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Interim Management Pricing
There is no hard and fast rule for pricing interim managers, however, you can expect day rates to be above equivalent salaries but below consultants from significant consulting firms. The big difference is that they are there to deliver results not just make recommendations. A fully inclusive day rate is always quoted and timesheet increments are generally full or half days.
Interim Managers are independent contractors and as such will take care of their own tax, superannuation and insurance. You may need to include then in Workcover insurance if they are spending most of their time on site. They are required to abide by your visitor safety policies as a minimum. Our preferred model is that they work under their own ABN and are subcontracted via 1st Executive. They are not employees in any way, they do not get paid for days they do not work.
You will agree the principles of business expenses recovery in advance and will generally reimburse them directly.
Factors Affecting Pricing
Where we are quoting, the issues to be considered include:
- Difficulty and specialist nature of the interim assignment
- Skills, experience and seniority
- Day rates will be grossed up to reflect that as independent contractors they must make their own leave provisions
- Competition
- The value to the organisation of the project they are assigned to
- 1st Executive margin
- Agreeance to 14 day invoicing and payment cycles
- Your payments will always be to 1st Executive – this is not negotiable
The ROI of Interim Managers
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