The Interim Market
What does the Interim market offer to candidates?
Candidates are often unaware of the Interim market and its benefits until later in their career, when they have gained the confidence and the gravitas to take the step into this robust marketplace.Candidates are often drawn to the Interim market, due to three main reasons:
- Lifestyle decision. People often find themselves competing for such immediate roles unexpectedly, when their personal needs become more urgent due to redundancy, breaks for travelling, and various other circumstances. It’s an immediate answer to unemployment, with work available across sectors, and with little bias towards candidates from one background to the next.
- Working in such a buoyant market currently, we are seeing more candidates taking advantage of the opportunity to gain alternative sector exposure, without the commitment of a permanent role.
- Money is proving to be a prominent reason to choose Interim over Permanent, particularly at the senior end, where salaries can be up to 30% higher. But even at the more junior end, contract or hourly-rate salaries can be 5-10% higher than permanent roles. Clients are paying for an immediate expertise, for an individual with the adaptability to arrive in a foreign environment and add significant value.
Other Reasons
- Flexibility
- For overseas candidates, a temporary role offers a great opportunity to gain UK experience
- For individuals returning to work after an absence, a temporary role is an ideal way to return to the market
Possible concerns
Candidates within the early stages of their career particularly worry about how interim work may affect their CV and subsequent career prospects. But one thing people often forget is just how many interim assignments are extended or made permanent for the right candidates. (Obviously this is not applicable for the more senior career interim.)
Financial Services companies often have very stringent background and criminal checks in place and this can delay your start date or restrict your activities until cleared. For applicants from foreign countries the process can be further delayed.
Solution
To help reduce any delay you can contact your references in advance to let them know what to expect and who to expect contacting them.
Why would I choose an interim role?
Individuals choose to work in interim positions for a number of reasons:
- Flexibility
- A lifestyle decision enabling an individual to pursue other interests between contracts
- An opportunity to learn new skills and deepen skills base
- For overseas candidates, a temporary role offers a great opportunity to gain UK experience
- For individuals returning to work after an absence, a temporary role is an ideal way to return to the market
How long will it take me to secure a role?
Unfortunately, there is no real answer. It depends on your skill set, the market and your degree of flexibility.
The interim market usually moves faster than the permanent market, although this is not always so! It can take anything from a couple of days to three months or more to land a role.
Differences within the Interim Market
1. Temporary assignments
An individual working on a temporary assignment will usually be paid on an hourly or daily basis and will be payrolled by a recruitment company. All the administration is dealt with by the recruitment company, which pays the temporary worker weekly. An individual may either work on a PAYE basis in which case the agency deals with the tax, or via a Limited Company of which the temporary worker is a Director, in which case the Company deals with all tax issues.
2. Fixed-term contract
Contractors are recruited for a fixed period by a company or firm. They are usually paid by the company or firm on a monthly basis in the same way as a permanent employee. The contractor’s salary is likely to be expressed as an annual salary (pro-rated). The contractor will be entitled to similar benefits to those of a permanent employee, including the same holiday entitlement. Contractors are tied into longer notice periods than a temporary worker.