By Vicki Owen
Money is not the main motivator for women with careers in interim management, according to a new report by Interim Women.
The study of 1,600 women – earning £604 per day on average – has found that the top attractions of a career in interim management include the allure of being the boss, running a business and working for a range of clients in different industries.
According to the report ‘How to succeed, the opportunities and challenges’, women see interim management as a way of gaining greater career flexibility, work-life balance and new skills.
Hilary Sears (pictured), research co-ordinator at Interim Women, which launched the report today, says: ‘Women are turning to Interim Management for an entirely different way of working. The women we surveyed typically have 22 years’ business experience and were former senior business executives at the top of their game. They were motivated to leave their permanent careers because they wanted to be their own boss.
‘Interim management has enabled them to take charge of their careers, work with different clients in a variety of industries and experience the challenges of running a business.’
But, she says, making the transition from a permanent career into interim management is not easy. The biggest challenge for the women was winning their first assignment, followed by networking and marketing to win business and defining their professional product to clients.
Half of all women found the transition from permanent to interim work difficult and said that it took several months or more to find work, with some taking up to a year. They stressed the importance of careful financial planning and creating a financial buffer to cope. Meanwhile 37 per cent say they found it easy to start their interim careers, with many taking just a few weeks to win their first assignment.
To win assignments, networking with former clients, colleagues and bosses pays dividends. Around a third found their first assignment through a personal recommendation or referral, 30 per cent found work through an Interim Recruitment Provider, 27 per cent said it was through networking and one in ten used the social networking sites Twitter and LinkedIn.
Whilst, the women surveyed crave greater flexibility, it is debatable whether Interim Management delivers this. Around eight out of ten interims work full-time and the remainder work part-time.
Half of all interims focus on one client at a time, a third work for two clients at the same time. Only 15 per cent work for three clients simultaneously. More than half of the interims work a five day a week, 15 per cent work a four day a week, 18 per cent work three days a week, and a small minority work one or two days.
Hilary Sears says: ‘The majority of interims are working full time, long hours and flat out on assignments – it is very intensive. Many concede that interim management is harder than their former careers, but insist it gives greater flexibility because the women can choose their assignments, manage their workloads and fit work around their charity interests and family life. They make the rules and are not constrained by office politics and someone else’s timetable. However, it means that any relaxation is relegated to between assignments.’
Almost a fifth of interim women also balance a trustee role with their interim management work and 71 per cent of the women said they would like to take on an unpaid trustee role and fit this in with their interim career.
But one dark cloud on the horizon is the slow economic recovery. A fifth of women stated there are fewer jobs this year than last, tougher competition and bigger gaps between assignments. Clients are increasingly have greater expectations too and 39 per cent say these issues are their biggest concerns about the future.
Charles Russam, chairman of Russam GMS, the company which set up Interim Women, says: ‘It is striking that these women are so experienced, determined and resilient and they undertake interim work because they are passionate both about being their own boss and working with different clients on challenging assignments.
‘Whilst the majority of women confessed that interim management is hard work, it seems being the boss is worth the sacrifices. This report, however, sends a clear message to businesses that there is a major pool of experienced, senior level women interims out there who could help them with their toughest challenges.’
Tags: career change, Interim management, Interim Women, management development
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