Introduction: Sudden Gaps in Leadership
Have you ever been there before? As CEO of a growing company, you're faced with a sudden departure among one of your top executives. Or perhaps you're in a top HR role, and you're faced with replacing a crucial strategic position on the executive board. This could be for a number of reasons: an unexpected illness, someone leaving for another opportunity, or parental leave. Oftentimes when we're faced with such a departure, we dread the long hiring process required to find exactly the right profile to fill the person's shoes. But the gaping holes left by sudden departures shouldn't have to have such a negative impact on your business outcomes.
Enter Interim Management: the solution to your urgent executive needs. Today’s business landscape is dynamic and often unpredictable, showcasing the need for agility and rapid problem-solving. Interim managers are highly qualified, experienced professionals who are used to stepping in at a moment's notice, most often to provide executive oversight during periods of transition and transformation in a company. And you're not alone: according to a study conducted by Robert Walters released in 2023, 61% of European companies surveyed had hired an interim manager to temporarily replace a full-time employee. The traditional, time-consuming approach to talent acquisition can fall short when you require steady leadership: this is where interim executive managers step in.
Use Cases for Executive Interim Management: Transformation is Part of the Process
Several common scenarios make interim executives essential to business across all industries:
The expert vetted profiles you'll find on Malt Strategy are able to step in and succeed thanks to their ability to provide:
What sets executive interim management apart from consulting
Interim management is the solution to meet crucial business needs in crisis situations: a highly skilled, experienced, and knowledgeable independent expert is taken on as a temporary replacement for a suddenly absent business leader or lacking resources for a project. These interim directors are contracted to manage specific projects, fill gaps, and/or drive transformative change. Interim managers can be brought in much quicker than a traditional hire: Malt Strategy provides a shortlist of candidates within 24 hours of receiving your brief. These profiles provide specialized expertise when it's needed most.
Unlike consulting, which typically focuses on advice and strategy, interim managers take on operational roles, leading teams and implementing solutions. On Malt Strategy, 40% of the profiles on our marketplace are interim managers, compared to 60% strategy consultants. Businesses, particularly mid-size and enterprise companies, turn to interim management when they need decisive leadership, specialized skills, and tangible results, without the long-term commitments of a permanent hire. These professionals provide leadership, expertise, and results on a contractual, renewable basis. On Malt Strategy, you'll find profiles such as Petra Beer-Michaud, who completed a project last year as Interim Senior Marketing Director with Coty DACH, and Charles Bianchi, who recently stepped in at Skello as Interim CFO.
The 2024 INIMA European Survey (International Network of interim Manager Association) shows that the most mature markets in Europe concerning interim hires are in Germany, Switzerland, and the UK. On Malt Strategy, most candidates are available to work internationally, although the vast majority of them are located in either the DACH region (40%) or France (23%).
How to find the right interim manager
Once you've identified the need for an interim director, time is of the essence and you'll want to get someone onboard as soon as possible. Finding an interim manager who is available straightaway, and also possesses the right skills and experience for your specific needs is crucial. Malt Strategy streamlines this process: submit a project, and our sourcing team will deliver a curated selection of independent profiles within 24 hours.
Beyond immediate availability, there are several other criteria to consider when selecting the right interim manager:
Hiring a permanent employee can take months: by contracting with an interim manager on Malt Strategy, you can cut down your immediate hiring process from 9 months to 6 days.
The Onboarding Process: Getting It Right
We talked to a handful of top Malt Strategy interim executives while researching this piece. Among them, Petra Beer-Michaud, a Franco-German marketing executive in the beauty industry who recently completed a 11-month project with Coty DACH through Malt Strategy, uses a Statement of Work document to set the right expectations before beginning any new project.
“As an interim executive in marketing,” Petra explains, “I'm the magic resource for any beauty brand looking to turn things around.” Petra uses her Statement of Work to outline all of the specificities of her work and the project at hand, while remaining open-minded to the inevitability of modifications along the way. “It will never cover exactly everything,” she specifies, “it will evolve during the lifespan of the project.”
In terms of timing, most interim managers stay on for less than a year, with many reporting that their initial projects were renewed at least once. The Robert Walters market report confirms that the average duration of assignment for an interim manager was typically 6 - 12 months (46%,) while longer assignments of 12-18 months made up 21% of those surveyed.
Take-off: Providing Immediate Value
Interim executives are used to working under extremely high pressure: all of the experts we spoke to while researching this piece stressed the importance of providing value to their client immediately, or at most, within the first three days of the project.
How do they do it? One German change management expert we spoke to explained their methodology: “I pride myself in being able to really quickly read between the lines. I ask a lot of questions, and I meet with every single stakeholder involved in the project.”
When we asked them how they go about getting buy-in from the teams reporting to them, they explained: “It's crucial to build trust, and the way I do it is by actively listening to people. When they feel comfortable with you, they will let you know what's on their minds - they'll tell you why they feel guarded, what kinds of bad experiences they've had in the past.”
Another expert we spoke to, French Interim CFO Charles Bianchi, shared that thanks to his years of experience (including a 5-year tenure at McKinsey), he uses a systematic approach that allows him to focus very quickly on the essentials in order to be productive and efficient from the very start of a project. Recently on a project with Skello, through Malt Strategy, Charles “presented a 5-year business plan to the Board of Directors only two weeks after arriving. This ability to execute quickly and deliver tangible results is essential to establishing credibility as an interim executive.”
Success Stories: Making an Impact
Interim managers are able to consistently deliver measurable results. For example, one of the executives we spoke with led a €50M restructuring project in 6 months, while another successfully guided a company through a critical merger.
Sharing her method to success, Petra Beer-Michaud says: “I have this approach, I call it the ‘bigger cake’ approach (or interest-based negotiation): rather than fighting over the biggest piece of the cake, I try to understand the needs and stakes involved to ensure we make the cake bigger. I believe this is one of the best ways to ensure a successful negotiation.” Petra's technique illustrates the collaborative and strategic mindset that interim managers bring to any project.
A German change management expert we interviewed, on the other hand, emphasized the impact they make: “People call on me if they need transformation that sticks. They want to make a real impact, or a transformation in their cultural DNA. I don't use cookie cutter frameworks, I come with a unique perspective. I accompany them on their journey and make sure they meet their destination safely.” Like all of the experts that we spoke to, their approach is personalized and results-driven, building on years of experience.
Petra refers to “getting my hands in the engine,” while another expert describes it as “putting my fingers in the wound.” Both emphasize the hands-on approach and willingness to address tough problems. Focusing on results ensures that interim managers drive change and achieve measurable outcomes. One expert advises, “The most important thing is trying to really actively listen to people. They will let you know what's on their minds.” This underscores the importance of understanding the people within the organization.
Conclusion: The Future of Interim Executive Hiring
The demand for flexible executive talent is increasing, and digital platforms like Malt Strategy are revolutionizing talent access. Interim executive management offers a powerful solution for businesses seeking immediate expertise and leadership. For your next urgent interim needs, leverage Malt Strategy to swiftly connect with top-tier executives who deliver exceptional results.
