Every business is unique, and yours might be considering an acquisition or merger, dealing with a new critical project, or developing a new product. Instead of hiring a full-time employee or using consultancy services, it might be a better idea to consider working with an interim executive for a short-term or project management role.
While interim executives may have diverse experiences, it’s crucial to screen all applicants. Check out some tips below when hiring an executive for a project or short-term management role.
Use A Reputable Interim Management Firm
You can use an interim management firm for candidates to choose the best interim executive for your company. It will help you reduce your workload and shorten your hiring process. Before choosing a staffing firm, make sure they understand your vision and mission or your discipline. Determine how they screen their candidates.
Here are the advantages of using a reputable interim management firm:
- Save time and effort from conducting a lengthy recruitment process.
- Get to hire a high-performing project manager.
- Proceed to implement or start a project as soon as possible.
Know The Difference Between Interim And Full-Time Executives
Interim executives are also called fractional executives who work effortlessly and quickly as talented entrepreneurs with full capabilities to apply strategic concepts for a short-term or seasonal-basis project. Interim managers have years of experience, ahead of permanent executives.
By the time an executive switches to an interim career, expect that their credentials show years of experience in leading different companies through hard times. But how are interim executives different from full-time executives?
Check the difference between the two:
- Unlike consultants who only give business advice, an interim executive works as a part-time, high-level professional by offering advice and implementing business plans in C-level positions.
- Unlike full-time executives, an interim executive works with a company for years without holding a full-time job. They only serve part-time.
Outline The Job Description And Create A Hiring Profile
It’s important to outline an interim executive’s job description and create a hiring profile to guide you about the essential skills, requirements, and knowledge you need in an ideal candidate. The job description should outline the requisite technical skills, competencies, behaviors, education, certifications, and practical experience.
For example, your construction company might need a project manager familiar with construction law, research and development processes, or risk mitigation. Diplomacy and tactfulness might be required to deal with clients. Make sure to create a list of related skills, focusing on what is needed in the short-term.
Ask Relevant Interview Questions
Review the work history of your prospective interim executive before the interview. In this way, you can ask a series of relevant questions to explore the candidate’s leadership skills, behavior, adaptability, and decision-making.
Ask questions about the candidate’s reporting practices, communication methodologies, and change management philosophy. Choose a project executive who can provide a detailed account and results of similar projects.
Here are some questions applicable to interim executives:
- What are the effective ways to keep a globally-dispersed team focused and motivated?
- How should an interim executive handle difficult stakeholders?
- Have you encountered vendor issues, such as a shortage of materials, and how did you handle these problems?
Determine The Candidate’s Specialization
Hire a project executive with a specialization or a talent. For instance, you need a fractional executive who has a knack for aesthetics and design to head a brand redevelopment project. You can narrow down the number of candidates or your options by matching your expectations with theirs.
Hire an interim executive whose strength is an asset, making it easier for them to begin working right away and slide into their new role. Your company or organization can benefit from hiring executives who are naturally good in leadership and project execution.
Know How The Interim Executive Wants To Get Paid
The pay for temporary executive jobs is commensurate with what one could get for a full-time position with fewer benefits. Interim executives don’t usually get relocation fees or signing bonuses. Interim managers charge by hourly rate, and it tends to be slightly higher because of their short-term role.
Hiring an executive for a short-term or project management role involves reviewing the candidates’ credentials and asking the right questions so that you can screen them properly. It also pays off to use an interim management firm to screen candidates for you to ensure you only hire a top-notch executive who has similar goals and principles with your company or shares the same values of your organization, as well as demands reasonable pay.
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