The interim CXO typically has more than a decade work of experience and a lot of leadership experience. They are experts with a proven track record. These executives can help a start-up get from point A to point B. Depending on the scope and size of the project, they may be hired for a one-time project or to stabilize a troubled area. The interim CXO may be retained as a permanent executive if the hiring company is looking to secure more capital.
Leveraging interim executive leader to stay afloat and maintain business continuity
While leveraging an interim executive leader to stay afloat and preserve business continuity is often an attractive option for companies that need management capacity, it’s important to ensure that they work within the organization’s current culture and protocols. Although their role is to provide temporary leadership, interim executive should be managed with care to achieve desired outcomes for the company.
Have clear expectations and goals
First thing first, you must be clear on what goals your organization wants to achieve. Once you are sure about the goals then only think about bringing in the interim executive. Also, make sure that he or she clearly understands the responsibilities of his/her role as an interim CXO of the organization. Communicate to them clearly what is expected of them and what will be their future course of action. Since it is an interim position, avoid thinking far ahead and try to focus on few key areas which you think are important so that they do not get overwhelmed and lose their effectiveness.
Be clear on level of authority
When you are hiring an interim leader, make sure that you are clear on how much decision-making authority an interim CXO should have. This becomes crucial when organization is going through massive changes and interim leader would require autonomy from board members to take decision that can prove to be crucial for the organization in future. You have to view the interim as a member of the leadership team. Don’t expect an interim to be useful to your organization unless you give them the authority
Allow them to settle
When you hire an interim CXO, give him or her some time to settle. You can’t expect your interim to hit the ground running from day one. Instead give them some time to understand your organization, how it functions and responsibilities of the role. This will help him to be better prepared for the challenges ahead, and take decisions that will decide the future course of your organization.
Consider them one of your own
Many organizations hire interim CXOs but do not consider them as a part of their organization. This is in contradiction to hiring an interim and paying them for their short tenure in the organization. Treat them as a part of your organization as long as they are with the organization so that it gets benefit of their experience and expertise. According to a study, most of the interim leaders eventually choose to stay with the organization where they have been placed temporarily. Give them the right environment and they may choose to stay with the organization
Bring them to crisis management
More often than not, businesses looking for an interim CXO are going through a turbulent phase. They need someone who would take control of the situation till things get back to normal. Interim CXOs are experienced professionals. They have faced many challenging situations during their carrier and know how to get out them. They too are looking for the opportunities to showcase their ability to handle such situations. Organizations can take benefit of the experience of these professionals to get out of the crisis situations.
Building future leadership for the organization
Building future leadership is crucial for the success of any organization. If your organization is struggling to find the right fit for the role, having an interim CXO can be a blessing in disguise. Sometimes appointing an interim CXO can give you time to think about the kind of person you would want to fill the role permanently in future. It is an opportunity to build a future leadership for your organization.
Agent of change
When in crisis, businesses need a new approach to move forward. An interim CXO can be the ideal person to make it happen. Interim CXOs can be an agent of change for your organization. They bring new insights and perspective which your organization may be lacking. They can provide new solutions to streamline processes, reducing costs and improve operational inefficiencies.
Keep them in the loop
Your relation with the interim CXO doesn’t have to end the day their tenure is complete. Try to be in touch with them even after they have left the organization. They may have been hired for a defined period but this doesn’t mean you can’t ask them for their advice. If you have to take some important decisions you can always ask them for their help. They will also appreciate the fact that you still value their opinion when it comes to making crucial decisions.
An interim CXO is ideal for organizations that are reluctant to hire a new executive on a long- term basis may be because of the cost reasons and think that an interim CXO would be the right choice for short period. If someone hired for a short term can bring value to the organization and steer it into a new direction that’s when the interim CXO would add value over someone from the board.
