Interim & Virtual Executive Management: Benefits to Consider

Any business that loses a top leader (e.g., CEO, CTO, CIO, CFO or GM) faces an anxiety-producing situation even under the best circumstances.

But losing an executive without a succession plan in place can be particularly agonising. In this example, a board may feel forced to begin an immediate search for a new executive without reflecting on how it might best fill the short-term gap to give it time to consider the business’s longer-term future.

To bridge these gaps and create a ‘take a breath’ moment, these businesses increasingly are engaging virtual executives and consultants as interim executives or virtual executives. Interim Execs offer a real alternative to entering a hastily organised recruitment mode immediately or having a board member or fellow exec simply “hold down the fort.”

Interim Execs choose this path as their careers, for many reasons; wanting to share knowledge and skill, transitioning to retirement, or preferring to move from appointment to appointment which gives a much more worldly view to many industries and a breadth of experience to be drawn upon, especially if the exec wants to re-enter the full-time space again!

As a result, an interim exec can provide the board with more time to choose the best leader for the business’s future.

Here are some of the biggest advantages that I have seen through my work with businesses experiencing leadership transitions.

1: Rich set of experiences.

Business often looks for interim executives who bring specific expertise and/or a rich set of experiences from working with multiple business. These consultants' long careers as seniors’ executives let them be leaders on Day 1 and often provide them with specific skills to solve organisational challenges. For example, someone with the proper experience or technical skills could help a business quickly solve infrastructure issues or provide sage advice on exploring processes and tools.

2 Independent Views.

Professional interim executives do not have a stake in the business and can assess it objectively, reassuring stakeholders (e.g., shareholders, fellow executives’ donors, clients, and members) that results will not be subject to internal or external political influences. For instance, an interim executive could provide objective advice on how to improve financial training and reporting to help the business best communicate financial standings to stakeholders.

3: Team development.

Many board and staff members learn on the job. While experiential learning can work, it also means that people learn different information at separate times based on current circumstances and who did the teaching. Interim leaders, meanwhile, can have conversations with the staff and the board, learn what they know and do not know, and then help the business determine development priorities. The interim executive even can help the board determine whether proper development might let it hire the business’s next leader from within.

4: Determining needs.

Executive departures are inevitable, and an interim executive gives the board time to consider the business’s goals and determine what type of executive will help it achieve its imagined future. The board knows that pausing long enough to answer these questions will help ensure that its new executive does not become an unintentional interim.

5: Calming emotions.

Regardless of circumstances, an executive’s departure causes anxiety among staff members, who suddenly find themselves forced to make sense of new ways of working, their new status, and what the future might hold for them. During the transition, staff members often jockey for position, burrow in, or disengage. There can be a loss of morale, discord, and fear. Board members may feel abandoned, disappointed, relieved, or even angry. An interim executive can help navigate the turbulence.

6: Trying on a fresh style.

Every leader has a particular style that becomes woven into the fabric of a business’s culture, especially if the executive has had a long tenure. Over time, the board and staff become accustomed to the way the executive works. An interim executive can give the board and staff an opportunity to try on a new executive style ‘before the wedding.’

When an Interim Executive Works Best

In simple terms, interim executives provide much-needed support when an executive leaves unexpectedly or when the board and staff need fresh perspectives on how to take the business forward. The relationship often is most beneficial when a business is ready to look critically at the business and willing to make necessary changes. This allows the board, staff, and interim leaders to apply their collective talents preparing the business for regular long-term leadership. It also is advisable that the interim does not have a stake in the business and is not a candidate for the full-time position, so he or she can objectively help the business navigate any potential issues, such as internal political challenges, and offer an honest assessment of the business and its potential to reach short- and long-term goals.

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