The short answer is: There is no off-the-shelf rate card for interim execs. Or more precisely, it doesn’t exist for the best interims in the world.
The first thing to understand about interim executive costs is to know that interim and permanent executive compensation is structured differently.
How Interim and Permanent Executive Pay Differs
There are many ways the compensation differs, including:
Contracts for interim executives are always short-term vs. the long-term arrangements you make with permanent hires.
- Interims are focused on deliverables — our contracts can be broken with 30 days’ notice from either party — while permanent hires lock in long-term contracts that guarantee them a job in a fast-paced world. Or, at the very least, it guarantees them a hefty severance package if the contract is terminated early.
- Interims are temporary workers, so they don’t get paid vacation, health benefits, stock options, or other extras, unlike permanent employees who will expect all of those.
- Successful interims have to prove their value from the first day on the job — and every day thereafter or they’re gone.
- Interims are comfortable with the ambiguity of business outcomes and are more likely to make bets on themselves performing well, knowing they don’t have that locked-in contract to rescue them.
The structure of an interim’s contract can vary greatly. They may be paid hourly, daily, monthly, or project-based. Sometimes there is a performance bonus or even equity incentive if an interim is tasked with creating incredible growth in an organization.
Company Situations Vary Greatly
Your company is your baby and your baby isn’t like anyone else’s in the world. As such, the caliber of leader you need and the process and deliverables necessary to achieve the best outcome is a tailor-made solution – not an off-the-rack, one-size-fits-all experience.
We have talked to too many owners who are frustrated after shoveling out money to firms that in the end delivered a big binder containing pretty charts and templates, but no ability to execute.
If your company has particular needs, we will look for a specific fit with one of our RED Team interims, an elite group of interim, project, and fractional executives who have been selected because of their track records creating incredible results in companies.
Your Situation is Unique
A doctor wouldn’t give you a prescription or treatment plan before they hear your symptoms. The same goes for an interim.
When we set up a call with an interim executive, they immediately assess:
- what you want to accomplish,
- what is needed to create a successful outcome for the company, and
- whether they are excited about the challenge and believe they can provide value.
After they hear you out, we will put together a custom plan for you that defines time, commitment, and compensation. Any less than a thoughtful process means you’re likely going to get a mediocre result.
At InterimExecs, we treat your situation as unique, and therefore put time and effort to match you with an executive right for you, as well as a tailor-made compensation plan.
Are you ready to explore how an InterimExecs RED Team member can meet the needs of your company? Request a confidential call with our team to explore solutions. Or call directly at +1 (847) 849-2800.