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Tips & Advice

What is Interim Management?

Interim Management is the temporary provision of management resources and skills. These short-term positions are often referred to as 'assignments', and vary in length dependent on an organisation's needs. Assignments can last anything from a couple of weeks to 18 months. An interim assignment can arise from a number of scenarios in which a business has a demand for high-level, experienced management expertise that can be engaged quickly, efficiently and without long-term obligation.

A career in Interim Management is dynamic, challenging and often very rewarding, both in terms of job satisfaction and remuneration. Interim work offers great variety, a degree of insulation from corporate politics, and flexibility around work and rest periods. As such, many professionals have achieved highly successful careers within the interim market, moving continuously through a series of assignments in a number of businesses.

However, the unpredictable nature of an interim career is not for everyone, so make sure you consider the issues carefully and take a look at our advice below.

Top 3 Tips for starting a career in Interim Management

1. Research the Industry

It is vital that you gain a good understanding of the way the Interim Management industry works. It will require a wholesale change in mind-set. You must be prepared to network, sell yourself and react quickly when opportunities arise.

Interim Management can be unpredictable, any may not always provide a steady income. It is inherent in the interim employment arrangement that you will not receive many of the benefits of permanent employment, for example holiday pay, sick pay, medical insurance and pension contributions. An interim career will often demand flexibility on location - you may be required to live away from home during the week or undertake long commutes depending on where an assignment is based.

Whilst all of the above are issues to consider, a career in Interim Management is diverse, challenging, offers significant flexibility, and can be highly rewarding. The following sites offer guidance on all aspects of an interim career:

Interim Management Association (IMA): Independent regulatory body for the Interim Management Industry

Institute of Interim Management (IIM): Supports and represents professional Interim Managers

Interim Hub: Independent resource for the Interim Management community

2. Prepare your CV and begin networking

Your CV is your primary opportunity to make an impression. Your goal should be to present your background completely yet succinctly. If you have not undertaken an interim role to date, highlight any projects or programmes you have been responsible for in your permanent career which are 'interim' in their nature.

Breaking into the interim market requires patiences and often a timely opportunity. It will require a combination of establishing contact with professional interim service providers (sometimes known as ISPs), such as Boyden Interim Management, and utilising your own personal networking.

So, get yourself out there — make use of the contacts you have amassed in your career so far. LinkedIn is now a well-established and widely used resource for business networking. Make sure you have an account that is up to date, and use it to grow your network.

3. Investigate setting up your own Limited company, purchasing Professional Indemnity Insurance and understanding current legislation related to interim work

If you are selected for an assignment, Boyden Interim Management will require that you work through your own Limited company, as this is essential in establishing the correct contract of employment that differentiates you from a client organisation's direct employees. You will be employed through your Limited company to provide services to a client organisation.

There are several areas of legislation which apply to operating as an Interim Manager, such as IR35, Conduct of Employment Agencies and Employment Business Regulations. You will also be required to obtain Professional Indemnity Insurance to protect against negligence claims. It is essential to have up to date, expert advice on such matters, so we would recommend you do some thorough research and hire a good accountant.

Guidance on all the above can be found at:

Interim Hub: Independent resource for the Interim Management community

Competex: a specialist firm of chartered accountants focusing solely on the very specific needs of consultants and Interim Managers

Companies House: a Government website offering information on setting up a Limited company

If you have considered a career in Interim Management and believe it is the right path for you then Register with Boyden Interim Management here.

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