I’ve been a temp, used temps where I’ve worked in the past and, of course provided temps to my clients. The world of temp staffing is very well known, you may well have temped yourself at some stage in your career. Many companies regularly call on agencies to supply quality verified staff, with little notice. These are typically for short-term secretarial, administrative, HR, IT or service needs. Less well known is ability to meet more senior management and short-term project needs through Executive Leasing Services or, what Rob likes to call ‘posh temps’.
Executive Leasing represents a smart management tool enabling organisations to engage a defined skill set or area of specialisation, targeting a specific need without the required commitment, complication and expense that is the consequence of permanent employment.
Executive leasing on the rise
In a world that is seeing major workforce disruptions, home isolation and increasing separation due to Covid-19 and sick leave, there exists increasing pressure on managing margins and maximising efficiencies, mitigating risk and ensuring business continuity. Executive Leasing is on the rise.
Organisations must be increasingly agile and responsive when faced with responding to the potential staffing and resourcing issues triggered by Covid-19. The smart ones are looking hard at changing the way they engage resources and are building as much flexibility into their skill base as possible, without sacrificing their ability to achieve strategic goals. With inflationary pressures causing the market to tighten in certain sectors some companies become wary of inappropriately increasing the permanent head count. For many SME’s the exec lease management tool is a way in which specialist skills, not otherwise accessible by an organisation, can be engaged with relatively low risk.
Ensuring success of temporary executives
In order to ensure success and manage the risk associated with bringing someone into a business to handle a specific need, there are a number of critical factors that must be considered. Of particular importance is the need for clear communication between consultant and client to make the executive leasing process measurable and accountable through:
- thorough scoping and role clarity so that the drivers, outcomes required and indicative timeframes involved are understood
- establishing ownership for the desired outcomes
- implementation of a transparent monitoring system enabling client and consultant to regularly check progress, ensuring that expectations are met.
Executive lease applications
Leased or contracted executives are employed in virtually every industry. Traditionally, companies sought temporary workers for industrial or administrative positions but in recent years more specialist technically skilled individuals, with a wide range of educational backgrounds and work experience, are being employed on a temporary basis. These individuals tackle the critical one-time or periodical projects that are limited in time and scope but integral to achieving the goals of an organisation.
The highest use for Executive Leasing remains with the covering of critical business needs due to absences or secondments. It is also commonly used for specific new opportunities and projects and supporting new areas of business growth and revenue, such as set up and commercial analysis. The demand for feasibility work, project management, business analysis or the establishment of processes and systems is another common area where this tool can be of value.
Executive Leasing has also been used to allow employees an opportunity to try the next rung on the ladder, whilst their role is ‘back filled’ with a contractor. This sends a clear message through the organisation that promotion and a new role need not be associated with risk and or failure.
How it works
The exec lease candidates complete online timesheets which are authorised by the hiring manager and your consultant manages the assignment and payroll. Some temporary executives are GST registered and this can be managed in the same way through the agency to keep things simple and consistent. Given the reputation Bishop has in the HR Sector, we also often have a range of consultants providing exec lease HR support at a variety of levels. What you may not know however is that we are regularly providing short-term solutions for project management, IT or business analysis, operations needs and even for short-term CEO or executive cover.
Ultimately the uses for Executive Leasing are limitless and cover everything from role backfilling to project work, feasibility studies, leadership cover and business recovery and has even been used for the implementing a virtual sales force and the creation of business documentation. It is a management tool that can be used to respond easily and quickly to workflow fluctuations and a cost-effective way to maintain staffing flexibility, inject specialised skills and achieve the strategic management goals of businesses of any size.
We can help
Whilst the candidate market is currently challenging, the team at Bishop are generally able to access a range of highly employable executives with a broad variety of skills. So, if you are looking for short-term projects to keep you busy or have a need within your business for additional support and you’re keen to find out more – drop us a line for a chat.