Have you always liked the thought of using your management skills in a way that can benefit several businesses? If so, you might be suited to being an interim manager.
Rather than basing yourself in one role for a number of years, this is a career path that allows you to work for a fixed amount of time before moving onto the next project. This allows you to continue to upskill, while helping businesses with focused tasks.
So, what do you need to know before you become an interim manager? Here’s a look at the key details to help you decide what’s next for your career.
What is an interim manager?
Interim management is an industry that allows companies to introduce professionals to perform essential duties in a flexible way. An interim manager (IM) is someone who has robust management skills, and they can use these skills in a range of settings, seamlessly slotting into a business.
IMs are given a set task or suite of tasks and a set amount of time to complete these tasks. The assignment can last for a few weeks or a few months and there are IMs that are introduced at varying levels to perform a range of roles within a company.
When do companies need to bring in interim managers?
From time to time, a company will reshuffle how its management structure looks. Every industry experiences these changes, with hierarchies adapting to suit the needs of the business. However, sometimes there are roles to fill and responsibilities that need to be carried out by someone who can easily slot into position before leaving again.
Examples of these include moments when businesses need the expertise of a skilled manager who can oversee that company reshuffle. Or maybe a company is struggling, and an expert is required to change its fortunes. There may be an increase in workload and not enough employees to carry out the required duties.
All of these situations are where an IM could be highly useful. They can easily join the company, fulfil the roles expected of them, before heading to the next business that may need someone to carry out crisis management work or oversee acquisitions.
What skills do you need?
To become an IM, you will ideally need to have a proven track record of managing businesses and the issues they face. Qualifications in business management are desirable, while experience of overseeing budgets is also something that will make you a candidate for interim management.
As well as all of this, you’ll need to be recognised for the skills you have and be able to show your record of management achievements in the past. You’ll also need to be a good communicator, as this is a role that requires flexibility and the need to work with people at all levels, often during what can be a difficult time for a company.
What are the rates of pay?
You can earn a substantial amount from becoming an IM. This is a role that needs a lot of experience and as you build up your portfolio, you can expect to achieve an attractive salary for the work you do.
The average rate you could earn could be as much as £93 per hour, based on recent figures. However, to find out more about your potential salary and how to pick up different assignments, you’ll need to join an interim management company that oversees the distribution of IM to different companies.
Once you’ve picked up one or two assignments, you’ll find that you always have a role to jump into.