What It Is
Sometimes companies need a temporary leader—like a Chief Financial Officer (CFO) or Chief Technology Officer (CTO)—to fill gaps while searching for a permanent hire. If you have executive-level experience, taking on an interim role can be a lucrative and flexible arrangement that leverages your leadership capabilities while maintaining your independence.
How the Monetization Works
In an interim executive contract, you'll typically serve for a period of several months, focusing on critical priorities such as:
- Stabilizing financial operations
- Overseeing strategic initiatives
- Managing departments through transitions
- Implementing organizational changes
Compensation usually takes the form of monthly retainers or hourly rates comparable to senior-level executive compensation. This arrangement differs from standard consulting because you often hold decision-making authority and handle day-to-day responsibilities, though for a defined timeframe.
Example
An accomplished manufacturing executive might serve as interim COO for an automotive supplier undergoing reorganization, earning competitive compensation until a permanent leader is identified and onboarded.
Practical Steps to Get Started
- Define Your Executive Specialty: Identify whether your strengths lie in finance, operations, technology, or other leadership domains.
- Connect with Specialized Agencies: Establish relationships with firms like InterimExecs or Tatum that focus on temporary executive placements.
- Develop Rapid Implementation Strategies: Create frameworks for quickly assessing and addressing organizational needs.
- Establish Clear Agreement Terms: Define scope, duration, compensation, and transition expectations before accepting assignments.
Key Takeaways
Interim executive work is ideal for experienced leaders who excel in turnaround situations or critical projects while preferring time-limited commitments. You'll earn executive-level compensation and experience the satisfaction of addressing complex challenges without permanent employment constraints.
Further Reading & Resources
- InterimExecs – Service matching companies with executives for temporary leadership roles
- Tatum – Randstad's division specializing in interim executive placements
- ExecuNet – Professional network featuring executive opportunities, including interim positions
