One of the questions, I get asked more than any other is how do you work out your daily rate as an interim manager? In my experience, there is no ‘one size fits all’ answer, although many interim managers will be told that as a rule of thumb that your daily rate should be 1% of your target gross annual salary. I disagree.
That calculation doesn’t work at the lower end or higher end of the scale. Most interim managers I know are more interested in working on an interesting and challenging interim assignment – the rate they are paid for that role is important, but it is always a secondary issue. We always work on finding the right person for the role first, and only then seek to understand rates.
Interim recruitment consultants working in the industry are working on roles on a daily basis and have a good grasp on rate ranges for particular roles. The key is getting to know the Consultant you are working with so that they can understand more about your experience and are therefore in a better position to fully understand the rate you should be charging clients for a particular role.
When looking at your rate it is important to factor in how challenging the role is, the location, complexity of the role and whether it is a role that will enhance your CV. If you are working with a provider like us, it helps to be open and honest with them and be clear about your expectations – we will always tell you if we think those expectations are unrealistic to find the best solution for the interim manager and for our client.