Generally brought in on a short term contract, Interim Management is generally needed when an organisation is going through a period of change or when an executive professional needs to be swiftly appointed. Their role is generally to introduce and oversee critical strategies to facilitate this period or change or manage important projects. Much more than an advisor, Interim Managers take a hands on approach in both public or private sector organisations and as such, Interim Management recruitment agencies are required to assess and recommend the most capable professionals in the job market.
Used across most industries including Financial Services, Marketing, Sales and even being appointed by clients such as the NHS, Interim Management staff can command high fees. Due to the contract nature of the role, most staff work under day rates and this can vary wildly depending on the project being overseen, or the credentials and experience of the Interim Manager in question. The most typical rate is seen as around £500-£700 a day, although this can comfortably reach £1000+.
Interim Managers are usually hired into middle or senior management roles including CEO, Director and Boardroom level positions. As a result, demand for seemingly over-qualified professionals is high and those who can demonstrate managerial and communication qualities are generally successful in the field.
One of the biggest barriers for those looking to move into Interim Management is the admin work necessary to get started. Setting yourself up as a limited company or self employed can be daunting, and then having to deal with tax, banking and accounts can be an added deterrent. Nonetheless, Interim Management is a lucrative and required industry, and Management recruitment agencies are available to undertake an executive search and match suitable candidates with the right organisations.