Great, You Saved on Executive Compensation, But to What End?

Low price is the last refuge for marketers who don’t have the patience or guts to demonstrate value for those that need it. – Seth Godin

When it comes to buying gas for your car, fertilizer for your lawn, or for that matter the price Apple pays for the copper in your iPhone, lowest price makes sense. These are the classic definition of the word commodity – something which comes from the ground and whose price rises and falls with supply and demand.

Unfortunately, we all now use the word commodity to mean much more, applying the sense of generic-ness to just about every product and service available to us. If you are marketing soap, for example, you face over 1,000 competitors on Amazon. If however you’re the marketer behind Tesla or NetJets or the Chicago Bears football team, your job is simpler. You won’t sell as much, but your product is so highly differentiated that when your customer wants you, there’s no close substitute. You are not a commodity. You are unique.

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5 Trends Expanding the Need for Interim Executives Now

Even before the pandemic forced businesses to be more nimble and forward-thinking than ever before, the need for interim executives had been growing. In 2020, we asked 600+ execs to shed light on interim roles, a comprehensive survey that covered the who, what and why behind the growth of this category. And now as the world is finally defeating COVID-19, businesses are continuing to adapt and re-strategize with a new set of challenges, only amplifying the need for experienced, “make it happen” interim executives even more. 

To better understand how the current marketplace is dictating the need, we conducted a follow-up survey, asking 125 executives to answer the same question: What trends do you anticipate having the greatest effect on the interim specialty in the year ahead?” 

Interim Management Trending Up

Across both surveys, the conclusion was clear: interim executives are needed now more than ever. 71% of respondents see opportunities for interim management trending up and another 21% seeing they will remain stable throughout the coming yearHere, we break down the five reasons why more organizations are drawing on interim executive leadership:

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Great Interim Executives Are Partners

When smart owners hire managers with the intent of working together for a long time, it’s easy to call their relationship – if it works – a partnership. It’s not a partnership in the legal sense and it’s not a partnership in the investment sense, where partners share costs and gains. But in great working relationships between employer and employee, each looks out for the other. Each invests to build and maintain a good relationship and share the gains of working well together and advancing the mission and economic and social health of the organization.

The problem with rampant outsourcing is that it leads to thinking on the part of employers and contractors that relationships are reduced to a transaction. Pay me x and I’ll perform as ordered. Stop paying me and I’m gone. The logic is the same whether it’s one contractor or ten thousand. While it is transactional in the letter of the contract, it is not in the spirit of one. The danger of a purely transactional mindset is that loyalty goes out the window. Loyalty from a boss to an employee and loyalty from an employee or manager to the organization. In organizations with a strongly transactional bent you can bet that any corporate talk about integrity is a watered-down concept at best.

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How a New Platform is Revolutionizing Dispute Resolution (And Will Forever Change Your Contracts)

Many company owners and board members are familiar with some aspect of litigation – or at least the threat of it. The paperwork, the Zoom calls, the meetings, hearings, depositions, the back and forth, the cost—democracy might promise a jury of our peers and having your day in court, but adjudicating a dispute the traditional route is for many, impractical, long, and expensive.

Shutdowns during the pandemic made that point all the more clear. Since the start of COVID-19, the volume of disputes has increased by more than 65% for companies over $1 billion, 50% of in-house legal teams are being pressured to spend less, and 75% of corporations want new preventative dispute mitigation procedures.

“The first question is never, ‘What is every single thing we can fight about?’  The first question out of any executive’s mouth is always, ‘This is a distraction—how quickly can we get this done and behind us?’ says attorney Rich Lee, whose 15 years in the field include general counsel roles at Livevol and Civis Analytics, a data science company stemming from Barack Obama’s 2012 re-election campaign. “Nobody, when you’re on the business side, ever relishes that dragged-out fight in any form.”

That’s why Lee teamed up with two fellow general counsels and a legal operations exec to form New Era ADR, a private arbitration and mediation platform rooted in efficiency, transparency, experience, and innovation. He says their process is 90% faster and up to 90% cheaper.

“Anytime there’s a potential dispute, it’s a massive distraction,” Lee says. “It costs the company a lot of money, a lot of time, and frankly, I think the worst part that’s immeasurable is that attention that you end up devoting to navigating a potential dispute. You could be in a sales meeting and you’ll be thinking about that dispute. It’s our firm belief that it just doesn’t have to be that way.”

We spoke with the New Era CEO and co-founder about the intricacies of arbitration vs. mediation, how to de-risk your transactions, and the best ways to protect yourself from arbitrary outcomes.

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The 4 Ways COVID-19 Has Transformed Sales

Engaging in person may have been the go-to sales tactic for decades, but COVID-19 has amplified what many in the industry have felt for years: Buyers and sellers want a digital and remote experience. No office drop-by, conference room pitch, or long dinner necessary. But it doesn’t just check the social distancing box. Adapting to an online sales structure makes for easier scheduling, cuts travel expenses, and can often be more efficient. And there’s no looking back.

According to an October 2020 McKinsey survey, more than 90% of buyers expect to continue with a remote or digital model even after COVID-19, and only 20–30% of buyers want to “ever interact with reps.”

