InterimExecs RED Team of top interim and part-time executives around the globe range in specialties from CEO to COO, CIO, CFO, CMO, and CSO. But, title is not the main focus. Interim executives are often project-based resources that can be pulled in alongside the current management team to carry out big projects, mentor someone internally, or assess how your business is doing and create a roadmap for the future.
If you meet the following criteria, we can probably help:
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?”
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 year. Here, we break down the five reasons why more organizations are drawing on interim executive leadership:
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.
Growth strategies are one of the three topics that are top of mind for US CEOs in 2021, according to a study by PwC. Yet 86 percent of CEOs will fail at creating sustained growth, according to Bain & Company.
Should you call in an interim chief innovation and growth officer (CInO)?
Having a qualified and competent executive management team is integral to the success of any organization. Problems arise, however, when an executive suddenly vacates a position or there is a mismatch between the internal capabilities of a leadership team and the actual skillsets needed for a specific stage of a company’s growth.
Red flags may start to arise in an organization whether it be a lack of a clear vision, high team turnover, stagnant sales, missing innovation, or breakdowns in communication. The knee-jerk reaction of many companies is to look at a leadership change via a full-time executive search, which can take 6-9 months and include long-term contracts with added costs of perks like severance and benefits.
The world of interim management, a specialty that has grown significantly through the years, has offered an alternative route for companies wanting to maintain forward motion while re-evaluating what is needed to take them into the future. As opposed to a full-time executive search, interims can be on board in a matter of days and come with flexible contracts and pricing models.
Executives who specialize in interim management have track records building, fixing, stabilizing, and growing companies around the globe. In an executive-as-a-service model, companies can bring in an executive to temporarily fill a specific role – CEO, COO, CFO, CIO, etc. – or to serve alongside the current management team to execute on a big initiative where clear vision, leadership, and even mentorship is needed.
In every business there comes a tipping point when change is needed to get to the next stage of growth. While as a company owner or CEO, you may be adept at running the day-to-day, at some point you may start to feel that you need to be more tuned into your finances.
Maybe you have a Controller or bookkeeper keeping transactions up-to-date so you can run reports for your banker from time to time. But what happens when transactions start to get more difficult to deal with or you need more insight into financial metrics that will drive strategic decisions? If the following situations sound familiar, it may be time to start thinking about hiring a Chief Financial Officer (CFO):
- You are growing fast and looking to acquire or attract new capital
- Investors or financiers are requesting more sophistication in reporting
- The company doesn’t have the internal capabilities to consistently (and accurately) close out the books every month
- The business is facing declining revenues, stagnant growth, or rising market competition that calls for someone to provide more strategic leadership and set out a direction and action plan
- You feel like you don’ have a full handle on the metrics and KPIs that ultimately drive the business and measure your progress
The only certainty in business is change. But change is accelerating, less predictable, and increasingly, beyond the control of organizations. As technology and unforeseen events continue to drive exponential change, businesses that can’t keep up risk being left behind.
Companies struggling to generate growth and stay relevant amid rapid transformation often look to new leadership. A growing number of companies are also looking to a different kind of leader—one who specializes in change and embraces the challenge of helping companies solve their biggest issues. Enter the interim executive, a new breed of on-demand leadership that brings outside perspective, cutting-edge thinking, veteran experience, and a laser focus on results.
Uncertainty is growing in the US with coronavirus cases
mounting. California, Illinois, Michigan, and other states have taken serious
actions with shelter-in-place orders, leaving many people wondering how this
will impact them personally as well as their companies and the economy as a
At the same time, we’re reflecting on how much there is to
be grateful for, including the strong relationships we’ve built over 10+ years
with inspiring leaders. These are women and men who focus their careers on running
into the burning building – the company in trouble – learning fast,
listening, assembling resources, providing fresh and objective insights,
developing new plans and actions for survival and ultimately blueprints for a
We recently convened a call with some RED Team execs who shared how they are adapting to new ways to work. Many executives shared experiences on the front lines figuring out how to help combat the virus and also help people work smarter and safer:
Friends, we are kicking off 2020 energized by all the big wins to come after completing an excellent 2019 adventure. Ok, ok, 2019 is seeming a bit passé now that we’re in a brand new shiny decade (still letting that set in), but before we get into upcoming plans, will still need a quick recap and note of appreciation for your hard work and support.
First, a big thanks to our team of elite executives we call RED Team Ready, who performed in amazing engagements throughout 2019 in the US and Europe. We are nothing without your trust, your encouragement, and your daily support. Truly.
With a go-to team of brilliant leaders eager to jump in at a moment’s notice, we have an unmatched capability that makes up the essence of RED, Rapid Executive Deployment. While you hail from around the world and your skills and abilities are each unique, we can sum up your excellence with a common and shared passion and unstoppable energy to give your best in everything you do. We know you love the people and organizations you lead, and cannot say thank you enough for teaming up with us.
“CFOs are retiring at the fastest pace in at least a decade,” reports a Wall Street Journal article citing that the increasing complexity of the role and for public CFOs, the lure to cash out shares in a hot stock market, make it even more attractive to make the change. An analysis of 12 years of regulatory filings by Audit Analytics for The Wall Street Journal showed that “one in six executives who left the CFO position at a U.S. public company in 2018 did so to retire, the highest share since at least 2007.”
In addition to many baby boomers simply being of retirement age, CFOs are facing new demands professionally. Historically, a CFO’s workload was focused on compliance, best accounting practices, and financial reporting. As the financial world grapples to evolve at an accelerated rate with the onslaught of digital transformation, so does a CFO’s job description. Today CFOs are faced with even more complex responsibilities that include making strategic decisions about investments, understanding and leveraging technology to streamline accounting practices, and developing financial disaster recovery plans to deter risk and cybercrime.