Day rate calculator for interim appointments
Discover what you might pay when you contract an interim executive, including the factors that influence day rates.
Day rates form the basis of charging for interim appontments, calculated to factor in the inherent flexibility required from professional interims.
Calculate a day rate
227 full time work days in a year (260 weekdays less 8 bank holidays less an average of 25 days leave).
The average interim contractor is in work two-thirds of the year.
As the assignment length increases the day rate reduces.
Experience and requisite salary equivalent.
Budgeting for interim day rates
A fair interim day rate will take into account the relative insecurity of contract work. There are many factors to consider…
Interims work around 150 days a year
Most interims earn for around two thirds of the year. The rest of their time they look for roles or take breaks between projects. Permanent staff usually work 227 working days a year (allowing for 25 days annual leave and 8 bank holidays).
Two-thirds of 227 gives the average interim just 150 days to earn their annual income.
Interims don’t enjoy benefits
Professional interims do not receive any benefits such as pensions, car allowance, health insurance etc. Our day rate calculator factors that in and includes some compensation.
Interims need to be mobile
Interims will be engaged on short term assignments and required to move around the country (or the world) to fill contract roles.
Most businesses will compensate to some degree and pay a small premium for extensive travel. That being said interims shouldn’t expect a day rate uplift if the client has qualified candidates closer to home.
Interims have more experience
You can expect an interim to be more experienced than a permanent hire in a similar role. For example for interim cover for an operations director you would generally bring in an interim at COO or similar level who will have the gravitas and experience to make an immediate impact.
Calculating a day rate based on the full time salary of the role you want to fill is unrealistic because of this disparity in experience.
On top of the day rate, clients may agree to cover travel and hotel expenses as and when required. Agreed expenses should be detailed during negotiation to ensure both parties understand their positions.
The Catandra day rate calculator is a simple, free resource to help you gauge what kind of day rate you can expect to pay for an interim, or what you might expect to charge if you’re a professional interim.