Temporary executives can fill these and other high-level positions for brief periods to keep your small company running smoothly. Although hiring a temporary executive can be expensive, the right person can:
- Fill a critical short-term need in your company
- Help your business expand rapidly
- Guide your company through a new product launch
- Prevent costly mistakes caused by a temporary lack of leadership
- Help you through a transition or reorganization period
- Give you time to seek a permanent hire
Action Steps
The best contacts and resources to help you get it done
Define your requirements
A temporary executive can manage employees, oversee financial operations, run business lines or divisions or run your entire company. Determine which internal tasks need to be handled and for what period of time, and decide how you'll handle things once the period is complete.I recommend: Firms specializing in placing interim executives and managers, such as ReefPoint and Cairn Executive, offer resources and tips to help you define your needs.
Try a headhunter
Most executive recruitment firms offer temporary executive services or rent-an-exec programs. Discuss the specifics of the job and the expertise required. When screening prospects, focus on how an applicant's experience matches up with your company.I recommend: StaffingLinks.com offers a list of regional executive recruiters who handle temporary placements. For national recruitment firms, try Executives Unlimited or Net-Temps.
Consider recent retirees
Retired executives represent a terrific pool of talent for temporary positions. They boast ample experience and often relish a short-term or part-time engagement. Your local Chamber of Commerce or SCORE office may be able to help you find recent high-level retirees in your area.I recommend: Enter your city and state in the search function at ChamberOfCommerce.com to find your local Chamber of Commerce. Enter your Zip code to locate the nearest SCORE office.
Hire the executive under contract
Once you settle on a candidate, negotiate an employment agreement and get an employment contract drafted and signed.I recommend: View examples of executive employment contracts at Onecle.com, or fill out an online employment contract form and an employment offer letter at LawDepot.com.
Announce the hire to your staff
Inform others at your business about the temporary hire and spell out what powers the executive will have. Make the announcement in a memo that includes a brief bio of the person, what the job will entail and why it's important to the company. Be prepared to answer questions and clarify any issues your employees might have.I recommend: American Express offers a sample new hire press release that you can use as a guide in crafting a company memo. Also see the Editor's Note Web site for an example of the wrong and right way to craft a new hire announcement.
Tips & Tactics
Helpful advice for making the most of this Guide
- Thoroughly check background references: Sometimes a résumé that looks too good to be true really is. Take the extra time to confirm work experience, job titles and educational background.
- Check licenses: If you're hiring a professional, such as a lawyer or CPA, check to make sure licenses and professional status are current and clean.
- Provide feedback: Temporary executives are usually highly trained and experienced, which often means they know how they would run things. That may not be how you want things done. Provide enough feedback to keep your temporary executive on track.
- Consider displaced executives: If your company is situated near a large corporation that has downsized or restructured, you may find a collection of displaced executives available for temporary hire.
- Hire locally: If executives have to temporarily relocate to be near your company, they may ask for an extra daily allowance for housing, food and other living expenses. Hiring locally eliminates these additional expenses.
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