Having a qualified and competent executive management team is integral to the success of any organization. One of the great challenges a company faces is during seasons of rapid growth and expansion. These events can be challenging for even the most seasoned executives, from mergers and acquisitions to reorganizations and leadership changes. This is where Interim talent and succession planning can play a pivotal role. Experienced executives can provide leadership and support during these times of change, enabling organizations to navigate these transitions more quickly and ahead of the competition.
Common areas where businesses must scale during a rapid growth cycle include:
- Operations and manufacturing processes
- Marketing strategies and programs
- Technology platform selection
Our latest article will explore how we can use the art of succession planning & lean into the strategy of interim executive talent. In conjunction, both are proven to help guide organizations with goals of improving operations and manufacturing processes.
The Role of Succession Planning
Succession planning is a proactive approach to leadership development that benefits both the organization and its employees. When done effectively, succession planning can:
- Ensure Continuity: Smooth transitions minimize disruptions, helping the organization maintain its stability and performance during leadership changes.
- Develop Talent: It identifies and develops high-potential employees, providing them with the necessary skills and experiences to take on leadership roles.
- Improve Culture: Employees appreciate opportunities for growth and advancement within the company, which can lead to higher job satisfaction and retention.
- Enhance Innovation: A pipeline of capable leaders can bring fresh perspectives and ideas to the organization, driving innovation and adaptability.
What is an Executive-As-A-Service Model?
The world of interim management, a specialty that has grown significantly through the years, has offered an alternative route for companies wanting to maintain forward motion while re-evaluating what is needed to take them into the future. As opposed to a full-time executive search, interims can be on board in a matter of days.
Executives who specialize in interim management have track records building, fixing, stabilizing, and growing companies around the globe. In an executive-as-a-service model, companies can bring in an executive to temporarily fill a specific role – CEO, COO, CHRO, etc. – or to serve alongside the current management team to execute on a big initiative where clear vision, leadership, and even mentorship is needed.
While interim executives are often tasked with first assessing the state of a business and putting together an action plan, they are more than a consultant and embed themselves in an organization to execute on a plan. Interims are held accountable for results, so while they work to address some of an organizations most pressing challenges or opportunities, they may help define what is needed in a full-time executive before finding their permanent replacement. Or they may prepare someone internally to step into the full-time role.
Five common situations where hiring an interim executive may be appropriate:
1. One of your top executives is fired or suddenly leaves.
2. The business is growing fast, and needs help getting to the next level.
3. You are venturing into a M&A or post-integration process.
4. Your business is in trouble and needs restructuring or turnaround.
5. You need unique skills and experience to lead a big project or business transformation.
While they are not permanent employees, they can provide invaluable support to succession planning efforts in several ways:
- Mentorship and Coaching: Interim executives can serve as mentors to internal candidates, offering guidance, feedback, and coaching to help them develop the skills and competencies needed for leadership roles.
- Immediate Leadership: If there’s a gap in leadership due to a sudden departure or other circumstances, an interim executive can step in to fill the role temporarily, ensuring the organisation doesn’t lose momentum while internal candidates continue to develop.
- Knowledge Transfer: Interim executives can facilitate knowledge transfer from outgoing leaders to internal successors, helping them understand the intricacies of their new roles.
- Objective Evaluation: They can provide an objective assessment of internal candidates’ readiness for leadership positions, helping the organisation make informed decisions.
- Accelerated Development: Interim executives can create customized development plans for internal candidates, accelerating their growth and ensuring they are well-prepared for leadership responsibilities.
- Change Management: If succession planning involves organizational changes or restructuring, interim executives can lead and manage these transitions effectively.
Succession planning is not just about identifying future leaders; it’s about developing them to ensure the continued success of the organization. Interim executives bring a wealth of experience and expertise that can significantly contribute to this process.
Check out our new ‘Elite Candidate Attraction’ Tool. It’s designed to give HR teams within small to mid-sized Manufacturers’, insight into what they can do to ensure the most efficient hiring strategy is in place, at all times. You will also be provided a customized report that you can share with your team. Check it out via the link below.
