Manage CEO Turnover with an Interim Executive

TURNOVER

It’s no secret that the senior living and healthcare industry is experiencing high turnover rates, especially at the C-suite level. These rates are being driven by a generation of CEOs reaching retirement age, leadership performance improvement expectations, and industry consolidation. But knowing why isn’t going to help your organization if your CEO leaves today. Especially when the absence of a CEO negatively affects financial performance, community relationships, and employee retention. You can protect your organization in the short term by minimizing the negative consequences via an interim executive.

WHO THEY ARE

Interim executives are often seasoned, experienced, C-suite-level leaders. They require minimal training, which means smoother onboarding and almost instant time-to-impact. An effective interim C-suite leader can provide strength and focus, and keep the day to day operations on track, while allowing time to patiently find the right person to fill the position permanently.

WHEN TO USE THEM

A vacancy of any kind is cause to at least consider the quick recruitment of an interim executive. Engaging a C-suite interim leader is a far better alternative than maintaining a vacancy, or passing on the assignment to an internal leader who may already be overburdened.

Having an interim executive can be especially helpful during tense situations such as restructurings. The interim leader can be introduced to make significant functional changes, navigate difficult negotiations, and engineer any departmental reorganization. After the interim exits, the negative feelings surrounding the reorganization exit with him/her. Essentially, the interim can make tough transactions to set the permanent placement up for success and a fresh start.

Alternatively, there may be an occasion where an organization can’t justify hiring a full-time executive, but can implement an interim executive on a short-term basis to achieve a specific goal. A seasoned interim executive can add depth to a team looking to reposition a campus, conduct expansions or construction, or seek bond financing.

HOW TO IMPLEMENT

The strategy behind utilizing an interim C-suite executive should be a top priority in an organization’s workforce portfolio. Contact the team at LeaderStat Premier to put your interim plan in place.