How much does it cost?
Interim Managers work on an assignment for a daily fee plus any agreed work expenses or accommodation, if required. Rates vary, subject to the skills required, the duration and level of responsibility delivered during the assignment. The contracts may be full-time or part-time depending on the need and the scope of decision-making identified. Any prospective client will agree the costs of an assignment before the manager starts and then the manager usually works in the company throughout the duration of the work delivered.
What are the risks involved?
At the commencement of the assignment it is established with the Client Company and the interim manager, what the precise terms of the relationship are and what the expected outcomes will be. Many interims are brought in specifically to fill a board position and this will be clearly stated in the contract. Interim managers carry their own watertight professional indemnity insurance (as recommended by the Interim Management Association) and comply with client confidentiality agreements.
What makes Interim Managers successful?
Most Interim Managers consider their success in winning new assignments comes down to:
- their previous commercial achievements, both as Interims and during their full time career
- utilising their specific sector experience
- the rapport they have with the Client and the culture of the organisation
- effective use of their inter-personal skills, especially in communication
- using their broader experience and general management and specialist skills effectively
- the cost-effectiveness of the assignment delivery
- exceptional feedback from the Clients on their delivery during the assignment
- their professional qualifications.
