Generally brought in on a short term contract, Interim Management is most often needed when an organisation is going through a period of change, or when an Executive Professional needs to be swiftly appointed. The role is generally to introduce and oversee critical strategies to facilitate this transitional 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.
Employers and rates of pay
Used across most industries including Financial Services, Marketing, Sales, and even being appointed by organisations 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 strong managerial and communication qualities are generally successful in the field.
Interim Management recruitment
One of the biggest barriers for those looking to move into Interim Management is the admin work necessary to get started. A candidate will probably have to set themselves up in a self-employed capacity - potentially as a limited company - and will need to deal with tax, banking, and accounts, on top of the lifestyle of an already busy Executive. Nonetheless, Interim Management is a lucrative and important industry, and Management recruitment agencies are available to undertake a targetted executive search and match suitable candidates with the right organisations.