Interim management opportunities are expanding globally, with a particular emphasis in the Middle East. Whether you are an expatriate or national, Interim Management can provide a fantastic option for you in 2015. Continuing with the theme, let’s continue to analyse how interim management ventures can apply to you.
As mentioned previously, interim managers provide provisional leadership to organizations, applying in-demand management resources and skills. Interim management is typically viewed as a temporary, short-term assignment or business activity. “Trends are also highlighting the fact that interim management is continuing to be seen as a proven alternative to the well-worn path of management consultancy,” states Jason Atkinson, chairman of the IMA. Interim managers can fill gaps or take on strategic roles. Generally, these individual
possess drive and energy to industries that have been declining in recent times or that are planning for smooth long-term leadership transitions. Their purpose is to deliver results quickly before moving on to the next assignment. They are experts in their field with a proven track record of quantifiable accomplishment.
The United Kingdom has the most established interim management sector in the world, but that does not mean it is alone in this business innovation. Because interim management provides a flexible and strategic labor force option- which can be turned on and off to suit an organization’s exact requirements-this is a tantalizing option for the Middle Eastern business space. In areas such as Saudi Arabia and Kuwait, where domestic employment initiatives are being vigorously pursued, interim management can also provide a great outlet for obtaining the knowledge and experience of foreign workers without having to dedicate long-term resources into their services. Professional niches with the highest demand for interim managers include Human Resources and Finance & Operations; these account for almost 20 per cent of all interim assignments. A lesser degree of demand is found in areas including Purchasing, Supply Chain Management and IT.
What is the standard pay rate?
A quick search on Interim Manager sites can aid you in help in gauging the typical going rates for interim managers. Typically, the highest remuneration for interim managers is for Information Technology and Managing Directors/CEO roles.
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It is generally held as a rule that one percent of the equivalent annual salary is applied to the daily rate for an interim manager. For example, if the typical annual salary for a position is £100k, this works out to be £1,000 per day for an interim manager in its place. Obviously, this is just a rough guideline and should not be used as a negotiating tool. As with any professional position, market forces and supply and demand are the real forces that determine daily rates and salaries.
How can you secure such an opportunity?
When you’ve decided to become an interim manager, there are a few steps to keep in mind. Firstly, one must decide how to present yourself to a client. The main options include presenting yourself as a limited company or as being designated as self-employed. Next, you will have to market yourself. This includes steps such as refining your CV, creating a presence on professional forums such as LinkedIn, and creating a business website. This is where recommendations become a vital tool to leverage yourself and the results achieved. As this may be the only source of information future employers may go off, having a strong presence and profile is vital.
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Another option is to sign up with Interim Agencies (service providers); these are companies which act as conduits for organisations to find and hire interim managers. These agencies charge a fee to the client, but not to interims. If you are asked for a fee to join an agency, decline to join such an agency. It’s illegal, no matter what the agency representative says! And you can sign up to as many agencies as you see fit/appropriate. In our next column, we’re going into further detail on marketing your services as an interim manager in the Middle East, including the destinations of Kuwait, Qatar, Saudi Arabia, Oman, and the UAE. To read part 1 of our series please click here