Everything you need to know about Rapid Deployment
- What is InterimExecs?
- What is an interim executive?
- How can I find an executive with Rapid Deployment?
- How much do interim executives cost?
- What size companies do you work with?
- What industries do you work with?
- Why don’t interim executives want full-time jobs?
- How is an interim executive different from a consultant?
- How do you find your executives?
- How is interim different from a permanent employee?
- Can I hire the interim permanently?
- How long do interim assignments last?
- How many candidates will you show me?
- I know I need help, but I am not sure where to begin.
- I am an executive and want to join the RED Team. How do you choose members of the team?
What is InterimExecs?
InterimExecs matches organizations facing fast growing or troubled organizations around the globe with top interim, contract and project executives. Through the Rapid Executive Deployment Program™, we deploy executives individually or as a team into companies facing a leadership gap or challenge such as declining sales, operational inefficiencies, roadblocks in launching a new initiative, product or service, or misalignment within the company.
What is an interim executive?
An interim executive is an accomplished executive who specializes in helping organizations navigate through points of change. Sometimes interims are called in when the permanent leader who got an organization to one point is struggling to reach the next level of growth. Other times, interims come alongside a management team to provide specific expertise and resources around scaling and improving operations, technology, finance, or marketing or achieving some other goal. In other cases, interims may be called in for a specific project whether leading mergers and acquisitions, spinning up a new international location, or transforming and upgrading technology. An interim may take on a named role like Interim CEO, Interim CFO, Interim CIO, Interim COO, Interim CMO, or may be seen as an outside advisor who is given the authority to implement and execute a plan.
How can I find an interim executive with Rapid Deployment?
We provide executives search services to companies, board members and investors through Rapid Deployment, InterimExecs placement arm. After evaluating an organization’s needs, we assess whether we believe a great match can be made between the company and our team of top executives. Our evaluation and search is free. We will make one or more recommendations, set up calls and interviews, and if you decide to secure the services of an executive whom we have introduced, we the cost of the executive includes a markup to cover our services.
How much do interim executives cost?
There are no off-the-shelf rates. Interim execs prefer to learn about the challenge and then decide how best to be compensated. As you could expect with high performing professionals, based on the situation and fit there is latitude and flexibility in their compensation approach. Read more on that here>
What size companies do you work with?
The vast majority of interim executives work with companies in the middle market ($50M – $1B+). However, each executive’s background is unique and there are select executives who have extensive experience working with earlier stage or F500 level companies. For organizations not at a size where a full-time executive is needed, the fractional model gives access to high-level executives who can be engaged on a part-time basis, meaning a company could “rent” the executive by the hour or day.
What size industries do you work with?
Most interim executives have experience working across multiple types of companies and industries, meaning they bring a fresh perspective and best practices to each assignment they jump into. In a recent survey, a breakdown of industry expertise represented amongst the interim team is as follows:
Technology, Software, Applications (50%)
Business Services (39%)
Healthcare, Med Device, Pharma (29%)
Financial Services (22%)
Retail & Ecommerce (21%)
Consumer Packaged Goods (20%)
Utilities & Energy (11%)
Why don’t interim executives want full-time jobs?
Interims are not wired like the permanent executive. This is highly challenging work that demands skills, motivation and repeated ability to deliver extraordinary results. Interims find they provide the most value when change is in motion or needed with an organization. Interim CTO Damon Neth says: “I guess I’m an adrenaline junkie. I love interim work because it’s fresh and exciting. I’ve always been a new initiative type of person, so I’ve been providing high-end professional services for 30 years, a lot of time around large technology implementations and project-based, high impact work.”
How is an interim executive different from a consultant?
While consulting revolves around producing analysis and delivering a thought product, interim execs may take on a fiduciary responsibility in their roles with a client corporation. They implement the changes and execute on tasks and responsibilities. They are measured on success and must be able to move fast since a traditional assignment is usually measured in months, not years.
How do you find your executives?
We are not a traditional executive search firm. We have talked to and met thousands of interim executives around the world. After formalizing a network and meeting place for interim executives in 2009, we evolved into what you see today where we separated the true interims from job seekers or consultants (we are big fan of implementation vs. just giving good advice). We made even more decisions among interims, deciding who produced superior versus just average results. Based on this we select and continually refine an elite team called the RED Team: interims around the globe who specialize in interim, project and fractional assignments and who can be instantly deployed within hours and days. If we believe we can make a great match, we do not have the typical multi-month search process that permanent search firms have.
How is interim different from a permanent employee?
Interims have their own corporate entities and are not employed by us or you: they are independent vendors or contractors. You also save on benefit costs: no severance, no employee benefits (health insurance, 401k, hiring bonus, relocation costs). Interims are measured based on results. No results, no future. Contracts are short term and full-on engagements are subject to 30-day cancellation.
Can I hire the interim permanently?
In most cases, interim executives prefer not to take permanent positions. They will often assist in finding permanent management. In the event that the interim agrees to convert an interim engagement into a full-time position, the company can buy out the Rapid Deployment contract.
How long do interim assignments last?
Assignments usually run a few months to over a year, but it completely depends on the needs of the company. For example, an unexpected executive vacancy could mean an interim is on board 6-9 months while a permanent search is taking place. A private equity firm may want to grow a company to prepare it for sale, which could take 2 – 3 years. Or a corporation undergoing a technology transformation, may bring on an executive for the project duration.
How many candidates will you show me?
Showing you lots of resumes doesn’t work for interim engagements. With interims you seek skills and experience, rapid analytic ability, confident decision making and instant availability. This is not a mass numbers game. It’s about excellence on demand.
I know I need help, but I am not sure where to begin.
Do not fear! In many cases a company doesn’t know the full extent of the problem or opportunity – an outside perspective can shine light on what needs to be done. Interim Executives usually begin with a TASC Assessment (Targeted Assessment for Strategy and Clarity). Over a course of a few days to a month, an operating executive will look under the hood of a company to evaluate everything from finance, technology, marketing, operations and sales and determine if a company is on the right path. Specialized executives with deep operational experience from companies ranging from early stage to Fortune 500 will deliver a roadmap of their findings and can also be engaged to come onboard to spearhead the execution and implementation phase.
I am an executive and want to join the RED Team. How is the team selected?
Each year a select number of executives are invited to join the RED Team. We have developed criteria to ensure only executives with bona fide credentials join the team, including a minimum of 3 successful interim assignments. Experienced executives and entrepreneurs with a demonstrated track record of success, quantifiable benchmarks, subject matter expertise and ability to perform in contract and project work are key. Read more here >