Could You Be an Interim Executive?

Recent studies by Monster.com and the Human Capital Institute indicate that workers are using the downturn to learn new skills and prepare for career changes, or to develop their own self-employment or freelance opportunities. Another key finding is that companies have increased their usage of contract talent, such as interim executives.

These two trends dovetail with the fact  that many executive-level professionals are being forced by economic conditions to remain in the workforce longer, creating a perfect storm for the growth of the Interim Executive Solutions category, also known as “leadership on-demand.” 

Companies in every industry and of every size are leveraging interim executives for key growth initiatives and/or problem resolution.  In fact, 55% of Monster.com respondents said they will increase the use of flexible staffing models. 

Does this intrigue you?  Pamela Wasley, the CEO of Cerius Interim Executive Solutions, offers the following tips for mid to upper level professionals interested in positioning themselves as interim executives:

1. Showcase your record.  Having a winning track record in a particular industry or discipline is a must for high demand Interim Executives.  Have proof of growing business units, leading cost saving initiatives, streamlining operations and establishing effective organizational processes.  The goal of an interim executive is to get results fast – within months, to identify the challenges or areas of opportunity, and to work with the executive team to develop and execute an action plan to achieve the objective.  Then, you depart, leaving a valuable knowledge base with the permanent team.       
2. Focus on your strengths.  Companies that engage with interim executives are looking for C-level and VPs of the executive branch in specific functional areas such as sales, operations, marketing, HR, IT, engineering, R&D and finance.  Emphasize your core expertise rather than try to be a jack of all trades.
3. Work your network.  Align yourself with a reputable interim executive management firm whose core business is interim executive engagements and can provide all the other functional areas (marketing, human resources, IT, finance, etc.) that might complement your area of expertise. Interim executive firms appeal more to businesses today over the individual who is doing interim executive work or consultancy on their own due to a firm’s guarantee of success for the interim executives who work within their firms. Once you’ve aligned with a firm, maximize your network of colleagues, associations, alumni and social connections to learn about their companies’ challenges and offer expertise about how an interim executive can help achieve their objectives in a short period of time. 

Comments

[Megan Gentille, LaSalle Network]

LaSalle Network, a Chicago-based staffing and recruiting firm, has seen this trend lately, as well. Companies are utilizing contract talent to keep their organizations moving forward in these stringent economic times. I agree, the key to securing an interim executive spot in this market is utilizing your network (don't forget LinkedIn and Twitter!) and growing your expertise in a specific area - companies would rather have a stellar candidate with a specific focus and expertise vs. a mediocre candidate who has minimal experience in lots of areas. It's competitive out there, but there are opportunities!

[Alexandra Levit]

@Megan: I featured Tom Gimbel from LaSalle in my recent book, Success for Hire. Did you know?