Whether working on major change or turnaround programmes, project management or business transformation projects, typically for a defined period of time during transition periods, interim managers or ‘interims’ have become indispensable to organisational success. From accountancy to HR, finance to marketing, interims are a staple presence across different organisational functions.
So why the buoyant demand for interims? Firstly, these are highly experienced individuals with a long and successful industry track record who can hit the ground running and make an immediate impact on the business they’re joining. Although well remunerated, they bring lots of knowledge and add value from day one, often delivering significant cost savings and efficiencies.
As Rémi Fouilloy, Managing Director of Morgan Philips Luxembourg highlights, “For dynamic businesses that carry out fast-paced and crucial projects, drawing on a pool of highly experienced interim managers to carry out highly-strategic assignments for an agreed period of time makes perfect sense. Organisations use our Interim Management services for a variety of needs, such as managing a major change like a digital transformation, dealing with a sudden or unexpected departure, or difficult periods of crisis. The requirements depend entirely on the company’s demands and challenges.”
Wealth of experience
The uncertainty surrounding Brexit has certainly added to the increased demand in interim professionals. Aside from the expertise that they bring, the other big benefit for organisations is that they don’t have to commit to long term resource or add to their permanent headcount – they can simply tap into specialist skills for a set timescale.
Apart from their technical skill set and the impact on the bottom line, businesses value interim managers for their interpersonal skills. They often make excellent mentors, as they are able to coach and help younger team members develop. Their ‘hands on’ approach is also appreciated, as they know they need to deliver on established outcomes quickly. Organisations also benefit from the handover of knowledge, especially at the termination of a project.
Competitive rates of pay
According to the Institute of Interim Management (IIM)’s Interim Management Survey 2019, two thirds of interims (67%) work in the private sector, with 29% the figure for the public sector. Interims are usually on day rates paid through their limited companies – rates can vary between £500 to £1500 per day, although most fall within the £600 to £800 bracket. Most will work on one (39%) or two (38%) assignments per year.
The IR35 Off Payroll working rules that came into force in April 2017 for the public sector and which will be extended to the private sector in April 2020, have clearly impacted the market for interims. Not least the confusion for organisations in terms of what they need to do prepare for the upcoming regulations.
That said, the demand for interims should continue to be steady in the foreseeable future.
Learn more about our Interim Management services