InteriMarket

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A Beginners Guide to Successful Interim Career
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Introduction
This guide is most useful for longer term interim
professionals, contractors and mid-senior level
consulting professionals. There are some great
tips for freelancers and temps also, which will
help with easy transition.
The world of employment has seen unprecedented
change in the last few years. As is the case with
most industries and sectors, digital disruption
has made its effects felt far and wide from
uber ways of getting from point A to B, to the
power of social media, to the possibility that
todays startup can be tomorrows global
influencer, people are living digital lives
thats challenging every- day-norms and
traditions. And such is the same in the world of
employment.
Research shows1 that an increasing amount of
career neophytes are looking to alternative forms
of employment than in years past. And
with a rising millennial generation questioning
norms of how we live, work and play, career
culture is experiencing a serious re- examination.
Interim jobs and contracting is one such career
choice. The same research found that over 90 of
surveyed contractors report financial success and
prosperity after transitioning to interim
consulting or management gigs, giving strength to
the argument that non-traditional forms of
employment are becoming more feasible and
attractive to the modern worker. Globally, the
trends towards non-traditional work arrangements
is also on the rise, with telecommuting and
virtual jobs2 making their contribution to this
growing phenomenon.
1http//iim.org.uk/wp-content/uploads/2016/02/IIM-
Interim-Management-Survey-2014.pdf 2
http//www.gallup.com/poll/184649/telecommuting-wo
rk-climbs.aspx
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These shifts present both challenges and
opportunities for the modern professional. Career
choices are difficult enough, but answering the
call of something a little less conforming, can
be even tougher. This quick guide serves as a
reference to help you understand the building
blocks involved in getting a career as an interim
/ contractor off the ground and helps you prepare
for the road to success as a sought after interim
professional. Well cover a few key factors to
keep in mind as you enter this brave new world
and how you can
navigate them to build a career that is both
rewarding and sustainable.
InteriMarket The Home of Interim Longer Term
Contract Employment Professionals
Since our launch, InteriMarket has become the
home of the UKs interim professionals looking to
build a successful career in the longer
term contracting employment sector. With a deep
understanding of the challenges and opportunities
in the interim market space, InteriMarket was
developed, designed and is continuously improved
to bring new and relevant employment solutions to
budding and experienced interims, executive
consultants and contractors with established
reputations within their respective field of
expertise.
Our platform also provides talent seekers access
to an extensive network of interim professionals,
allowing service providers to reach out, connect
and collaborate with some of the best talent in
the UKs interim and contract workforce. Our team
consists of experts in the
interim management sector with years of
experience in sourcing, managing and nurturing
the careers. We are passionate about helping our
exclusive members group by bringing all
opportunities to them in one place.
Our mission to help millions of Interims and
employers globally eliminate wasted
opportunities, time and money. Join us!
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Key Factors to Consider
Just as with any job, evaluating yourself against
the demands and expectations of becoming
successful will allow you to better understand if
a career as an interim contractor, consultant or
manager suits you. Lets look at key factors here
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Expertise As a new interim contractor, et el.
youll need to demonstrate a good amount of
expertise in your field. Companies will
typically expect short term managers or
consultants to command a wide range of skills,
coupled with a strong level of expert knowledge
at their disposal. Look at what sets you apart
from your peers in your field and list them to
quantify what makes you a strong candidate. The
more exposure you have to different companies and
industries positions you well as a budding
interim professional or contractor.
2.
Industry Knowledge Examine the areas of industry
youve worked in and list your experience
particular to it. A niche is a powerful advantage
to have as an Interim and its important to
remember that differentiation is key to being
successful. Think about the projects youve
worked on and the unique challenges that were
involved in them even if they were permanent
roles. Identify your role in those projects and
how you contributed to its successful completion
and demonstrate this to prospective
employers. Remember to quantify your expertise at
all times!
3.
Networking Are your LinkedIn and other
professional network profiles being neglected for
more Facebook time? Focus on your online
professional portfolios on whatever platforms you
use and brush them up where needed. Also, look
for new, niche platforms that focus on providing
career opportunities for short term employment
seekers such as yourself. Most platforms dont do
this, which makes connecting with the right
opportunities in the interim gig market somewhat
difficult. Generic platforms like LinkedIn may be
good for numbers but are counterproductive to
searching your niche roles and networking with
relevance
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4.
