If you’ve never used an interim marketing leader, then you might be apprehensive about what it might cost and the processes involved. Here we provide a concise overview about employing an interim manager.
When should you employ an Interim Manager?
Interim marketing and communications professionals can join your organisation to support you on a temporary basis with typical project timeframes ranging from 3 to 12 months.
Common reasons for an Interim marketing professional include:
- Change communications
- Implementation of a new strategy
- Digital transformation
- Re-brand projects
- Product launches
- Strategy projects
- Crisis management
- Pre or post IPO comms and investor relations
- M&A activity
- Maternity of paternity leave
- Inability to increase permanent headcount
- Sudden departure in the team
- Cover while executing a permanent search
How much does an interim manager cost?
Typically this will depend on the length of the requirement, what skills and level of experience you require and how in demand those skills are.
As a guide, visit our Day Rate Calculator at this link for an approximate guide.
Daily rates do vary but you will pay more than an equivalent permanent salary. This compensates for the lack of benefits (such as bonuses, holiday, pension, sick pay, healthcare etc) and typically interims are overqualified for the assignments they take on.
Your organisation is not responsible for costs such as national insurance, sick pay or holiday for an Interim Manager.
How do Interim Managers get paid?
Interim Managers charge a daily rate for their services.
tml Partners will pay the interim and you will receive a monthly invoice which includes the interim’s day rate and our fees.
Why does an Interim Manager cost more than a permanent position?
The benefits that a permanent employee gets (holiday, sick pay, bonuses, pension, healthcare etc.) can add at least 30% on top of their basic salary. For Interim Managers these costs come out of their day rate. There are also only 233 working days a year an Interim Managers can charge on.
If you would like to understand more about the benefits of Interim Mangers then please read this article.
What is IR35?
IR35 is a piece of legislation introduced by HMRC to gauge whether an Interim Manager can be deemed an employee of the contracting company for the purposes of tax and NI collection. If you are deemed to be working ‘within’ IR35 while on a contract, you could be liable for full PAYE tax and NI, whereas contractors operating as a Ltd company who operate outside IR35 pay preferential rates of tax.
For further information about IR35 visit this link.
What are the risks?
The risks are minimal.
tml Partners have extensive insurance cover and we check all our Interim Managers operating as a Ltd company also have the necessary insurance cover.
What if they don’t deliver?
An Interim Manager is there to deliver your requirements so it is important to be transparent about expectations and deliverables from the outset of the project.
When your paying on a day rate you can quickly assess the value you’re getting.
Depending on the nature of the project it may be worth considering adding a completion bonus to the contract based on agreed deliverables.
tml Partners – specialists in interim marketing professionals.
