5 Signs Interim Management Might Be a Better Choice Than a Full-Time Hire

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From the migration of critical processes to the cloud and the shift to remote working to the Great Resignation and the Great Shakeup, HR professionals have adapted to a breakneck pace of change. And with an uncertain economy and an ever-changing corporate culture, the pace is not about to slow down.

The next year will certainly bring a host of new challenges, and there's one that HR departments aren't looking forward to: dealing with today's high turnover rate. HR managers are especially in a hurry when the game of musical chairs extends to Suite C.

When interim management is the best option

Replacing senior executives is disruptive and time-consuming, and it's also expensive. Successful search firms, tasked with finding permanent replacements for CEOs, CFOs and other senior company officials, often charge a third of the new executive's first-year salary, or a flat rate that starts at 100 $000. And those are just the costs of executive search. Hiring, of course, comes with long-term contracts, benefits and severance packages that make it imperative that the new full-time executive is a good fit for the company for years to come. come.

Because of this daunting process, HR professionals often hire interim executives to fill the gaps in the C-suite. that keep an organization on track in turbulent times.

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Over the coming year, HR departments will consider a range of different hiring scenarios to address economic headwinds and rapidly changing corporate culture. Many will decide if they need a new permanent full-time worker or if the relatively simple process of bringing in a temp manager will be the best option.

I've talked to hundreds of companies about both options and helped many of them find interim management. Below are five common scenarios where opting for an interim executive is likely the best choice.

A senior executive leaves suddenly

Executives part ways with a company for a variety of reasons. Sometimes an executive finds a better opportunity or leaves for personal reasons, or a company feels that the executive is no longer suitable. Whatever the reason, it is bad for companies to leave leadership positions vacant for a period of time.

At the same time, a high-level departure often indicates that a company needs to make fundamental changes to move forward. This leaves HR departments in the unenviable position of finding a new "perfect fit" quickly. An interim hire gives HR some breathing room, while sending a clear message to the market that the company is not a rudderless ship.

The interim can also assess and help resolve larger issues facing the business, as well as help determine the type of permanent leader that will be needed. They can help you with the search process and ensure a smooth transition.

The company is growing rapidly ...