Income Assess your current income along with the
projected earnings youd like for next 12 months.
Income requirements will vary across a broad
spectrum of things involving your personal
situation. Make sure you understand the type of
salary growth you can expect as an Interim, how
predictable income will be and how you can hedge
yourself from financial difficulty. Youll need
to calculate your preferred rate per gig and
justify this against the value your services will
add to the company. Also, make sure that you
understand the tax implications, benefits and
pension.
5.
Resilience Perhaps the most rewarding aspect
about fulltime employment is the sense of
security one enjoys. The merits of a stable and
predictable career trajectory are difficult to
dispute but so are the benefits to a successful
Interim career. Yes, youll need a good dollop of
resilience to make a great career as an Interim
as you exchange the security of a full-time
career for something a little more transient.
This, however, is viewed very positive with the
changing employment loyalties, an Interim who
understands and prepares for the unique aspects
of managing a career of this nature, including
learning to adapt new skills at the same time to
keep evolving will succeed.
While the benefits of a career as an Interim are
manifold, its important to assess your readiness
for this type of career shift. Examine the points
mentioned above carefully and gauge which areas
need attention to avoid disappointment and stress
at later stages once you launch yourself fully
into an Interim career. If youre lacking in a
certain area, dont be dismayed, simply work on
them to prepare yourself
for your new career, and think of it as
upskilling on the job. Some may take time, others
a bit of adjustment, but the key thing is to
be prepared and know the factors involved in
making a success of it.
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Tapping into a Dynamic Sector
Its important to understand the feasibility of a
career as an Interim or longer term contractor,
there is no saying that one cannot go back and
forth a few times but consistency does play a key
role in success. Businesses across the board are
opening up to the new workforce model as a means
to build leaner organisations. From virtual
assistants to CEOs, the short-term employment
market is becoming
increasingly diverse, resulting in more career
opportunities across the board.
However, knowing what type of interim,
contracting or temping career you seek is also
very important there is a vast difference
between being a freelancer with hourly rate
charges to being a longer-term gig seeker like an
interim manager, contractor or consultants, even
executive consulting which can be both hourly or
day rate based. Heres a quick glance at the
state of Interim Management3
? Almost 50 of Interims are recruited to run
change/transformation projects within businesses.
? 17 of Interims are hired for their
specialist skills.
? Only 7 are hired to fill employee gaps, and
these are usually lower skilled temp workforce.
? Financial services, healthcare and
manufacturers are the top three interim
employers, this is bound to grow rapidly.
? 35 of Interims see themselves as career
Interims with no intention of looking for full
time employment.
3 https//www.trainingjournal.com/articles/news/uk
-businesses-turn-interim-managers-drive-change-and
-transformation-survey-finds
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Businesses are seeing the benefits in hiring
short term, high value candidates to address
certain areas within the organisations that
require a higher level of expertise to steer the
ship back on course quickly and get the business
to evolve beyond a given point. Speed is also a
big factor that involves the increasing need of
interims across the board.
Businesses identified the four key must haves
when hiring interims key interim hiring factors4
1.
Proven track record Companies look to track
records to inform them of candidates ability to
add value to the organisation. In this digitally
evolving age of HR Recruitment it means being
able to demonstrate right skills in the right
places with exposure to
relevant networking. Great references and
scores publicly add to this dynamic. Value
proposition They typically expect to see upfront
value demonstration based on your level of
expertise. Immediate impact Strong, decisive
leadership qualities are important to affect
change and lead from the front. This is the
expectation from every mid-senior level interim
/ contractor from businesses to football. Greater
experience Businesses look to individuals who
understand the causalities of performance
challenges based on experience. The changing
leadership and evolving dynamics mean failures
overcome are as important as success.
2. 3.
4.
