STATE OF EMPLOYMENT
It is clear that we are facing tough economic times on a global basis. Many company owners, CEO’s and top level management have reduced their salaries and have asked their employees to reduce their work week to four days and take a corresponding cut in salary.
One option is to hire a temporary executive. Yes, executive temps are gaining momentum in this market. Downsizing has made high caliber executives available to work on a temporary basis. Temporary executives differ from consultants in that they provide more than just strategic input. They know how to analyze, executive and operate. These executive temps typically work closely with a company’s top managers and their staffers and are viewed as a member of the management team.
Companies are hiring temps at the executive level for a variety of reasons including:
- Reducing overhead by controlling the number of hours worked by the executive and not having to provide benefits such as vacation time, sick days and health insurance;
- Filling a vacant position until the permanent placement can be found, particularly after a sudden departure or a baby boomer retirement;
- Bridging the gap between the resignation and on-boarding of the new executive who may take longer to sell their home and relocate in this depressed housing market;
- Filling in for a key employee who will be gone for an extended time;
- Expanding your business rapidly;
- Preventing costly mistakes caused by a temporary lack of leadership;
- Helping through a transition or reorganization period;
- Guiding the launch of a new product or service;
- Completing a special long term assignment; and
- Addressing a specific problem, opportunity or new technology.
The executive temp tends to be results-oriented since the emphasis is on completing a specific list of tasks without distraction of corporate strategy or politics. This allows you to reduce your overhead and expand your capabilities to give you the competitive edge you want.
Executives say that working on a temporary basis means they have more control over their schedules. They like the ability to take time off between their assignments to refresh themselves. Some interim assignments do not require the executive to work a full week or to be on site. Some executive who want to secure a permanent job find that the short term assignments offer a way for the employer and them to get a sense of the fit.
The executive temps are compensated well and can earn more than working full time because they get paid for every hour worked rather than working much more than 40 hours on a salary. They also have opportunities to build their portfolios with new skills.
The executive temp will have opportunities to travel but the downside is that they will make frequent moves to places far away from their families and will be away from their families for long periods of time.
Do you use temps at the executive level? Do you have a critical staff member approaching retirement or about to resign? Are you interested in working as an executive temp? We would like to hear from you. Contact JK Consultants at 209-532-7772.
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The JK Consultants Team