Executive search, interim management and leadership advisory organisation, Adastrum Consulting, today launches its latest report that explores how interim executives can be harnessed to effectively drive transformation. Entitled unlocking the power of interim management, the report has been created to act as a best practice guide, discussing common misconceptions about interim management, the key benefits to using an interim executive, as well as how to select and get the best out of an appointment.
The rise of the interim executive
Disruptive technology, agile business models, changing working practices, economic and political uncertainty and nimble competitors are forcing businesses to transform at an unprecedented rate. It is against this backdrop that we have witnessed the increase in demand for interim executives.
The report discusses how this ‘perfect storm’ brings as many opportunities as it does challenges and how businesses need to rapidly respond and take advantage of the ever-changing market. It explores how many traditional organisations can hit a stumbling block when it comes to change, as they don’t have the right leadership in place to drive transformation.
Misconceptions
The report highlights common misconceptions around what constitutes an interim executive and explains that when harnessed correctly, the role is an immensely powerful tool. Broadly speaking, interim management is the provision of executive talent for a limited period of time, with a defined outcome.
However, many businesses mistakenly view temporary workers such as consultants and contractors as interim executives. The report outlines how and why interim executives are different.
A good interim executive will offer strategic advice, but then also bring their expertise and experience to bear in delivering this strategy. They will be goal orientated and work with the rest of the business to take them on the journey to achieve a specific objective, rather than a series of tasks. Importantly, they will leave a permanent legacy behind.
Key benefits of using an interim manager
Interim managers can offer an excellent return on investment. The report demonstrates and categorises the many benefits to using an interim manager, including:
- Experience
- Outcomes
- Flexibility and agility
- Independence
- Stakeholder engagement
- Knowledge transfer
Commenting on the report, Mike Fisher, Director at Adastrum Consulting says: “In times of constant disruption and change, an interim executive can add huge value by quickly driving business transformation. However, before seeking an interim executive, it is vital to have a clear idea of your objectives and what you hope your success will look like.
“Businesses should not be afraid to be open and honest about their current situation, as for an interim executive the bigger the “challenge” the better, they thrive on challenge and want to leave an organisation in a great place.
“With the right advice, approach and individual, appointing an interim executive can be the key difference between being the disruptor or the disrupted.”
Read the full report here.