4 https//www.boyden.com/media.php?ID8540WPID44
https//www.boyden.com/media.php?ID8540WPID44
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Top sources to secure new engagements?5
? 45 find new engagements from short term
employment agents, with shifting increase of
direct employers. ? 26 find new engagements
through prior clients, word of mouth and public
recommendations. ? 14 rely on their
professional network, another growing shift where
relevant networking plays important role. ? 8
is a new direct client. ? 7 through
traditional job searches.
With businesses adopting the new transient
workers, opportunities for Interims is on the
rise. Making a successful career change is very
possible if you position yourself ideally. With
the digital shift in mindset and in ways to
recruitment engagement it is vital that
interim professionals and contractors start
connecting better, engaging with future
prospective organisations, engage in pro-bono
work to enhance skills and even consider personal
development from time to time to help them make
the most of this career holistically.
Next, well cover a few key checklist items to
ensure your foray into the world of interim
engagements is met with success, as
frequently key to success is good preparation. If
you have any questions on this section or on how
to market your skills better and find clients /
gigs
get in touch with us as we can not only conduct
initial career health checks but also help with
raising your online profiles.
5 http//iim.org.uk/wp-content/uploads/2016/08/Ser
vice-Providers-Guide-2016-8-15.pdfhttp//iim.org.u
k/wp-content/uploads/2016/08/Service-Providers-Gui
de-2016-8-15.pdf
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A Checklist for New Comers
If youre ready to step into the world of Interim
Management, a checklist of the most important
steps to hitting the ground running can be
useful. There are a few key things required to
create traction in your field and position
yourself as a sought-after resource.
Opportunities for a great income, a rewarding
career and flexible lifestyle are very real as
long as you continuously develop yourself and
use resources at your disposal wisely. And
remember that a good reputation is one of the
all-important difference between an
average career and a successful one as an Interim
or contractor.
Here are a few key steps to keep in mind
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Create your value proposition This takes a bit
of self-examination. Look at your most
outstanding personal and professional
traits and uncover how the sum total makes you
unique. How did you get to where you are today?
Think of the experience you accumulated and the
valuable insights youve gained from various work
and personal scenarios. Blend these into your
value proposition and communicate this in your
engagements with prospective employers.
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Form a limited company, if you plan to do this
longer term A limited company is the best way to
establish yourself as a mid- senior level interim
professional or contractor. This communicates a
keen organizational trait in you and also helps
you manage
the administrative aspects of your career. For
example, registering as a limited company
simplifies your tax structure and can also reduce
the amount of tax youre required to pay.
Operating as a limited company also means your
personal assets are not at risk and that you can
potentially claim for a wider range of expenses
than Interims that work outside of limited
companies. Check out more information here, at
HRMC.
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Get Professional Insurance Insurance is
important since it provides financial
compensation, security and the needed protection
in case a claim is made against your limited
company. Your company is a legal entity which
means you need to take adequate measures to
protect it from liability and ensure its
financial security. Speak to a legal expert if
you need more detailed information, there are
great product comparison tools out there too with
insurances from as low as 10 per month.
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Market Yourself Proactive marketing and
networking will be a continued part of your
journey as an Interim. Making connections is
important to sourcing new opportunities in the
present and being considered for new ones in the
future by former employees. A website should be
your first port of call. Also, find platforms
that host interim job opportunities and build
connections there that add to your existing
network. Call up old colleagues and managers and
let them know youre in the interim marketspace.
In short,
market yourself appropriately.
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Price Competitively As the interim, contracting
and other alternative jobs make in-roads to
become more popular avenues of employment for
both businesses and professionals, so will
competition in the space intensify. Study trends
in salaries for full time workers and gauge rate
averages from other interims in your industry to
establish a realistic, profitable yet attractive
rate. Speak to an interim talent agency, experts
or reach out to us if you want help with this.
This checklist should help you orientate yourself
in your new line of profession. Make sure you pay
each its due diligence to avoid an y unforeseen
obstacles to a smooth transition as an Interim
professional, longer term contractor or even a
freelancer.
This guide is sponsored by InteriMarket limited,
with all rights reserved. If you would like to
use this guide for your internal / external or
team use, please contact us for permission on
team_at_interimarket.com or contact us here.