Taking Executive Interims beyond one-dimensional transactions
As someone who has immersed myself in hiring Interim Executives and Interim Management practitioners for over 20 years, I am still surprised by the one-dimensional use of these vastly experienced, highly commercial and very engaging individuals.
The business case and budget associated with hiring an Interim (at whatever level) is typically based on a very linear expectation – what needs doing, by when and for how much. The ROI is often then associated with the success of delivery vs budget. These individuals are seen (IMHO) as the “emergency services” for the corporate world – and they absolutely are – but, they are so much more than just that, and forward-thinking organisations are now beginning to realise the multi-dimensional opportunity within this market.
“Interim executives are seen as the ‘emergency services’ for the corporate world—and they absolutely are—but they are so much more than just that.”
So how can hiring an Interim Management practitioner help unlock and retain high-performing talent?
Why is retaining high-performing talent so important?
Retaining high-performing talent is crucial for several reasons:
- The cost of recruiting, hiring, and training new employees is increasing.
- High-performers are significantly more productive than average employees.
- High-performers often increase innovation and help maintain a competitive edge.
- Retaining high-performers helps develop the next generation of leaders within the organisation.
- Retaining high-performers fosters a culture of excellence and motivates others to perform at their best.
In summary, retaining high-performing talent is essential for sustaining productivity, reducing costs, fostering innovation, and building a strong organisational culture where people want to stay and progress.
What are the common barriers to retaining high-performing talent?
- High performers often seek continuous growth and development.
- Not feeling valued or recognised for their contributions can lead to dissatisfaction.
- High workloads and poor work-life balance can lead to burnout, especially in remote work scenarios
- Ineffective management can demotivate employees.
- Employees need to feel that their work is meaningful and that they are part of a supportive community.
How can Interim Management improve retention of high performing talent?
Interim Management can play a significant role in improving the retention of high-performing talent through a number of ways:
- Interims bring expert skills and experiences that can address immediate organisational and operational needs. Their ability to quickly integrate and deliver results can inspire confidence and demonstrate the organisation’s commitment to progressing financially and operationally.
- Interims can serve as mentors to high-performing employees. They can provide valuable guidance, share industry insights, and help employees develop their skills and career paths through direct mentoring/shadowing and by osmosis.
- As external professionals, Interims can offer an unbiased perspective on organisational challenges and opportunities. This objectivity can lead to more effective problem-solving and decision-making, which can positively impact the work environment and encourage employee innovation and satisfaction.
- Interims can implement new strategies to boost employee engagement, such as recognising achievements, providing growth opportunities, and fostering a positive work culture.
- Interims can facilitate knowledge transfer and ensure that critical institutional knowledge is retained within the organisation. This helps upskill high-performing talent and helps them maintain career growth (even though the role/job title may not change) and reduces the risk of them leaving the organisation to gain that knowledge elsewhere.
Where will the budget come from for the Interim?
By engaging a specialist Interim to undertake an initial capability assessment of the relevant team/individual(s) and bring them into the Project Team / Programme Team the organisation has the opportunity to share the cost with the Learning & Development budget. The benefit of this duality is that it may benefit both/all functions in the short term (think strategic project being delivered at a reduced cost by sharing the budget internally) and the medium-long term by retaining the high-performing talent, reducing the flight-risk and potential future recruitment costs and creating an internal culture of high performers having progression opportunities and progressive career pathways.
Benefits of Utilising Interim Talent
Additionally, utilising Interims in this way – enables the opportunity to curate a more cost-effective budget because the Interim’s days of utilisation could become fractional as the project progresses and the high-performing talent gain experience and understanding, earning the right to lead & execute under their own steam. This also allows the organisation to demonstrate its values of empowerment, inclusion and career development in its workforce. The opportunity to also bring in knowledge and expertise from a different sector, international market and/or competitor organisation has wider implications to assist/improve the success of the overall business.
What’s in it for the Interim Executive / Interim Manager?
Most Interims have established an operational, functional or sector expertise (and associated toolkit) that they enjoy delivering in different situations, environments and circumstances. As such, the opportunity to pass on and transfer their knowledge is an important motivator for them.
Find out more about how Interim Management can benefit you
To find out more about how Heads Resourcing Group have developed a register of highly competent, internationally experienced and hands-on Interim Management professionals that are able to be utilised in a way that provides multiple routes of ROI please reach out directly to me.
david@procurementheads.com | Connect on LinkedIn
Get to know our Interim Management Team.
