How much does an Interim Manager Cost?
The Interim Manager charges a day rate and this will vary depending upon the candidate’s experience and the nature of the client’s Interim assignment. When you calculate the actual cost of employment and take into account national insurance, pensions, healthcare, holidays, bonuses, company car, PAYE and other benefits, the cost between a permanent hire and an Interim Manager is comparable.
What is a typical hire period for an Interim Manager?
The Interim Manager is generally hired for a short term, high intensity assignment with a clearly defined start and finish date. However, there is the option of retaining on a part-time basis, if that meets the client’s particular needs or budget.
How focused is an Interim Manager?
The temporary nature of the role leaves the Interim Manager relatively free from the “politics” that can distract permanent staff, enabling them to be 100% focused. In addition, their experience and familiarity with the task improves their effectiveness and can speed completion of the assignment.
Who are Interim Managers?
Interim Managers are experienced, hands-on executives and senior managers, who have a proven track record and operate at all levels, from the chairman of the board to the line manager, from programme director to senior project manager.
Can SMEs afford Interim Managers?
SMEs can lack skills in certain disciplines but may not be able to justify employing someone full time. Interim management opens up opportunities to engage highly experienced people on a part-time basis in a cost-effective way.
How do you choose an Interim Manager?
Interim Management Association Members specialize and provide shortlists of candidates, whose expertise and abilities meet the Client’s brief. The client makes the final decision.
How quickly will an Interim Manager take to get to know a business?
An Interim Manager is selected because they understand and have experience of the circumstances the client is facing and possess the skills and qualities to be effective from the first day of the assignment.
What effect will an Interim Manager have on permanent staff?
Experience shows that staff welcome Interim Managers because of the additional skills and expertise they bring; their appointment is a positive management decision; and for a defined period of time, consequently they are rarely seen as a threat.
What happens when the assignment is completed?
The contract will come to an end and there are no termination costs.
If Interim Managers are so good, why are they not in permanent employment?
Interim Managers have chosen interim management as a professional career. They prefer the variety, flexibility, challenges, and associated risks and rewards it offers.
What if an organisation wants to offer a permanent position?
Few Interim Managers say they are interested in a permanent job. When a situation arises, interim management providers will typically charge a recruitment fee based on a pre-determined scale included in the contract.