Interim management assignments vary in length, ranging from a couple of weeks to 18 months, depending on the client’s needs. The need for an interim manager can arise from any number of scenarios in which a business requires high-level, experienced management expertise that can be engaged quickly, efficiently, and without long-term obligation.
A career in interim management is dynamic, challenging, and often quite rewarding, both in terms of job satisfaction and remuneration. Interim work offers great variety and flexibility around work and rest periods. Many interim professionals enjoy successful careers, moving continuously through a series of assignments in a number of different organisations.
At the same time, the unpredictable nature of an interim career is not for everyone, so it is important to consider the issues carefully.
1. Research the industry: Gain a good understanding of how the interim management industry works. It will require a wholesale change in mind-set. You must be prepared to network, sell yourself, and react quickly when opportunities arise.
Interim management can be unpredictable, any may not always provide a steady income. It is inherent in the interim employment arrangement that you will not receive many of the benefits of permanent employment, such as holiday pay, sick pay, medical insurance and pension contributions. An interim career will often demand flexibility on location, as you may be required to live away from home during the week or undertake long commutes.
Interim management has its own rewards, however: A career in interim management is varied, challenging, offers significant flexibility, and can be highly satisfying.
2. Prepare your CV and start networking: Your CV is your primary opportunity to make an impression. Your goal should be to present your background completely yet succinctly. If you have not undertaken an interim role to date, highlight any projects or programmes you have been responsible for in your permanent career which are 'interim' in nature.
Breaking into the interim market requires patience. Establish contact with professional interim service providers (sometimes known as ISPs), such as Boyden interim management, and utilise your own professional network. We also recommend having an up-to-date a profile on LinkedIn, and using the site as a networking resource.
3. Lay the legal groundwork: Investigate setting up your own limited company. If you are selected for an assignment, Boyden interim management will require that you work through your own limited company. This is necessary to establish the proper contract of employment differentiating you from a client organisation's direct employees.There are also several areas of legislation which apply to operating as an interim manager, such as IR35, Conduct of Employment Agencies and Employment Business Regulations. You will be required to obtain professional indemnity insurance to protect against negligence claims. It is essential to have expert advice, so we recommend doing thorough research and hiring a good accountant.
If you have considered a career in interim management and believe it is right for you, we invite you to contact us.