. Rather, interim officers emphasize action and implementation. Goal oriented and focused on achieving results, interim C-suite officers have a laser focus on the objectives at hand.
The primary goal of an interim executive is to assess the company and leave the business in a better position than when they arrived. While interim assignments are temporary, the changes implemented by these officers are long-lasting and felt throughout the company. Great systems last longer than great people, and interim executives put in place processes that set companies up for long-term success.
Defining Leadership Needs
One of the most fundamental benefits of interim C-suite executives is the insight that they provide about future leadership needs. Utilizing interim leaders can help businesses understand precisely what they need in future leadership. Does the organization require a person with a specialized skillset, due a change in direction? Are there infrastructure issues that must be addressed? Filling an executive position with an interim leader can help elucidate the answers to these questions and define leadership roles for future officers.
How Can 3sixty Consulting Group Assist My Company?
The benefits of interim C-suite leadership are substantial. With more and more organizations turning to interim leadership to address business issues, the reliance on these officers is on an upward trend. From companies that are facing revenue declines to those scrambling to fill the shoes of an executive who left unexpectedly, interim executives can provide the skill and expertise necessary to meet an array of needs.
At 3sixty Consulting Group, we aim to identify the greatest solutions for our clients’ most significant business challenges. In some cases, utilizing interim leadership is precisely what a company needs to drive sustainable change and deliver results. If you are looking to grow, scale, or develop your company to reach the next level, consider speaking with 3sixty Consulting Group today at (404) 398-3888.