10 Considerations and Challenges for Interim Executives

As an interim executive, you have the unique opportunity to make a significant impact on a company in a short period. However, this role comes with its own set of challenges.

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At Gig Executive , we specialise in connecting businesses with experienced and motivated interims who can drive positive change quickly. Here are ten key considerations and challenges faced by interim executives:

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1. Managing Client Expectations: Interim executives often face high expectations from clients who may have urgent or unrealistic demands. It's crucial to set clear goals and communicate effectively to ensure both parties are aligned on what can be achieved within the interim period.
2. Feeling Like an Outsider: Unlike consultants who work from the outside in, interims work from the inside out. While most interims are welcomed by their peers and teams, there are times when they can feel like outsiders. The problem diagnosed by the client might not be what you perceive with your external and objective lens. It's essential to work constructively with your interim executive partner and the host employer to bridge this gap effectively.
3. Return on Investment: Interim executives frequently face the misconception that their fees are excessive. Clients often overlook the impact, taxes and business risks included in the invoice. However, the value provided by an interim executive typically exceeds the cost, making the investment worthwhile.
4. Lack of Long-Term Recognition: After solving problems and improving operations, interim managers usually leave before they can see the long-term benefits of their work. This lack of lasting recognition is an inherent aspect of the job.
5. Not Working at Scale: Interim executives are often overqualified for the roles they are brought in to fill. This is done to boost return on investment, have a more significant impact, and bring a depth of experience to the challenges faced by the organisation. Being comfortable working at a smaller scale or with less responsibilities in your executive career and seeing the benefit you can bring is therefore crucial.
6. Insecurity: Interim executives must be financially independent and comfortable with breaks or gaps in their work. It's advisable to have at least three income streams: interim work, board work, and self-sourced consulting work. This diversification helps manage periods of inactivity and ensures financial stability.
7. Generalist is Good. Specialist is Best: While general leadership credentials are sought after, specialisation will always win. It's imperative to identify not only your value proposition but also clearly articulate what you are known for in your immediate network. Is it your ability to restructure debt, your network of institutional investors and private equity, review and lead the cultural transformation of an organisation or your ability to find efficiencies across a business? Defining and communicating your niche helps attract the right clients and ensures long-term success.
8. Challenging the Status Quo: Interim executives are often hired to provide objective and constructive criticism. Being comfortable with challenging the status quo is essential. Success lies in turning "his solution" into "our solution" by gaining buy-in from the team.
9. You Are Part of the Problem: When joining an organisation, you may enter a challenging or even toxic environment where leadership is not trusted. It's important to remain objective and empathetic to those you lead in the interim role, leave your ego at the door, and remember it's not personal.
10. Travel and Working Arrangements: While interim executive roles are available in major cities like Melbourne, Sydney, and Brisbane, significant opportunities exist in regional areas across Australia. Those willing to travel or adopt fly-in-fly-out arrangements will find more opportunities. Clients are often flexible with travel and accommodation expenses and support remote working to ensure a work-life balance.

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Why Choose Interim?

Despite these challenges, interim management offers unparalleled freedom and independence. It allows professionals to work in diverse business environments and with a variety of people.

Interim executives focus on delivering fast and direct results, avoiding prolonged meetings and bureaucracy. If these rewards resonate with you, a career as an interim can be highly fulfilling. Embrace the challenges and enjoy the freedom to shape your career and personal life.