Those kinds of numbers prove just how disconnected much of the industry is from the zeitgeist, explains InterimExecs RED Team executive, Philippe Lavie, who specializes in sales transformation and helps high growth companies more effectively plan, accelerate, and manage their revenue growth.

According to Lavie, selling in 2021 (and beyond) calls for a deeper understanding of the buyer, the seller, and just how drastically the marketplace has evolved.

Here, he dissects the four critical ways inside sales teams need to change in order to stay afloat and succeed in our new normal.

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Why Project Management Fails and 10 Ways a CEO Can Fix It

Despite a plethora of project management software tools and project management certification programs and project management training, protocols and methodologies, there is not always project management success. Schedules slip, costs balloon, plans derail.

Cynical observers of the project management process suggest these stages of a project:

  • Euphoria
  • Disillusionment
  • Panic
  • Search for the guilty
  • Punishment of the innocent
  • Reward for the non-participants

Or so says William (Bill) Mince, InterimExecs RED Team member and Chief Operating Officer at iMedrix, the California-based maker of a mobile clinical-grade ECG device that connects to remote physicians in real time. Since his first job at 3M in the 70s, Mince has built a career focused on project management.

His passion is trying to improve the project management process across organizations. He’s even writing a book about it. Project Leadership: An Executive Handbook for Project Management Success is to be published in the fall of 2021.

He offers these 10 steps CEOs can take to help ensure the success of project management in their organizations.

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How to Communicate Powerfully in a World of Zoom

“More than anything else…people want to hear stories!”
― James Rosebush, Winning Your Audience: Deliver a Message with the Confidence of a President

James Rosebush knows a thing or two about effective communication. A former senior aide to President Ronald Reagan, known as “The Great Communicator,” James is a coach of public speaking who has given hundreds of speeches to audiences worldwide. In his latest book, Winning Your Audience: Deliver a Message with the Confidence of a President, James draws on his decades of experience working with presidents, politicians, and business leaders to teach others the art of impactful oration. One reviewer called Winning Your Audience “the new bible for public speaking.”

InterimExecs spoke with James about his experience working with President Reagan, the new challenges facing leaders, how Millennials’ can advance their careers, the way to command an audience even when you’re not in the same room together, and how to overcome fear of public speaking.

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What is the Role of Human Resources During a Crisis?

Can “good” HR be a strategic advantage in a crisis?

Through the largest and longest bull market in history, many business leaders continued to dismiss the human resources (HR) function as an operational, and largely administrative function. HR’s activities can appear to be – and often are – disconnected from the “real work” of an organization. But effective HR leadership is so much more, and can be a strategic advantage as businesses deal with the COVID pandemic. Let’s unpeel the several roles of HR to better understand how it can contribute.

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How Companies Can Stay Ahead of Rising Cyber Security Threats

There are plenty of new challenges to keeping a company afloat while the world endures the 2020 coronavirus pandemic. Here are just a few: 

  • Applying for government assistance to keep paying payroll. 
  • Developing a work-from-home system for employees following stay-at-home orders. 
  • Working out accommodations and new digital venues with customers and suppliers that will help everyone come through a cataclysmic crisis still in business. 

Add to the list a new one: Cyber security threats to business.  

InterimExecs RED Team executive and CISO, Zeeshan Kazmi, says times like these are prime for opportunistic hackers. 

Just look at financial technology company, Finastra, to see a cyber security nightmare in action. After coronavirus hit, the company was in the middle of developing an emergency plan to operate when hackers found a backdoor into their servers. Malware quickly spread locking down server after server on their network, taking down many of their customers which include 90 of the world’s top 100 banks.   

“We haven’t taken cyber security threats as seriously as they should be taken,” says Kazmi, who has spent 15 years working in the cyber security space. “Companies have been reactive. They protected their business transactions and their reputation. It became a corporate risk management function.” 

46 Predictions on How the Pandemic of 2020 Will Change the Business World

World War II was devastating Europe. Bombs unleashed death and destruction across London. The Allies could barely secure a beach head in Normandy. Undaunted in those dark days, visionary leaders dreamed of a brighter future when the world would emerge from the deadly carnage, and imagined the structure of a post World War II world.

Businesses throughout the world now confront a different kind of mortal enemy, but equally deadly and disruptive in its own way. This microscopic virus is virtually invisible, knows no borders, and is agnostic to any demographic. It confines us all to our homes, burying loved ones dying senselessly for no cause and way too soon, and upending our work and home lives. Just as our forbearers prepared for a new world order once the terror of their present one surrendered, we now have some time to humbly roll up our sleeves and get ready for what awaits us on the other side once the pandemic is finally vanquished.

 Many of the thoughts in this article are hardly novel, and really simply continue if not accelerate existing trends. Some ideas may seem like logical outgrowths of the pandemic provided they remain emblazed in our consciousness. Others may be dismissed as unrealistic or overly dramatic and alarmist.

 No one, however, can doubt a few things. Our lives and approaches to work, our society and business will change, some for the better, others not. Like inventions, there are unintended consequences and manifestations, many of which we cannot now foresee. Finally, and most obvious as we emerge from this Act of God–  man may make plans, but God just laughs.

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