Frequently asked questions
Frequently asked questionsInterim management provides companies with a rapid injection of expertise and experience. Whether you: need to cover a gap in your management team; would benefit from an experienced mentor; are facing an emergency; have a special project; are developing a new product or service; or are seeking to turn around part of your business, then finding and contracting with a suitable interim manager can provide the perfect solution to your specific needs. A solution which can be provided at short notice, and with no long-term obligation on either side.
It is likely that you will wish to draw up a short list of candidates to interview. Specialist interim management agencies can help. They generally have a database of interim managers through which they trawl to identify consultants who match your criteria. There are about thirty mainstream interim management agencies in the UK. One third of all interim managers are provided through agencies.
Alternatively you may already know of an individual whose skills, knowledge and understanding make them well qualified to meet your needs. Indeed, the majority of interim managers in the UK (approximately two thirds) operate independently of agencies, marketing their specialist skills directly to a narrow target market. Finally, as you are reading this you will already be aware of the Internet as a means of finding an interim manager.
The quick answer is between £500 and £750 per day (plus expenses) depending on the experience of the consultant and whether the fees also include commission to a providing interim management agency. An interim manager is usually somewhat over qualified for the role, providing an extra degree of confidence for the client. Taking this into account, and noting that the consultant bears the full cost of: tax and NICs, training and development, holiday entitlement, sick leave, pension contributions, insurance and equipment, then the cost to the client should be no more expensive than employing someone full-time or as a temporary employee, but with considerably less exposure to risk.
In contrast to the employment of a temporary employee, an interim manager is contracted to meet specified objectives, rather than to undertake a role for a set length of time. This contract will be between the client and the independent consultant or between the client and the providing agency (who will have their own contract with the interim manager).
As an idependent consultant, my services are not available through an agency. If contacted by a potential client, I typically speak in the first instance by telephone, leading to a further detailed conversation, preferably at your organisation's offices, to explore your requirements and to agree the broad outline of any potential contract. No fees will have been incurred to this point.
Agencies vary in their approach, but typically they too will wish to meet with the client to understand fully their requirements and to agree the broad outline of any potential contract between themselves and the client. Following such a meeting, a short-list of suitable candidates will be invited to interview with the client.
The contract will either be between the client and the interim manager, or between the client and the providing agency (who will have their own contract with the interim manager). The contract should include: a detailed schedule of deliverables: the expected duration, intensity (five days per week or less) and location of working; information on extension and termination; adhesions, confidentiality and intellectual property rights; fees, expenses and invoicing; rights to assign or subcontract; liability; and publicity.