Everything you need to know
- What is the Association of Interim Executives
- What is an interim executive?
- Why don’t interim executives want full-time jobs?
- How does the Association’s executive search services work?
- How much do interim executives cost?
- What size companies do you work with?
- How is an interim executive different from a consultant?
- How do you find your executives?
- How is interim different from a permanent employee?
- Does this replace my permanent search?
- How long do interim assignments last?
- How many candidates will you show me?
- I know I need help, but I am not sure where to begin.
- I am an executive and want to join the RED Team. How is membership determined?
What is the Association of Interim Executives?
The Association is the global authority for interim, contract and project executives and serves to educate the business public on interim management and foster connections between companies and executives. Through the Rapid Executive Deployment Program™, we deploy veteran Interim Execs into companies facing a leadership gap or challenge such as declining sales, operational inefficiencies, roadblocks in launching a new initiative, product or service, or misalignment within the company.
Why don’t interim executives want full-time jobs?
Interims are not wired like the permanent executive. This is highly challenging work that demands skills, motivation and repeated ability to deliver extraordinary results. Interim CTO Damon Neth says: “I guess I’m an adrenaline junkie. I love interim work because it’s fresh and exciting. I’ve always been a new initiative type of person, so I’ve been providing high-end professional services for 30 years, a lot of time around large technology implementations and project-based, high impact work.”
How does the Association’s executive search services work?
We work with companies, board members and investors. After evaluating their needs if we believe a great match can be made between the company and an executive, we will make one or more recommendations. Our evaluation and search is free. When you secure the services of an executive whom we have introduced, we act as agent and back office for the executive and the cost to the company includes a markup.
How much do interim executives cost?
There are no off-the-shelf rates. Interim execs prefer to learn about the challenge and then decide how best to be compensated. As you could expect with high performing professionals, based on the situation and fit there is latitude and flexibility in their compensation approach.
What size companies do you work with?
From early stage to multi-billion dollar companies. For companies that are not at a size where a full time executive is needed, the rent-an-executive model gives access to C-level talent that can be engaged on a fractional basis.
How is an interim executive different from a consultant?
While consulting revolves around producing analysis and delivering a thought product, interim execs may take on a fiduciary responsibility in their roles with a client corporation. They implement the changes and execute on tasks and responsibilities. They are measured on success and must be able to move fast since a traditional assignment is usually measured in months, not years.
How do you find your executives?
We are not a traditional placement firm. We have talked to and met thousands of interim executives around the world going back 20 years, formalizing a network 8 years ago which evolved into the Association. We separated the true interims from job seekers or consultants (we are big fan of implementation vs. just giving good advice). And then we made even more decisions among interims, deciding who produced superior versus just average results. Based on this we select and continually refine an elite team called the RED Team: interims around the globe who specialize in interim, project and fractional assignments and who can be instantly deployed within hours and days. If we believe we can make a great match, we do not have the typical multi-month search process that permanent search firms have.
How is interim different from a permanent employee?
Interims have their own corporate entities and are not employees of the Association or your company. You also save the cost of additional benefits: no severance, no employee benefits (i.e. health insurance, 401k, hiring bonus, relocation costs). To be a world-class interim, you are measured on results. No results, you don’t stay.There are no long-term binding contract and for full engagements, we work with 30-day cancellation periods so that you can make sure you have the best interim executive on board.
How long do interim assignments last?
Assignments usually run a few months to over a year, but it completely depends on the needs of the company. For example, an unexpected executive vacancy could mean an interim is on board 6-9 months while a permanent search is taking place. A private equity firm may want to grow a company to prepare it for sale, which could take 2 – 3 years. Or a corporation undergoing a technology transformation, may bring on an executive for the project duration.
How many candidates will you show me?
Showing you lots of resumes doesn’t work for interim engagements. With interims you seek skills and experience, rapid analytic ability, confident decision making and instant availability. This is not a mass numbers game. It’s about excellence on demand.
I know I need help, but I am not sure where to begin.
Do not fear! In many cases a company doesn’t know the full extent of the problem or opportunity – an outside perspective can shine light on what needs to be done. Interim Executives usually begin with a TASC Assessment (Targeted Assessment for Strategy and Clarity). Over a course of a few days to a month, an operating executive will look under the hood of a company to evaluate everything from finance, technology, marketing, operations and sales and determine if a company is on the right path. Specialized executives with deep operational experience from companies ranging from early stage to Fortune 500 will deliver a roadmap of their findings and can also be engaged to come onboard to spearhead the execution and implementation phase.
I am an executive and want to join the RED Team. How is membership determined?
Each year a select number of executives are invited to join (or renew) the RED Team. We have developed criteria for membership to ensure only executives with bona fide credentials can join the Association, including a minimum of 3 successful interim assignments. Experienced executives and entrepreneurs with a demonstrated track record of success, quantifiable benchmarks, subject matter expertise and ability to perform in contract and project work are key.