Information for Clients
Interim Management - what is it?
Interim management offers you the opportunity to utilise highly qualified and experienced professionals on a flexible basis, at affordable rates. Interim Managers are seasoned professionals who work independently and charge a daily rate. Interims are able to work on a part-time or full-time basis depending on the demands of your business. If you need additional expertise and practical hands-on assistance, then an Interim is the ideal solution.
What experience do Interim Managers have and what do they do?
- An independent, senior-level professional with a proven track record
- Not looking for a permanent job – take on interim assignments as a career choice
- Over-qualified for the work – able to ‘hit the ground running’
- Able to turn things around or build a function/department from scratch
- A driver and decision maker with a mix of strategic and tactical skills
- Able to manage teams and budgets
- Able to develop the existing team’s skills by offering hands-on coaching and development
- Part of the team but also independent – no impact on the headcount
- Available at short notice
What is a freelancer and when should you use them?
- Experienced professionals, usually seeking temporary work while looking for a permanent job – may consider an assignment on a temp-to-perm basis
- Often taken onto a company’s payroll – i.e. will impact on the headcount
- No management or budgetary responsibility
- Ideal for tactical, ‘caretaking’ roles, usually to cover an absence in the team
- Cost-effective cover while companies go through the process of recruiting a permanent member of staff
- An extra pair of hands for forthcoming pitches, presentations or due to a heavy workload
How do Interims and Freelancers get paid?
Most of our Interim Managers and freelancers are set up as limited companies and charge a daily rate. Most clients request that Interim Managers pay the Interim (at no extra charge) which means that clients’ receive a weekly or monthly invoice which includes the Interim’s rate (based on approved timesheets) and our fee. Employment law prevents us from paying Sole Traders so in the unusual event that the Interim you choose is a Sole Trader, your company will need to be prepared to receive invoices direct from the Interim – our fee invoice would be sent separately.
Daily rates vary but you can expect to pay more than the equivalent salary. This is partly because freelancers and Interim Managers tend to be overqualified for the assignments they take on – so they can ‘hit the ground running’. The higher daily rate is also to compensate for the lack of employee benefits. Bear in mind that your organisation is not responsible for costs such as employer’s National Insurance, or holiday/sick pay when paying a daily rate. Please call the Interim team for more advice on daily rates.
The alternative to paying a daily rate is that you offer the Interim a fixed term contract and pay a pro rata salary through your PAYE system. This is ideal for maternity cover contracts where you are able to predict the length of the contract. In this case you would be responsible for taking the Interim’s income tax and National Insurance contributions at source, and must provide pro rata annual leave, statutory sick pay etc. You would also need to pay employer’s NI contributions. In this case VMA would ask for an introduction fee to be paid up front on the Interim’s first day at work.