InteriMarket

1. A Beginners Guide to Successful Interim Career

2. 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 today’s startup can be tomorrow’s global influencer, people are living digital lives that’s 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-work-climbs.aspx

3. 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. We’ll 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 UK’s 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 UK’s 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!

4. 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. Let’s look at key factors here: 1.Expertise: As a new interim contractor, et el. you’ll 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 you’ve worked in and list your experience particular to it. A niche is a powerful advantage to have as an Interim and it’s important to remember that differentiation is key to being successful. Think about the projects you’ve 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 don’t 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”

5. 4.Income: Assess your current income along with the projected earnings you’d 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. You’ll 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, you’ll 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, it’s 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 you’re lacking in a certain area, don’t 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.

6. Tapping into a Dynamic Sector It’s 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. Here’s a quick glance at the state of Interim Management:3 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

7. 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 factors:4 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. 2.Value proposition: They typically expect to see upfront value demonstration based on your level of expertise. 3.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. 4.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. 4 https://www.boyden.com/media.php?ID=8540&WPID=44https://www.boyden.com/media.php?ID=8540&WPID=44

8. 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, we’ll 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/Service-Providers-Guide-2016-8-15.pdfhttp://iim.org.uk/wp-content/uploads/2016/08/Service-Providers-Guide-2016-8-15.pdf

9. A Checklist for New Comers If you’re 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: 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 you’ve gained from various work and personal scenarios. Blend these into your value proposition and communicate this in your engagements with prospective employers. 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 you’re 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.

10. 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. 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 you’re in the interim marketspace. In short, market yourself appropriately. 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 any 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@interimarket.com or contact us here.