When Hiring Leaders “For Now” is the Right Approach

Canadian organizations searching for their next generation of leaders are facing a talent crisis exacerbated by a rapidly evolving and aging workforce, a widening skills gap, and increased global competition for top talent with leadership potential. In fact, according to a recent Lee Hecht Harrison executive survey, Canadian executives said the top challenge facing their organizations’ senior leadership teams was “lack of internal leadership pipeline” (36%).

As hiring managers look to quickly identify and engage their future leaders, they are beginning to embrace new and agile ways of hiring and retaining talent. One of these approaches is shifting the hiring mindset from looking for “forever” leaders to looking for “for-now” leaders.

The “For-Now” Solution: Executive Interim Management

When developing their succession planning strategy, many organizations picture hiring leaders that will be with them for many years to come. However, sometimes the best approach is to look for leaders who will simply get your organization through a challenging or transitional period before handing the reins over to a more long-term team. That’s where executive interim management comes in.

Interim executives can provide your organization with leadership that is both adaptable and effective at a time when you need it most. Hiring interim executives can give your organization benefits such as:

• An immediate solution to a leadership vacancy
  The Baby Boomer generation (born between 1945 and 1964) is one of Canada’s largest. By 2030, the last “Boomers” born in 1965, will turn 65 and the country is already feeling the impact–according to StatCan, in 2021, 2022 and 2023, the labour force participation rate was at its lowest level in two decades, 65%.
  
  Whether expected like a retirement, or abrupt, leadership departures create voids in your organization. Interim executives understand the assignment. They adapt rapidly, embracing objectives and delivering immediate value.


• Mentorship for potential successors
  As older leaders begin to reach retirement age, many of them, for various reasons, are not completely ready to walk away from their roles. Many of them are willing to take on an interim leadership role and share their knowledge, so take advantage of their years of experience.
  
  Interim executives often guide and support successors with a consultative approach, imparting the skills required for growth while driving change and delivering results. As they work through present challenges together, it can be a major boost to the confidence of the future leader to get positive feedback from their mentor. It also gives them a valuable resource for questions and advice, and a sounding board for ideas and frustrations.
  
  According to research by the Wharton School of Business, those who receive mentoring are five times more likely to be promoted and 49% less likely to leave their organizations than those who don’t.


• Objective and specialized insights during a time of change
  With diverse backgrounds, interim executives offer fresh, outside perspectives on strategies, policies, and talent needs. Their impartial viewpoints provide a catalyst for change and innovation.
  
  Additionally, interim executives often have a specialized skill set to help you with a specific need, such as reshaping strategies, restructuring functions, managing M&As, or undergoing a significant business transformation.

There are many leaders who prefer these interim or fractional type scenarios. In some cases, it allows them to focus on the business challenges or phases that energize them the most. Additionally, when organizations are open to hiring interim executives for remote or hybrid work, they expand their talent pools and increase their opportunities to work with top-flight leaders outside of their local market.

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