interimCEOinterimCFO, the worldwide network of interim, contract, and project executives (www.interimCEO.com) published a report on interim executives. The report includes two articles:
Cutting Costs and Executing Fast with an Interim Executive By: Robert Jordan
President,
interimCEOinterimCFO Changes in the global economy have led to workforces and contract labor being spread across time zones, cultures and languages. And now that plug-and-play mentality is hitting the C-suite with a rise in interim, contract and project-based executive work.
By using interim talent, companies can avoid, at least temporarily, the lengthy search process and fixed costs of salary and benefits associated with full-time hires. In addition since interim execs can be available almost immediately a company gains speed-to-execution that can be important in today's marketplace.
Differing from consultants, these top interim executives share certain traits, including a bias toward operational improvements, a focus on deliverables and demonstrable results, and sometimes the ability to see "the jewel in the mud" that others have overlooked.
To learn more about these trends, the acceleration of the interim profession and why choosing an interim might be your best choice the next time you are in need of executive talent,
download the full whitepaper here --------------------------------------
Bring Them on Board: Benefits of Interim Management C-Level Executives Can Make the Difference By: John M. Collard
Chairman
Strategic Management Partners, Inc & Member, interimCEOinterimCFO
Experienced management is one of the most important factors behind the success of any business. Many managers have ample enthusiasm and energy, but often lack the knowledge and experience needed to sidestep easily avoided mistakes. As a result, far too many companies get into trouble and can die before ever reaching their potential market value.
If you have an extraordinary innovation, opportunity, or even a unique situation an interim executive can help launch, grow, or turnaround your venture by temporarily filling one or more key management roles in your company. Whether they serve as your interim Chief Executive Officer (CEO), Chief Restructuring Officer (CRO), Chief Operating Officer (COO), Chief Financial Officer (CFO), Chief Selling Officer (CSO), Chief Manufacturing Officer (CMO), Chief Whichever Officer (CXO), General Counsel, or in some other senior executive role, they can stand by your side as an experienced executive with a vested interest in your long-term success.
Interim C-level executives are experienced managers who have launched and grown successful ventures. As your partner, they roll up their sleeves and work towards laying the groundwork for a successful venture. They work hard, because they succeed only if you succeed.
In a typical engagement, the Interim Executive will form an executive management team (often using some existing resources) and take managerial control over much of the situation, allowing you to focus on what you're best at: investing in companies, managing other ventures, product innovation, etcetera.
Interim Executives are typically hired by private equity investors, board of director members, corporate council, and sometimes the management team or CEO. Headhunters are often used to locate these Interim Execs for special situations. Hiring a new Interim CEO will take board and/or investor action to make the change.
What is Interim Management? Interim Management is the providing of senior C-level management resources on a temporary basis to organizations that require an immediate, short-term need. There are a number of factors that appeal to companies when considering using Interim Management services, including responsiveness, experience, objectivity, project duration, and the list goes on.
Interim Managers have become a powerful resourcing option in today's fast-paced business environment. The key benefits that an Interim Manager brings on assignment to a company can be summarized as:
Speedy, Responsive, Flexible Deployment of Resource Interim Manager talent can be in place within days as opposed to weeks or months, which is essential when time constraints are critical. Interim Management is a quick solution to bring resources on-board, deploying those who are fully and properly skilled to deliver the service required.
The very nature of Interim Management means the greatest flexibility from a client perspective including the extension, expansion, or termination of the services. There is no impact to succession planning because Interim Managers are not permanent resources within the organisation, therefore their position does not pose any threat to internal resources and associated succession planning processes. There is also no impact to permanent headcount because Interim Management provides a solution when clients are constrained on permanent headcount, but still must deliver business objectives.
Experience Means Rapid Results Interim Managers are highly qualified, experienced, and able to produce as soon as they arrive on scene. Due to their skill level and expertise, these resources will be fully productive in a matter of days. This over-qualified tendency is well suited for project work because it focuses on achieving results and gives clear definition of key milestones, regular progress reports, and measurement of performance.
An Interim Manager is more than qualified for the position they are taking on and therefore are often stepping down in responsibility. The Interim Manager has past experience of similar challenges to the ones that they are about to face. In addition to enabling them to have an immediate effect and be productive from the outset, this experience ensures success. They will transfer their skill and experience to your team.
