An interim non-exec director is there to temporarily fill the gap of a non-exec director. Interim directors provide the expertise and guidance to help stabilise a company after movement on the board.
Interim directors are usually experienced and there to steady the ship during turbulent times. Interim NEDs are often used to immediately replace a non-exec before a suitable replacement is found, or during times of sudden growth where guidance and support are required.
During transitional periods, either because of growth or due to directors leaving, businesses are can be vulnerable and experienced leadership can be vital to ensure they remain profitable.
Interim NEDs are typically hired for 3-12 months and focus on stabilising an organisation in the short term. Unlike a permanent NED who is likely to look at long-term development and growth, an interim NED may be required to help an organisation overcome a more short-term problem.
When hiring an interim non-exec, you want to focus on:
Experience – has the candidate got experience of dealing with whatever situation the company is in now. Will they be able to support the company during a time of transition?
Timely – Interim directors are usually hired because an organisation needs support asap. As a result, you’ll want to look for candidates who can start making an impact from day 1. Luckily, with advances in technology, both the recruitment and processes can be achieved remotely and an NED could be hired and start working for a company, without ever actually meeting the board face to face.
Transferring Knowledge – A key component of an interim NED is to help provide support for a company. By transferring knowledge, both technical and commercial, an interim NED can have a very big impact on a company, even if only appointed for a short amount of time. The most important thing is to have a system in place that encourages and allows an interim NED to transfer as much knowledge as possible during their time at the company.
Transform your business today by hiring an NED. Contact us for more information.