|
| Home | Recruitment & Career Events | Redundancy help | Find a new job | Be your own boss | Training help | Employer & Recruiter Zone | ADVERTISE HERE | About us | Member Login |
Interim managementPost redundancy, many people find that interim management is suggested to them as a new career option. Quite honestly there seems to be rather a lot of hype, spin and lack of reliable data about this growing market so we’ll try our best to make things clearer for you. Around 200+ companies claim to be providers, many are recruitment firms jumping on the the bandwagon and some are simply rebranding contracting as interim. The market is reckoned to be worth £500 million and there are around 8,000 interims operating today. All this information and much more is also available in our popular book here. You can also download a pdf of the latest industry research at the bottom of this page from Russam GMS, leading players and researchers in this sector. Interim Management - just a part of today's flexible attitude to resourcing Employers and agencies alike consider interim personnel as part of the flexible resourcing options which are common in today’s job market place, with more and more interim workers being under the age of 45. It is also sometimes referred to as 'Executive Temping', 'Executive Leasing' or 'Head Renting'. The Public Sector are big users of interims (not always at a particularly senior level which makes us think that they use interims more like temps) and private sector managers with the right skill set who can cope with the significant cultural differences could find it an interesting challenge. It's a courageous but potentially very rewarding career choice. What are Interim Managers? Interims are not contractors or consultants. The term interim management refers to the rapid provision of senior executives to manage change or transition. Quite often these days they are used to cover maternity and other key managerial absences. Interim managers are commissioned on an assignment basis and act for a third party in the capacity of senior managers. They should be free to focus specifically on the assignment in hand, available immediately and leave when no longer required. Unlike consultants they take line responsibility, implement, share in confidential decision making, are sensibly over-qualified, and are fully accountable to the client. The IIM definition The Institute of Interim Management (IIM) assert that interim management is defined by three interlocking characteristics: 1. The seniority of the temporary role being filled 2. The quality of briefing, selection & screening processes used to find suitable candidates 3. The support service provided from placement to completion of the assignment In addition, they say that interim managers ought to have a proven track record of achievement and of adding tangible value to the bottom line of the organisation. They should be used to delivering on time and on budget, be experienced problem solvers, strategic thinkers and accustomed to rolling up their sleeves and actually doing the job. We're pretty sure too that the ability to build productive relationships and do it quickly along with strong influencing skills would also be high on the list of a truly successful interim. The Benefits The pros for employers are that they can give the tough jobs to people who may be able to stand the heat given that they will be able to see the light at the end of the tunnel and leave when the job is done. It is definitely an ‘on/off’ tap or a ‘try before you buy’ option for them (should the position become a permanent one) without the pain and expense of re-deploying someone once the party’s over. For interims, it can be a way of finding a stream of challenges if that is what motivates them, a way of adding something valuable to their CV, a method of acquiring experience not previously available to them, a way of simply staying employed or of creating a niche which may perhaps lead to a full time job offer. Fees Fees are claimed to vary enormously from £500 to £1500 per day - the reality tends to be closer to the bottom end of that scale. The rewards can be high but there will be a reason why the fees are high. It will pay to check out what the assignment demands to justify such a fee and of course there aren’t the benefit packages such as pensions and so that you might be used to receiving as a full time employee. You must be self employed, set up a Limited company and have Professional Indemnity Insurance. In addition, since the new Money Laundering Regulations came into force in December 2007, if you act as an interim Director you will need to comply with those regulations too. Registering with a reputable interim recruitment consultancy is very important as they can guide you through the complexities of complying with the appropriate regulations. Risk Management Some say that it can fit well with portfolio working but interims tend to be employed pretty much full on whereas portfolio workers tend to spread their risk and have their eggs in several baskets at the same time. If an interim role is 'part-time', however, it does make a useful addition to a portfolio. A long gap between assignments can make it hard to slot back into portfolio or freelance working again but on the positive side it could fund a few nice long holidays or a chance to indulge a hobby in between each one. Others report that long interim assignments can mean that carefully cultivated networks for consultancy can easily wither so, be careful that you have a proactive ‘re-entry’ strategy for another interim job post assignment. Where do assignments come from? Three key areas: 1. Gap management: cover for maternity leave, illness. sudden departures 2. Project management: introducing new systems, moves, new market developments, outsourcing 3. Corporate change managent: start-ups, floatations, turnarounds etc Most importantly the IMA claim that 2 out of every three engagements are won by interims themselves by direct contact with clients so networking is all important. There is now a special section devoted to interim management recruitment specialists in our job hunting sites section. Interim Management Training The IMA offer a one day workshop through RiB which can be paid for by employers as part of an outplacement package (about £380) or at a discount for individuals (about £300). This is the only official workshop accredited by the UK Interim Management Association, designed specifically for Executives and Managers considering Interim Management as a career choice. It is also accredited and supported by the Institute of Interim Managers. The workshop aims to provide an objective and independent service for delegates; enabling them to make an informed decision on whether interim management is right for them and, if so, how to go about making it a reality in the shortest time and most effective way. It includes benchmarking skills against the Industry standard and expectations, examining the core competencies highly regarded in top candidates and, critically, the route to engagement with leading, accredited, service providers. It also covers information on how to set yourself up in business (you will need to set up a Limited Company), including appropriate legislation, and the risks and potential rewards of self-employment in the interim world. A certificate of completion is awarded post workshop for you to include with your application to service providers. Placement It really is a good idea to find work through a reputable interim recruitment firm. If you do go down this road , before you start, be sure to agree a thorough brief in writing which should include:
If the prospective employer can't furnish you with any of these vital elements, keep at it until they do because the risk of not doing so can be significant for both parties. Sorry if it seems like we're labouring the blindingly obvious but this is how many jobs go pear shaped for people, whatever they are labelled, so you really do have to be firm however much you want to start earning and achieving. Useful Resources
|
|
| Home|Recruitment & Career Events|Redundancy help|Find a new job|Be your own boss|Training help|Employer & Recruiter Zone|ADVERTISE HERE|About us|Member Login |
Copyright © The New Life Network 2008 Directory Software by 7Soft.co.uk |
