IMSIG. Lessons from the Trenches - Realities and Challenges of an Interim. Sarah Bolsover Celia Adams IMSIG. icaew.com

Transcription

1 Lessons from the Trenches - Realities and Challenges of an Interim Sarah Bolsover Celia Adams

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3 Our Experiences Your Feedback

4 Are you suited to being an interim? Key considerations Ask the audience

5 What we thought of Independent you are never there very long. Okay with down time, can you afford it? Good at interviews. Self starting/seize opportunities Results focused. Put the job before you. Likes change Myers-Briggs.

6 Myers-Briggs 55% of interims fall into 3 of the 16 types 35% of all managers are in the same group 11% of the total population They are: ENTJ INTJ ENTP Extravert(E) (I) Introvert Sensing (S) (N) Intuition Thinking (T) (F) Feeling Judging (J) (P) Perception

7 Types of roles Specific projects Backfill for projects Turn-around functions Maternity cover Emergency cover planned or unplanned

8 What s different about being an interim? Speed of appointment. Length/type of CV. Down time. Being an outsider Knowing you are going to leave. Unlikely to get promoted

9 Speed of Appointment Often needed in a hurry. Often want you to be immediately available Not a permanent, so (often) fewer stages to interview.

10 Length/type of CV You have done lots of jobs, so lots to write Needs to be relevant to assignment applied for, IF you get the opportunity to edit it. Skills based CV great but a lot of employers don t understand them.

11 Down Time Sometimes a major reason for being an interim want to do something else Can be the holiday time between assignments But there will be down time you didn t really want Can you afford not to work for 3 months? What will you do with yourself?

12 Being an outsider Different organisations work differently in accepting interims into the real team To maintain IR35 status (more later) you cannot be treated as an employee Christmas parties, staff canteen and training

13 Knowing you re going to leave Has its advantages in that even if the assignment is awful it is finite. Ensure that everything you do is documented and traceable you (probably) won t be there next year. Work up to the handover which is inevitable You will, however, be there until the client doesn t want you, not until you want to resign

14 Unlikely to get promoted You will probably be working within your capabilities and seen it before Generally interims are recruited on proven capabilities. The client is not looking to train you

15 How do you get work? Network. Providers Extensions/other requirements when you re there Repeat business. Develop a USP Identify gaps and needs (IFRS?)

16 Network Everyone you know is a network. LinkedIn. Tell people when you re free

17 Providers Develop relationships with providers you know/like. Specialists in interim vs. big ticket vs. boutique. You probably can t keep in touch with everyone, develop the strategy

18 My attitude to connecting to agencies on LinkedIn Don t

19 Good providers Will not poach you when you are somewhere else. Will not send you inappropriate roles. Will confirm the role is there before you go. Will not send your CV without confirming with you. Will advise even when they re not securing a role for you

20 I am an Interim not a Temp NO. I do not want a permanent role, thank you.

21 Even agencies do not get the difference between: a career interim and an out of work, will consider anything

22 How much are you worth?

23 Type of Contract Make sure you have one!!! Fixed term possibly for specific cover employers like it Day rate provider s contract. Day rate your contract. o Key issue is tax/ir35.

24 Tax/IR35 Must be a valid services contract. Must have at least one of the 3 pillars. Mutuality of obligation. Substitution. Control. Also be careful if you re considered to be filling an office (e.g. director)

25 What are you worth? Depends on the type of contract. Length of assignment Complexity/challenges of assignment Level of responsibility Also, how much do you need the work or what may come about later

26 What are you worth? Calculating a day rate allow for employer s NI holiday/bank holidays/sickness long hours down time lack of package benefits Have to provide own training, subscriptions, materials etc. possible time away hotel bills at your expense

27 What is your Tax Strategy? Fixed contract you re PAYE Day rate umbrella company or own personal services Umbrella may be good for your first assignment, but after that use your own. You ll still be PAYE How aggressive are you?

28 How to pay yourself? What s your attitude to risk? If you adopt a more aggressive strategy are you prepared to fight with the revenue if they challenge? Dividends vs. salary. If you pay via dividends less NI, but may be challenged if not paying a living wage Family members. Employ them if they don t have their own income. Have them as shareholders so you can pay them dividends

29 So you have an assignment

30 Why is this different to a permanent? Expected to hit the ground running Who actually are your key influencers What do they really want you to do How co-workers perceive you

31 Expected to hit the ground running Quite probably you ve seen/done something like this before You re perceived as expensive, so they ll expect results They ve only employed an interim because there s an urgent need Expect long hours

32 Who Are the key influencers? The person who employed you isn t necessarily the person most interested in your results There could well be blockers / people who resent you being there Does everyone want the task actually done?

33 What do they really want you to do? The task explained is not necessarily the task they want In order do the task something else needs to be done or agreed first There are hidden agendas you need to sort

34 How do co-workers perceive you? Everyone will know what your day rate is You can be perceived as a threat you re working within your capabilities You don t belong to the team and can be excluded from debates They may be hoping you can sort it out

35 Are you really there to make a difference? You ve seen lots of different ways to do things, so can probably improve things, BUT Particularly if you re back filling they may not want things changed They may want little changes not big changes Observe before pronouncing

36 Useful contacts Institute of Interim Management Interim Hub Professional Contractors group

37 Questions

38 Thank you for listening

39 Conclusions

40 How to source work, agency/network. Seasoned interim versus between jobs. How you set yourself up? Your USP.