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By Mark Bartz

The boom in temporary executive placements started in Europe, where companies face labor laws making it very difficult to terminate employees. Terms for these types of opportunities vary-"Contingent Executive" or "Interim Executive" or "Executive Temp"-but the premise is the same: You provide a strategic leadership role for a company, within your areas of expertise. An added benefit-interim roles often provide excellent income. Our research showed an average of at least 20% better compensation than the same permanent role.

Just How Big is This Wave?

Various market analysts and executive search firms observed a notable increase in activity over the past several years. For example:

• "The number of executives we have ready to move into (interim executive) engagements has increased almost 40% from 2001 to the end of 2003, and in the past year our total engagements have increased 12%." Source: Eric Archer, president of Spherion Professional Services.

• "By all accounts, the use of interim executives is growing, with some placement companies seeing 50% increases in business in 2004 over 2003." Source: Dale Buss, WSJ.com

• Staffing Industry Analysts, Inc. claims the interim executive market for the U.S. could exceed $750 million per annum present year.

Who Hires You?

Interim positions can be found either through a placement firm or directly with an employer. Most search firms specialize in a discipline (e.g. Sales, IT, Finance), so make sure the firm specializes in your discipline.

Search firms both large and small are building capabilities to place interim executives. Most of the largest recruitment firms in the U.S.—including Heidrick & Struggles, Russell Reynolds, Spencer Stuart and Spherion—now have specialized practice areas for interim executive placement. Some of the leading firms in the interim executive sector are based in the UK, but have a U.S. presence, e.g., Brooklands Executives Limited, BIE Interim Executive, and KMC Interim Executive. Some smaller firms to check out include MarCom Placements, Larta Institute, MarketPro, Sequel Management and Executives Unlimited, Inc

If you wish to work directly for an employer, your best bet is to connect with start-ups and pre-IPO companies, underperforming companies looking for turnaround leadership, and/or companies doing multi-city national roll-outs. Venture capital and private equity firms can be a good source for finding these types of interim roles, since they are always on the lookout for executive talent for companies in which they have invested.

What Are Employers Looking For?

Previous executive-level, industry-specific experience would be nice, but it's not critical; the employer often wants a fresh perspective with no preconceptions of their industry. The ability to hit the deck running and crisis management skills are both critical. Employers seek a broad base of experience; obviously, wisdom comes from experience. Typically, temporary executives have 10+ years of experience within their discipline, e.g. consumer product branding. The candidate could be a builder or improver: If the company is in start-up, usually a builder. If the company is a "start up gone awry," as happens often these days, they seek an improver. In many cases, a company may need both.

A typical interim executive role lasts three to six months on the low end, but an assignment can often last over a year. Regarding the difference between interim executives and management consultants, interim executives are more hands on. They are physically on site and part of a management team. They usually report to the CEO or President or directly to the board of directors. Their work is both tactical and strategic. Often, they are in a crisis management mode.

Jim Zebrowski, Co-Founder of SuperShuttle and president of the Aims Group said of the emerging trend in interim executive positions: "The key interim services are often transferable to multiple industries, be that entertainment, new media, advertising, tour, travel & hospitality, wholesale/retail, etc. The core interim services are typically business development, consumer product branding, development of Sales & Marketing groups, operations effectiveness, franchise and licensing, contract negotiations, and finance & accounting."

What's the Future of This New Wave?

Cynthia Dai of Dainamic Consulting believes the trend will grow as employers become more comfortable with the concept: "It's still a somewhat novel idea. The idea of hiring an 'executive temp'-and I hate using that term-is going to take awhile for employers to embrace. But the need is there for experienced executives to either launch a new company or turn around operations at a failing company/division."

Kathleen McCaffrey of MarcomPlacements.com adds: "Interim execs have a much better chance of being hired than management consultants. Most people think the two practices are virtually identical, but they are not. Executives are far more accountable - and often make large measurable improvements to an organization. That puts them in good stead to be hired. The emphasis of their work is often more on the strategic than on the tactical. That can vary, but that's the sweeping larger picture."

Mark Bartz is a senior writer for ExeCareers.com, which helps sales, marketing and business development professionals land their desired positions. He has been featured in the WSJ-Career Journal, ExecutiveRegistry and Netshare.com. He resides in Florida or Michigan - depending on the weather.

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