Objectivity Interim Managers provide a fresh perspective and are free to concentrate on what is best for the business. Interim Mangers are free from any previous involvement in company processes, staff relationships, office politics, or career advancement goals. An Interim Manager identifies problems and implements new solutions that may not be visible to company insiders because they are too close to the issue.
Accountability Interim Managers will take full, direct, and primary accountability for the assignment including delivery of objectives, budget control, resource management, on-time delivery, etcetera, in accordance with the scope of the assignment.
Rather than adopting a purely advisory role, as would a management consultant, an Interim Manager becomes the responsible and accountable line manager who will take ownership and manage a business or implement a project to success.
Effectiveness Operating at or near board-level gives an Interim Manager the authority to effect significant change or transition within a company; unlike a temp, they're not just there to manage the status quo. Interim Managers are hired as agents of change to make things happen quickly and because they bring skill-sets that probably are not available within the company.
Commitment An Interim Manager is committed to an Interim career and each assignment is never just a stop gap until a suitable permanent position is found. Good interims embrace the challenges of different and difficult assignments, take great pride in maintaining the highest standards, and realize that the next job is dependent on the success of the current assignment.
Good interims will get control of the situation, put plans and resources in place to run the company, find their replacement if necessary, and leave when the project ends or the company is turned around.
There is value to the Interim Manager Process: bring expert management, get results quickly, operate in a flexible environment, all while allowing you to go about the business that you do well. Interim engagements are by definition for a period of time and staffed by a non-employee, therefore avoiding labor laws that apply to employees. This is an advantage in many parts of the world where labor laws are very strict regarding benefits and burdensome severence policies, in contrast to the at-will nature of the United States.
Hire that CxO.
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About the Authors: Robert Jordan is an Inc. 500 CEO who founded and published Online Access, the first Internet-coverage magazine in the world. After the sale of Online Access, Jordan launched two companies:
RedFlash, an interim management team; and
interimCEOinterimCFO, the worldwide network for interim, contract, and project executives. The network (
www.interimceo.com) is home to thousands of CEOs, CFOs, CTOs, CIOs, CROs, CMOs, and turnaround professionals. Jordan is author of
How They Did It: Billion Dollar Insights from the Heart of America, which will launch November 16, 2010. How They Did It is a book of quotes, advice, and inspiration from 45 of the most successful living company founders ever to come out of the heartland. Visit
http://www.howtheydidit.com for more information. Jordan received his bachelor's degree from the Honors College at the University of Michigan and his MBA from the Kellogg School of Management at Northwestern University.
John M. Collard is a Certified Turnaround Professional (CTP), and a Certified International Turnaround Manager (CITM), who brings 35 years senior operating leadership, $85M asset and investment recovery, 40+ transactions worth $780M+, and $80M fund management expertise to run troubled companies, and advise company boards, litigators, institutional and private equity investors. John has on many occasions parachuted in as the Interim CEO or senior executive to turn around a trouble entity. John is Chairman of
Strategic Management Partners, Inc (410-263-9100,
www.StrategicMgtPartners.com ) in Annapolis, Maryland. John is an inductee into the Turnaround Management, Restructuring, and Distressed Investing Industry Hall Of Fame, honoring those individuals whose outstanding contributions have increased the stature and respect of our industry. John is Past Chairman of the Turnaround Management Association (TMA). John is among the Regional Manufacturing Institute's Constellation of Stars 2010, honoring those individuals whose outstanding contributions have advanced the Maryland Manufacturing industry, and saved jobs in Maryland. John is the 2010 Prince George's Business Leader of the Year.
Reference: interimCEOinterimCFO, the worldwide network of interim, contract, and project executives (CEOs, CFOs, COOs, CMOs, CTOs, COOs, CROs, and turnaround professionals) www.StrategicMgtPartners.com Turnaround Managers interimCEOinterimCFO Whitepaper – "The Worldwide Emergence of the Full-Time Interim Executive" What is an Interim Executive Video – Robert Jordan "Bring Them On Board: Benefits of Interim Management" – By: John Collard, Strategic Management Partners interimCEOinterimCFO Benefits of Interim Management Report John Collard, Turnaround Pro, interimCEOinterimCFO Interview Social Media: interimCEOinterimCFO on Facebook at http://www.facebook.com/home.php#!/pages/interimCEOinterimCFO/204149545394 interimCEOinterimCFO on Twitter http://www.twitter.com/interimceo