Increased earning potential: Senior finance professionals with specialised skills and experience are often in high demand as interim workers, leading to a greater variety of assignments and potentially higher earning potential. The introduction of IR35 may have made it a little less attractive, particularly if a role is assessed as ‘Inside IR35’, however, the chance to maximise your income via a PSC (Limited Company) and securing a long-term contract can still make interim work a very lucrative proposition.
Variety & diversity: Working in the same business, in the same finance function with the same faces, over a sustained period can lead to stagnated career development. Interim work offers diverse experiences and the opportunity to challenge yourself in new environments. You will get to work and learn from more people, in different types of organisations and across different industries. Interim work can also serve as a bridge to permanent roles within a new sector. So, if you enjoy variety in your work and want to gain exposure to different companies and financial roles, interim work can be an excellent choice allowing you to work on diverse projects and challenges.
Consulting & portfolio careers: Some senior finance professionals transition from permanent roles to become independent consultants. Interim work can serve as a stepping stone to this career path, providing opportunities to build a consulting portfolio and establish a client base. Others like to develop a portfolio career, which includes a mix of interim work, consulting, and part-time roles. This approach can offer a diverse and fulfilling professional life.
Flexibility: If you value flexibility in your work schedule interim work can offer more control over your time. Professional interims can choose where and when they perform their services (depending on IR35) and are likely to have a flexible schedule that aligns with project deadlines. You might also be able to work on a part-time basis, allowing more time to pursue personal interests outside of your assignments. This links neatly to the topic of work-life balance…
Work-life balance: Exploring the rationale behind transitioning into the interim space frequently brings us to the recurrent theme of work-life balance. But what does this phrase truly entail?
The assessment of work-life balance varies from one interim professional to another, influenced by factors such as the assignment's nature, client demands, organisational culture, and personal preferences. The determination of whether an opportunity aligns with expectations hinges on these considerations.
Although there may be opportunities to negotiate the duration and timing of assignments, tailoring them to accommodate your personal needs, it is worth noting that the workload and intensity of each assignment will be different. Some will require longer working hours or tighter deadlines, especially when addressing specific challenges or filling critical roles.
That said, the time-limited nature of interim assignments introduces periods of downtime between engagements. These breaks offer opportunities for rest, holidays, and the pursuit of personal interests.
Expertise & experience: Senior finance professionals can leverage their industry experience to quickly make an impact in interim roles, which can lead to more challenging and rewarding assignments. Project-based interim roles can also provide the chance to gain deeper expertise within specific areas. These can include specific financial challenges, strategies, or transformations, which can be professionally fulfilling whilst also further improving the future marketability of your services.
Independence & autonomy: Professional interims are afforded far more independence and autonomy to manage their careers than their permanent counterparts. Interims can accept or decline opportunities that are presented to them and if an assignment doesn’t satisfy all motivations for taking on interim work, then they are under no obligation to accept it! Contractually, they will likely be on a shorter notice period (compared to permanent positions) giving them the option to exit if the role does not live up to expectations. Conversely, this also gives the client the same flexibility in the event they wish to terminate the assignment. From a professional integrity perspective, our advice would always be to complete the assignment and commit to the agreed initial duration.
New relationships & opportunities: If you're interested in expanding your professional network or exploring entrepreneurial opportunities, interim work can introduce you to a wide range of industry contacts and potential collaborators
So, it is clear the interim career choice offers distinct advantages over permanent roles, but what challenges might you face?
Narrow market: Senior finance professionals may find the interim market relatively narrow, as these roles require specialised skills and experience, making it more competitive to secure assignments.
Regulatory compliance: The finance sector is heavily regulated, and interim workers may need to stay updated on the latest regulatory changes and ensure compliance in various organisations, which can be challenging.
Complex tax considerations: Senior finance professionals may face complex tax considerations and may need to manage their finances more actively, potentially requiring assistance from tax professionals.
Transition challenges: Transitioning between interim assignments can be disruptive, and finding the right opportunity can take time, leading to gaps in income and employment.
Company culture: Senior finance professionals may miss out on the long-term company culture and the sense of belonging that permanent employees experience, which can be very important for some individuals.
Limited employee benefits: Interim senior finance professionals often do not receive employee benefits such as pension contributions or stock options, which are commonly offered to permanent finance staff.
Skill maintenance: Continuous skill development is crucial in the ever-evolving finance industry. Interim workers must take the initiative to stay updated and relevant, which may not always be facilitated by employers.
Client relationships: Building and maintaining client relationships can be challenging in interim roles, as they may have shorter durations, and professionals may not have the same rapport with clients as permanent employees.
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In summary, senior finance professionals considering interim roles should carefully weigh the specific pros and cons relevant to the assignments on offer. Your preferences and career goals will play a significant role in determining whether interim work is a good fit for you. Our interim team is here to guide you through this important exploration!
Download your copy of our guide on transitioning to interim work, which is packed full of tips on how to approach the transition or reach out to me directly!
