Interim management is a new industry that has seen rapid growth over the last ten years. Companies looking to downsize, streamline or save on expenses are looking to outsource some of their management requirements.
Like project management, interim management is perfectly suited to the contractor industry. Interim managers are brought in by a company to deliver a particular project in a structured time frame allowing companies to hire a contractor for a set period. The company can then save money by retaining fewer permanent members of staff, whilst also benefiting from the experience and skill of a higher calibre manager. In turn the interim manager can charge much higher rates as they don't cost the company so much in the long term.
Average rates of pay for an interim manager contracting in the UK vary widely based on the level of the role, the location, your experience and how long the project will take. On average interim managers earn between £400 and £500 a day for a medium to senior level project with rates rising to as much as £2,000 per day for an executive level manager with boardroom experience.
With rates of pay this strong, an industry that is quite new and growing quickly, coupled with the freedom of being a contractor, the reasons to enter contracting as an interim manager keep growing and growing.
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This information is for general information only. We take no responsibility for any action taken or refrained from in consequence of its contents. Always seek our professional advice specific to your circumstances before acting.