Interim Management - Frequently Asked Questions
Q: Do I have to work through my own Ltd Company?
A: Interim Management providers generally offer 2 payment options – through your own Ltd Company (of which you must be either a Director or Company Secretary) or through an Umbrella or Contractor company. Such organisations offer a variety of services and payment models and should always be researched carefully to identify the best option for you.
Q: How many days can I expect to work each year?
A: This is an impossible question to answer accurately as there are a number of influencing factors, such as - market forces, contracts being extended, desirability of your particular skill sets etc. but the industry average is around 8 months. It is also important to note that a pro-active approach and flexibility around location and rate will increase your chances of gaining work.
Q: What qualities do I need to be a successful Interim Manager?
A: Flexibility is key and the most successful Interim Managers are often the ones that are not restricted by rate or location. You must also be able to quickly fit in with a diverse range of cultures and working environments.
First class people skills are essential too, as is your ability to grasp situations quickly, engage staff and make an immediate impact.
Critically, you also need to be clear about the specific expertise that you can offer. A generalist Interim often finds it more difficult to find work than someone who is a proven specialist in their particular field, as organisations will usually expect Interim Managers to be able to demonstrate success in a similar role.
Q: What is an acceptable length of gap between assignments?
A: It is widely recognised that one of the key drivers for interims is having the flexibility to work when they want to and this often involves taking breaks between assignments. There may also, of course, be periods when you are unable to source suitable assignments. Employers of Interim Managers are rarely concerned with gaps between assignments of up to 6 months but would need justification for anything longer.
Q: What are the main risks or downsides involved in choosing a career in Interim Management?
A: The main risk is that you may suffer unwanted periods of unemployment waiting for the right assignment to come along. Also you do not enjoy any of the company benefits associated with permanent employment. Another potential downside is that the organisations you work for are unlikely to provide you with further professional development or training, as the work you undertake will typically be in area that you are already highly proficient.
Q: What are the key advantages of Interim Management?
A: A career as an interim offers a great deal of challenge and variety, and can also often offer flexible working options, without some of the constraints of permanent employment. In short it allows you to plan your workload around your life – rather than the opposite. It can also be highly financially rewarding – depending on market forces and the desirability of your particular skills and experience.
Q: How do I compare my daily rate to an annual salary?
A: Industry statistics show that Interim Managers work for an average of 8 months per annum, therefore if you divide your desired salary by 250 working days and add 50% to allow for down time between assignments, this will give you a comparable daily rate.
Q: How long does a typical assignment last?
A: Average lengths of assignments handled by Capita Interim Management are 3 months at the offset, however a large majority of these contracts are extended with an overall average length between 6 and 9 months.
Q: What is the best way to find out about the interim opportunities available?
A: Working with a professional interim provider is a proven way of keeping up to date with available assignments and changes in the market, but you also need to consider alternative routes such as registering on specialist web sites or using your own network of contacts.
Q: What do recruitment companies need from me?
A: Specialist Interim Management providers, hold a database of candidates from which they source for vacancies that they are asked to recruit for by their clients. In order to be considered for such roles you need to complete a registration process that typically involves, as a minimum, completion of a form, providing 2 relevant referees and proof of identification and qualifications. You may also be asked to attend an interview with a consultant or undergo a telephone interview.
Organisations using the services of interim providers expect that all candidates presented to them will have undergone this process, so failure to do so may limit your chances of being considered for roles. Once registered, it is also important that you update your consultant with regards to any changes to your circumstances or updates to your CV.
Q: Do many interim roles become permanent?
A: Less than 10% of interim roles become permanent. The percentage of offers extended to interims far exceeds this, but interims rarely accept permanent job offers and are also usually over qualified for the roles.
Q: Do I need Professional Indemnity to work as an Interim Manager?
A: As a professional interim this is something that you should have, and clients will always expect you to provide a reasonable amount of cover.