Hire Interim COO (Chief Operating Officer)

Strategic leadership positions are essential for a company to function smoothly. However, due to unanticipated events, sometimes, a top-level executive can step down, leaving a void in the organization. Chief Operating officers are second in line of command after the CEOs. They have a critical role in the company, as they supervise the day-to-day operations and find growth opportunities for the business. But what happens when a COO leaves and the company has no immediate replacement?

Who is an Interim COO?

When a permanent Chief Operating Officer resigns from their role, filling the gap instantly can be difficult. Therefore, while the company searches for the ideal candidate, they need someone to take over for the time being. The modern business world has a solution to every problem. In this scenario, an Interim COO is the best solution. As the name suggests, an Interim Chief Operating Officer is an action or provisional chief operating officer who is brought into the company for a limited time. They will not have a long-term relationship with the company. However, their role will be significant, especially if the company is in crisis. 

Additionally, the Interim COO brings a fresh and unbiased perspective to the company’s problems. Since they have experience, they can help solve complex issues. The existing team gains valuable insights from experienced leadership and mentoring. An Interim COO can also prepare the team for efficiently handling future crises of a similar nature.

When is the right time to hire an Interim COO?

An Interim COO steps into the organization when there is an unexpected vacancy due to some unforeseen reason. In case the existing COO resigns, falls sick or decides to discontinue, an Interim COO can take their place till the company finds the right replacement. They can also be a cost-effective solution for some small and mid-level businesses.

Responsibilities of an interim COO:

The interim COO takes care of the business in the absence of a permanent COO. Hence, although they are associated with the company for a short span, their responsibilities are no less than a full-time COO. The key responsibilities include:

  • Develop and execute operational strategies.
  • Participate in developing and introducing new products.
  • Create a roadmap to improve operational efficiency.
  • Monitor operational performance against KPIs.
  • Mentor cross-functional teams to achieve optimum efficiency.
  • Supervise the operations in one or all departments for constant improvement. 

Services offered by an Interim Chief Operating Officer:

Based on the company’s needs and position, the services of an Interim COO can increase or decrease. However, these are some of the most common and important services offered by an Interim COO:

  1. Crisis management: Handle disruptions or upheaval due to organizational restructuring and ensuring the daily operations are carried out without roadblocks.  
  2. Project management: Oversee critical projects so they are completed within the deadline and meet all the requirements.
  3. Strategizing and execution: Formulate strategies for operational efficiency and execute them at the right time. 
  4. Mentoring teams: Leading cross-functional teams to deal with any crisis as well as operate efficiently to achieve the targets.
  5. Cost optimization: Work closely with teams developing new products to ensure the launch is carried out smoothly at minimal cost. 
  6. Operational improvement: Monitor the operation and work towards process improvement and streamlining operations for the best results. 

How can you select the right Interim COO?

Before selecting an Interim COO, it is vital to understand that the onboarding criteria are different from those of a permanent COO. Since the Interim COO will be associated with the company temporarily, they must be agile and adaptive. Here are three essential qualities of an ideal candidate:

  1. Excellent communication skills for managing cross-functional teams.
  2. Ability to analyze data and make quick decisions in a short time.
  3. Project-specific skills or experience in the same/related industry.

General job description of an Interim COO:

An Interim COO is a temporary leadership position in an organization, usually appointed during a change, transition, etc. The Interim COO ensures the day-to-day activities within the organization continue without roadblocks if and when the permanent COO steps down. They are responsible for internal operations and sometimes offer new perspectives to existing business problems.

Remuneration of an Interim COO:

Interim COOs have flexible remuneration, which is either based on projects or contracts. Since their association with the company is limited, their compensation is usually less than permanent COOs.

How to onboard an Interim COO with COHIRE?

COHIRE makes onboarding experts easy with our 8-step process.

Step 1: Tell us about your company’s needs

Step 2: Our hiring experts create a job posting

Step 3: We receive applications and use ATS to track them

Step 4: COHIRE matches the best profiles with your company and shortlists candidates

Step 5: You interview the most qualified applicants

Step 6: Get to know the candidate through previous case studies

Step 7: We do a comprehensive background search based on references

Step 8: Onboard an Interim COO during the transition period

Why choose COHIRE to find the perfect Interim COO?

At COHIRE, we understand that undergoing change or management shifts can be stressful. Therefore, we help you choose the right Interim Chief Operating Officer with adequate experience and skillset to hold the fort until you can find someone to fill the position. We connect you with the best profiles without any hassle. Additionally, our hiring experts also offer conflict resolution in times of crisis.

Frequently Asked Questions

  • How can an Interim COO help the organization?

An Interim COO plays an important role when the permanent COO steps down, or the organization is undergoing some change. They help the company carry on regular admin and operational activities without disruptions.

  • What experience do Interim COOs have?

Since Interim COO is a leadership position, the ideal candidate is expected to have experience in communication, people handling, crisis management and developing strategies.