The Gig Economy and the Interim Executive
The Gig Economy and the Interim Executive
Written by Carmen Jeffery, Principal Interim Leadership Solutions at Phelps
As the Gig economy hits its stride, so too has the presence of interim executives. Try a search for “Interim” on LinkedIn in your “people search” and you’ll see what we mean. Those in Human Capital Management will attest that most medium to large scale organizations have an interim or two stepping in to take over the helm of a mission critical business unit or function when no one internal is able or available.
Put simply, Interims are self-employed executives who are hired to fill leadership gaps. These Gig opportunities present themselves not only at the mid to senior executive levels but also at the board level. Interims do the work – consultants hand it off.
The typical catalysts that create opportunities for interim hires are retirements, sudden departures, maternity leaves and unforeseen circumstances that generate the unexpected. Organizations often hire interims when faced with precariously long cycles to hire their own full-time leaders. Executive Search cycles can take 3-6 months, Interim Search cycles can be as fast as 24 hours.
A look at the top Freelance job platforms in North America will convince any one that the age of freelancing is well upon us. The Gig workforce is a veritable part of any progressive workforce planning and is ensconced in most CHRO’s frameworks towards enhanced employer branding and workplace innovation.
The amount of incorporated self employed individuals has doubled in Canada since 2000. The age for self-employment has also been on the upswing with 4 out of 5 self employed people are over the age of 35 in Canada alone. By 2020, 45% of our Canadian work force will be freelance.
Interim executives are a growing faction of the Gig economy, playing an essential part of creating high returns and visionary plans for Human Capital.
To talk to us about how Phelps’ Interim Leadership Solutions can help you, please contact us.