What to consider before Starting a Career in Interim Management?

Are you thinking about starting a new career in interim management? Wondering whether it will suit you and your skill set? You’re in the right place. Here, we explore various aspects of interim management as a career, including pay, skill set, regulations and so on to help you figure out if it’s the right path for you.  

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How you’ll be paid

The first thing to consider is how you’ll be paid. As interim managers work on a project basis for companies, they are not paid a ‘salary’ but a fixed sum for the time they are working with a business. In most cases, the company you provide interim management services to will not pay for holiday or contribute towards your pension or national insurance like they would their permanent employees – you will need to do this yourself. It’s also important to note that because interim managers work on a project basis, money earnt can come in peaks and troughs, so you need to be comfortable with this financially. 

What skills you need 

Typically, interim managers are hired because they possess a set of specific skills that can help businesses in times of change or crisis. For example, a company may be going through a considerable period of change and require an interim manager to assist with leading the required operational transitions. Typically, interim managers are highly qualified with experience at board or senior management level, with know-how in various sectors. They need to thrive under pressure and be able to make tough decisions in a short period of time. If you have a highly desirable skill set and experience at this level, interim management may be a rewarding career path for you. 

The regulations and insurance requirements

Before starting out, it’s essential to get to grips with the various regulations and insurance requirements you’ll have as an interim manager. For example, you’ll need to put measures in place to ensure IR35 compliance, which is the legislation in place for off-payroll working. You will also need to have the right level of professional indemnity insurance, which is designed to protect you/your business should a client you work with make a claim against you. There are various regulations and requirements you need to consider, so it’s worth doing some research before starting out.

How to get work 

The key to success as an interim manager is obtaining the right work in line with your skill set. This means you need to be comfortable with marketing yourself and build a strong network that can help you find the best placements. Making yourself easy to find online is one of the first steps you can take, using platforms like LinkedIn as a marketing tool. You may also want to connect with interim service providers, letting them know of your availability so they can contact you if a relevant position comes up. 

There are many benefits of beginning a career in interim management. The question is, is it right for you?

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