Interim Management FAQ
Interim Management is an established trend in consultancy and its popularity is growing considerably every year. But what is interim management and what are the benefits?
We have put together a list of frequently asked questions about Interim Management. If your question is not listed below, please contact us to find out more.
What is Interim Management?
Interim Management is the temporary deployment of expert resources. Interim Managers often work on short term assignments to manage a period of transformation, change or crisis within an organisation. It is particularly common when internal members of staff are either unavailable or not appropriately skilled to fulfil the task.
If you are interested in becoming an Interim Manager with Practicus, please get in touch.
What are the benefits of Interim Management to an Interim Manager?
More and more people are taking interim management jobs as opposed to permanent positions. The main benefits associated with it are:
- Flexibility – you’re your own boss and can choose when and where you work by selecting your assignments. This also means you only need to put yourself forward for the projects you find most interesting
- Professional development – by doing a good job, you can build a strong reputation and experience in the areas you are best at
- Freedom – as an interim manager, you are not tied down to a business and can be exposed to new people, challenges and industries as often as you like
- Results – you can achieve quick results and the satisfaction of a job well done
As with any career, there are downsides:
- No security – there is no guarantee of a steady flow of assignments or income
- Responsibility – without a permanent role, you are responsible for your own holiday pay, sick pay, pension and health insurance
- Increased travel – often the most interesting jobs are far from home. This may mean you need to travel or stay away more frequently than in a permanent job
Only you can decide whether the benefits of interim management outweigh the security of a permanent position.
What are the benefits of Interim Management to a client?
Interim Management has been widely used by companies looking for expert resources across sectors including Utilities, Healthcare, Pharmaceutical, Public Sector, Travel & Leisure, Passenger Transport and Retail. Clients value the benefits interim management can bring to a project including:
- Rapid mobilisation – interim managers can often start within days of being selected, and their deep experience and skills mean they can get up to speed with a client’s problems immediately and start making a difference, when you need it
- Temporary investment – interim managers are assigned on a project by project basis and often deliver results quickly before moving on to their next assignment
- Expertise – interim managers are highly skilled and experienced resources, often over-qualified for the role they are taking on
What's the difference between an Interim Manager and a Management Consultant?
Interim Managers and Management Consultants are often confused. Yet, they differ in the following ways:
- Interim Managers are hired on the basis of their reputation, skills and experience as opposed to Management Consultants, who generally find work off the back of their consultancy’s reputation and achievements
- An interim manager will implement solutions to a client’s problem whereas a Management Consultant is more likely to advise the customer how to do it
- An interim manager will report directly to the client. While Practicus will provide advice and support throughout the assignment, the day-to-day management of interims will be provided by the client. Management Consultants, on the other hand, are managed by the consultancy that put them there
- Interim Managers are usually specialists in their fields who have completed similar projects and overcome similar challenges to those their client is facing. They can support the delivery of new organisational structures, strategic planning or operate a PMO. Management Consultants tend to have a more varied background and experience
What do I need to become an Interim Manager?
Of course, it helps to be an expert in your field. So if you are a Change Manager with extensive real-world delivery experience of change management models, a Project Manager with a passion for project management methodologies, or even a Business Analyst with expert skills in business process reengineering, you could become an Interim Manager.
There are also a number of administrative tasks you will need to complete in order to work as an Interim Manager.
The first is you will need to either set up your own Limited Company or find an Umbrella Company to work under. Professional Indemnity Insurance is also required if you’re working as an interim manager.
We’ll need evidence of both your insurance and umbrella/limited company details before we send you to work with a client.
What's the difference between an umbrella company and a limited company?
The Umbrella Company will do everything for you – you essentially become one of their employees. You just need to submit timesheets to us via the online portal. We then pay the umbrella company, who will then pay you minus their fee. Perfect for the first time interim.
A Limited Company is a little more complicated in that you’ll need to form your own Limited Company and organise your own finances.
How do I become an Interim Manager with Practicus?
Practicus is a specialist project management interim management provider and interim recruitment company. We sometimes come across specialist roles or unusual assignments that require us to reach out for new talent.
What's the process for getting an interim assignment?
Interim Management recruitment is really no different to traditional recruitment. However, Practicus is known to have one of the best interim recruitment approaches in the industry.
If you’re part of our network and we find an assignment you might be suitable for, we will contact you to discuss the opportunity with you. Otherwise, you can apply for a role you see us advertise an assignment on job boards.
We have lengthy discussions with our clients to understand the technical and soft skills they are looking for. We will then scrutinise your CV and interview you in line with our client’s requirements. We also take bespoke references from your previous clients to make sure we really have the best fit for both parties.
We will then arrange for you to meet the client in a face-to-face interview and, all being well, you’ve got the assignment!
Where can I go for more help?
For more information, we recommend the Institute of Interim Management – an independent body committed to providing support and advice to interim managers. Practicus has consistently been voted one of the top ten interim management providers in the annual Institute of Interim Management survey.
If you would like to put your profile or CV forward for consideration to become an Interim Manager, please get in touch.