The modern workforce is one that’s adaptable, with an emphasis on induvial freedom and fluid, dynamic workforces. There’s perhaps no better illustration of this than the phenomenon of the ‘interim’ manager. This is an individual who steps in to quickly fill a void at a company – perhaps one left by an unexpected absence, or during a transition.
Suppose that your head of HR is unexpectedly headhunted and departs the company at short notice. In this situation, the traditional approach would be to start a hiring process, pick out the best available candidate, and get going again.
But this results in a time pressure. The longer the business goes without a person occupying the vacancy, the more damage will be done by that absence. Decision-makers will be tempted to settle for a substandard candidate, or to rush through the induction process, just to avoid the pain of contending with a bad candidate.
An interim manager will effectively bridge the gap, and allow the company the breathing space they need to find another solution. But it’s not just unexpected absences that interim managers are able to help deal with; they’re also able to help out during crises and short-term spikes in demand, or to assist existing employees in areas where they lack expertise. A business which overexpands, for example, might benefit from having the skill and insight of an interim manager to hand.
What do I need to become an interim manager?
Interim managers usually possess a wealth of experience in several different management roles. They’re typically overqualified for the jobs that they’ll be performing. Hitting the ground running while still providing a safe pair of hands is something that takes considerable practice and skill, after all.
How much do Interim Managers Make?
Interim managers tend to charge by the day. They don’t expect to remain in one position for long, and they might find that they’re without an income for long stretches of time. This grants them a degree of freedom: if they feel like waiting for the right position, they’re able to do so. At the same time, if they want to make lots of cash in a short timespan, they can equally well do that. Interim manager jobs are constantly available through online third parties, and thus there’s plenty of scope for a talented individual to move from company to company.
You might expect to make £2,000 per day as an interim manger, but there’s scope for significant variance depending on the industry you’re entering into, the urgency of the position, and your level of experience in a particular niche. If you’re the perfect candidate for the role, then you might easily negotiate an extremely lucrative contract.
Interim managers live and die by their reputations. As such, you should expect to earn less as you’re just starting out as an interim manager, and progressively more as your career unfolds.