The Steps to Building a Successful Interim Career

Interims are a vital part of today’s business landscape. The interim talent market is strong, demand is increasing and competition is fierce. For experienced professionals looking to make the transition, now is an exciting time to join the industry. Kate Wilson, Lisa Vigurs, Luke Moriarty and Matthew Stent of IIM Affiliate, BIE, have come together to speak with a range of IIM members to produce this up-to-date sense of important factors to take account of on entering the market, or to review if you are a long time player.

To gain more insight into the different Interim perspectives, Luke Moriarty from BIE’s Transformation Practice, sat down with Interim experts; Matthew Stent from BIE’s CFO & Financial Leadership Practice; Tony Evans and Elisabetta Battistella, Board Members from the Institute of Interim Management (“IIM”); and Shaun Taylor, Brigid Gannon and Jayesh Patel, members of the IIM, who shared their best learnings and advice on how to build a successful career, as well as observations about the current state of the market.

Across the market, we’re seeing change happening in real time. Transformation-focused interims – particularly those with digital expertise – are especially sought-after as organisations look to evolve, optimise and future-proof themselves. Last year, according to the IIM’s industry-leading survey, over 90% of interim assignments were identified as dealing with significant change in one form or another. As the survey report asserts: “Change or Transformation roles remain the principal roles that Interims undertake.”

“We’re going through a prolonged period of uncertainty,” says Matthew Stent, a Director within BIE’s CFO & Financial Leadership practice. “There’s a need for a more flexible workforce and a workforce with the skills and experience necessary to enact change.”

Additionally, organisations are increasingly waking up to the true value of interims which, as Luke Moriarty, a Director within BIE’s Transformation practice, points out, marks a key change in today’s market – not to mention creating an extremely competitive environment.

“The interim ecosystem is volatile and complex right now,” agrees Elisabetta Battistella, a certified Innovation Manager and IIM Board Member. “That’s why we’ve worked hard at IIM to create a supportive environment that equips members with skills, resources, and the knowledge and networks needed to help navigate it.”

The appetite for change is having a striking knock-on impact. “These shifts are expanding project scopes, creating specialised roles, and offering abundant opportunities for interim managers with niche skills in evolving industries and technologies,” continues Elisabetta.

Change is nothing new for successful professional interims, who need to be able to embrace change and swiftly integrate into new environments as part of their day-to-day life. So how can today’s interims build resilience and thrive in this fast-moving marketplace?

Establish strong foundations

Building an interim career requires a mindset shift from the start. “You’re moving away from the comfort and security of a permanent role and you need to understand that there will be times when the phone doesn’t ring,” says Matthew. “This can be difficult at first, but with time and experience you learn not to panic and instead use that time wisely.”

“Can you use those periods of downtime to regroup? To learn and improve?” adds Jayesh Patel, an experienced Interim Marketing Director. “Do you have the necessary drive, determination, tenacity and resilience in you? That’s what aspiring and new interims need to ask themselves. You need to be an entrepreneur, essentially, with all it involves.”

Educating yourself early on is advisable. It’s important to understand what interim work is, what it requires, and what to look out for when you’re considering making the transition. “The IIM is incredibly helpful,” continues Jayesh. “There are lots of seminars and webinars to help you and guide you through the process, as well as tools and templates, which is great. Having access to that kind of wealth of information is what the IIM does really well.”

Keep learning

No matter where you are in your career, it’s important to keep learning. Today’s marketplace is moving at a rapid pace, with new technologies transforming business every day. It’s never been more important to stay up to date with the trends and try to get ahead of the curve through upskilling. Intentional learning is a skill in and of itself, and it’s one which can yield dividends over the course of a career.

“Cultivating and maintaining a diverse, versatile skill set is one of the most important things someone can do when building an interim career,” stresses Elisabetta.

Protect yourself

When setting up as an interim, there are steps that it’s vital to get right, from establishing a limited company to protecting yourself with the correct insurance. The constant flux of the regulatory environment makes it all the more important to get the best, most up-to-date advice.

Take IR35, which has had a huge impact on the interim market in recent years. “So far, IR35 hasn’t destroyed the market,” says Shaun Taylor, C-suite executive, transformation leader and long-time IIM member. “It’s just altered how people operate within the market, but as interims you have to stay up to date with all the changes.”

Matthew agrees, adding: “IR35 did strip out part of the interim market, but the need for experienced interims remains the same so it’s just made the war on talent even more ferocious.”

Keeping up with regulatory changes can be daunting. “It makes life more and more difficult for anyone wanting to earn a living in the interim space,” says Tony Evans, IIM Chairman. “Right now there’s more regulation, there’s more tax, there’s more risk. It can create a great deal of frustration, but as a community we can support each other. There is a serious concentration of professional expertise at the IIM and a great network to draw on.”

Network, network, network

“Your network is everything,” says Brigid Gannon, an experienced change professional and business leader. “It’s getting those testimonials and references as well. Once you’ve got a couple of contracts under your belt, having people who vouch for you is key.”

Developing a thriving network that can yield opportunities is an active enterprise. “It takes time,” says Luke. “It’s an investment – and one that can really pay off. You will reap the benefits.” Attending events, having informal chats, reinvigorating old contacts, joining professional organisations; there are multiple approaches. The IIM WhatsApp group, for example, allows members to crowdsource information and opinions, share knowledge, and more.

“If I have a problem or I need a template for something, I pop a message in the IIM WhatsApp group and a fellow exec fills in the gap,” says Shaun. “We bounce ideas off each other. It’s immensely useful and delivers a lot of value.”

Build your brand

As an interim, you are representing your own business and brand so showcasing your abilities and expertise to your best advantage is important. “As you transition from permanent to interim roles, you need to be prepared to change your approach and mindset so you can add value in different ways,” says Brigid.

You need to be clear about who you are and what you’re offering in order to develop a strong, unique and visible brand that you can present to the market. An online presence is key. “But ultimately it starts with you,” says Tony. “You’ve got to feel comfortable being independent. You’ve got to be confident in yourself. And you’ve got to be able to speak truth to power.”

Building your brand also means protecting your reputation. “Be careful of what work you accept because you’re only as good as your last role,” explains Shaun. “Make sure the people you’re working with are committed to going on the journey with you. Anything less and it could get you in a tough situation.”

Know your worth

With the upheaval resulting from the pandemic, geopolitical instability and the cost of living crisis, the market as a whole is and has been under significant strain in recent years. “The price of everything is going up, and so are rates even for the most experienced interim managers,” says Matthew. “With that, there is increasing scrutiny on delivery and, as an interim manager, your reputation is everything, so the need to demonstrate value and deliver above and beyond has never been more important as cost pressures increase across businesses.”

The pressure is on, but that doesn’t mean you should undersell yourself. Acknowledge what you have to offer and value – and price – yourself accordingly. “Sometimes the things that seemed to hold you back when securing permanent roles, could actually play to your advantage as an interim,” suggests Brigid. “Being ‘too experienced’ for an interim role, for example, isn’t something you’re likely to hear. In terms of knowing your financial worth, your past salary can be a useful benchmark, but without the security and benefits of a permanent position, this needs to be augmented. Set your day rate according to what you know you’re worth, based on your experience and the value you bring to the organisation, and don’t just passively accept what you’re being offered.”

For more information on market rates and the state of the market, as well as advice on how to position yourself and take your interim career to the next level, reach out to Luke Moriarty ([email protected]), Matthew Stent ([email protected]), or the wider BIE interim team. There are also useful resources and guides on the IIM website.