Interim Day Rates
What factors should be considered when calculating a far interim day rate?
The average interim will anticipate working around two thirds of the year; the rest of their time is spent looking for roles or taking a break between projects. In practice we can equate this to around 150 working days per year:
– 260 weekdays in a year;
– 8 bank holidays;
– 25 days annual leave (average for a permanent employee);
– This equates to 227 left which becomes 150 when you take two thirds.
This figure of 150 days can then be used to help adjust a per annum salary to an interim day rate.
Professional interims do not receive any benefits such as pensions, car allowance, health insurance etc; therefore, a day rate calculator should be factored in and compensated for.
The very nature of this work dictates interims will be engaged on short term assignments and required to move around the country to take roles; most businesses will compensate to some degree and provide a slight premium if there is extensive travel involved. That being said do not expect a day rate uplift if the client has qualified candidates closer to home.
Not to be forgotten, clients may choose to cover travel and hotel expenses as and when required. These should be clarified and agreed during the negotiation phase to ensure both parties understand their positions.
As mentioned in the resource section you can expect an interim to be more experienced than a permanent hire; for example if you are looking to cover an operations director you would generally bring in a COO or similar who will have the gravitas and experience to make an immediate impact. Therefore you cannot simply compare day rates to full time salaries because the two are not comparable.
The day rate calculator opposite is a simple, free resource to help you gauge what day rate you can expect to pay for an interim and likewise the rate you should be charging if this is your chosen profession.
Contact us immediately to discuss how hiring a logistics interim can help your business today on 0800 0588 385 or email@example.com.
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