It’s all about the money
What’s more cost-efficient: hiring or turning to an executive interim manager?
Inevitably, the Big Question always crops up: “So, how much will an interim manager cost my company?”
For what it’s worth!
By the time we reach that question, the client already knows about the benefits, the special skills and the outstanding value that an interim manager will add to their company. Still, when they find out about the daily rate of an experienced interim manager, clients can be a bit put off.
But looking at the total costs that come with hiring an interim manager – versus an internal team member –, the main conclusion is that an interim manager will have a lesser impact on your company budget.
And yes, that means they are cheaper than hired staff. Take a moment to do the math with us.
Let’s do the math
Let’s take a closer look at the price tag of an interim manager compared to that of your internal staff.
For our interim manager, the math is straightforward: the daily rate, multiplied by days effectively worked, equals our invoice.
For your internal teams, it’s a whole different ballgame. Sure, there’s the net pay, but you know the real cost is far higher for the company. There’s taxes, social security contributions, payroll tax, etc. And don’t forget the 13th or 14th month’s pay that’s common practice in Belgium.
Then there’s secondary benefits: group insurance, housing allowance, phones, Internet, education and seminars, pension benefits, etc., etc.
Oh, and don’t forget about the quality time your employees require: weekends, holidays, paid leave… All time you pay for, but which doesn’t directly add value to the company.
All things considered…
So, at first glance, the daily rate of your experienced interim manager may seem on the higher side. But that’s nothing compared to the full financial package a hire would require. Hiring an executive interim manager is more cost-friendly than most hires – especially for projects, part-time profiles or highly specialized temporary gigs.
Intrigued? Let’s crunch the numbers for your company. Get in touch with your contact at Essensys today!