The demand for interim executive leaders continues to grow. According to the Bureau of Labor Statistics’ 2023 report, the number of interim executive positions has steadily increased while productivity has surged, reflecting a positive trend in using interim management. Our firm has also continued to see an upward surge in the use of interim executives in 2024.
With already scarce senior talent in high demand, interim executives offer timely and valuable expertise to companies facing pivotal changes, including leadership transitions, hyper-growth, and transactions. This article provides tactics to help companies and investors achieve more significant ROI and capitalize on the impact of interim executive engagements.
Understanding the Role of Interim Executives
Interim executives are high-impact leaders who step into organizations temporarily to address urgent business challenges, such as the departure of a key executive or a significant initiative. In these situations, companies and investors rely on highly skilled interim leaders who have “been there, done that” multiple times and bring a deep toolkit of experiences and skills developed over an extensive career.
Without an interim leader, organizations can face stalled progress on critical projects, staff chaos, and missed milestones. Utilizing on-demand executives brings unique benefits that help businesses successfully navigate challenging periods:
Fresh Perspective
Through an unbiased view of a business, they bring innovative solutions and best practices learned through years of hands-on experience.
Specialized Expertise
They bring deep industry expertise, specific business acumen, or change management skills that put a keen focus on the situation at hand.
Immediate + Lasting Impact
Able to start immediately, interim leaders provide rapid lift and stabilization. Their impact on people, processes, and systems have long-term benefits.
Flexibility
They offer businesses the ability to scale their resources or pivot based on their needs without a long-term commitment.
Tactics for Maximizing Value from Interim Executives
Hiring an interim executive can be transformative, but maximizing their impact requires thoughtful strategies. We’ve outlined key strategies to get the most out of these engagements at every stage. The goal of an interim leader is to provide much-needed support, not to create more work. Leveraging an interim services firm like McDermott + Bull Interim Leaders to provide support every step of the way will ensure you don’t have to do any heavy lifting.
Comprehensive Selection and Onboarding
Selecting the right interim leader and effectively onboarding them are critical steps to setting the engagement on the right path. Key steps include:
Clearly define outcomes:
Understanding exactly what you need from the project helps you choose the right interim leader.
Align on the consultant profile:
Ensure stakeholder alignment on the critical facets of the leader’s background, abilities, and credentials. Don’t ignore other factors such as cultural fit and leadership style.
Accelerate the interview process:
Ensure your interview process is your ally and not a hindrance to landing the best option for the role. You will likely be competing for the interim executive’s services.
Develop + execute a thoughtful onboarding plan:
Start with a “Day-1” kickoff and lay out the first 90-day expectations. Don’t neglect logistical items such as systems access, team introductions, and the upcoming company calendar.
Engagement Oversight
To maintain focus, adaptability, and alignment, rely on M+B Interim Leaders for governance and oversight throughout the partnership with you and the interim leader. Here’s how to foster a successful, responsive engagement:
Create + communicate goals:
Align the team with the engagement’s scope, milestones, timeline, and ultimate outcomes. Use this project plan as a touchstone for the team along the way.
Measure progress:
Establish regular engagement checkpoints and agree on the format and level of detail in the consultant’s updates.
Build trust:
Address any emerging roadblocks and challenges openly and transparently. Interim executives are there to raise concerns as well as deliver positive news.
Don't be afraid to alter the course:
Despite developing a thorough project plan, there are almost always unknowns, and circumstances can change midstream. Interim consultants are adaptable and prepared to modify the course.
Empower + encourage autonomy:
Interim leaders bring extensive expertise, so it’s crucial to give them the necessary autonomy to make decisions. Striking the right balance between oversight and independence enables them to act swiftly and use the judgment they’ve developed over their careers.
Benefit from Sustainable Results
Creating sustainable results ensures your organization emerges stronger and better prepared for the future. Here’s how to capture long-term value and make the most of the interim leader’s contributions:
Leverage expertise:
Interim executives are thought partners who bring insights and experience that clients should capture as part of the engagement. Seek ways to leverage their capabilities — some of which may lie outside the original intended scope.
Tap into their extensive knowledge:
Be intentional about downloading with the interim executive and capturing their insights to retain a lasting knowledge base that will live on post-engagement.
Enable networking:
Encourage cross-functional interaction with the interim executive and other leaders in the organization. If this is done intentionally, an interim leader’s knowledge and depth can be felt across the organization.
Keep a paper trail:
Interim leaders should document new processes, policies, and procedures to help operationalize changes and ensure lasting results.
Transition seamlessly:
Work closely with the interim leader to ensure a seamless transition to the incoming permanent hire, setting them up for success and minimizing disruption.
The future of interim leadership is bright as companies increasingly leverage these professionals for their ability to guide transitions, enable growth, and provide strategic direction. Companies can enhance the ROI of their interim engagements if equipped with the proper knowledge to ensure comprehensive onboarding, structured communication, effective integration, and continuous learning.
Ready to see the impact a skilled interim leader can make? Whether you’re prepared to hire or simply exploring your options, McDermott + Bull Interim Leaders is here to guide you. Contact McDermott + Bull Interim Leaders today to explore how our team can support your organization’s unique needs and help you confidently navigate change.
Mark McConnell
Senior Managing Director, McDermott + Bull Interim Leaders
mcconnell@mbexec.com
Mark McConnell serves as a Senior Managing Director at McDermott + Bull Interim Leaders, where he forges relationships with companies addressing transition, change, and transformation. He partners closely with clients who require on-demand consulting resources to bridge leadership gaps and propel their business forward. He has experience working with emerging and enterprise-level companies across numerous industries and has depth in functional areas such as finance, accounting, human resources, and operations.