Knowing your worth can be tricky. Whether you’re changing sectors, making a lateral move or getting a promotion, understanding how to articulate and negotiate the pay you want is difficult for most people.
Claire Carter shares her best advice from her 20 years in the public sector, where she has provided interim and consultancy solutions to universities, housing associations, local authorities and the NHS.
Claire also has a passion for providing careers advice and guidance to individuals, especially to those who have not previously considered an interim career before, but who have unique insights and skills to offer the interim market.
Whether I’m speaking to someone who is about to embark upon an interim career or has been in the game for a while, one of the most common questions asked is, “How do I know my worth”?
In the ever-evolving landscape of today’s market, striking the perfect balance in pricing can seem like a tightrope walk. So, how can you unravel this puzzle?
Navigating the Three Dimensions of Engagement
There are three principal modes through which clients enlist the prowess of an interim manager:
Day Rate: Some assignments revolve around a day-rate payment structure, where compensation is given for the days you work.
Fixed-Term Salary: Certain roles align with a fixed-term salary arrangement, integrating you into the organisation’s payroll for the duration of your assignment. You can benefit from holidays and pension contributions with this model.
Outcome-Driven Fee: On occasions, a flat fee is negotiated for the successful completion of a specific project or deliverable. A fairly flexible way to operate, enabling you to manage multiple assignments at once.
The contours of your interim assignment often determine which engagement avenue your client chooses. A deeper understanding of these modes empowers you to tailor your approach and pricing strategy.
Let’s now look at some insights which will empower you in understanding your authentic worth and devising a competitive pricing strategy tailored to the service you offer the interim market.
Four Pillars of Self-Discovery
Articulating Your Value Proposition: Your journey commences by unravelling your unique value proposition. Evoke a vivid narrative that showcases the impact you create for organisations. Think about it like this: What problems do you effortlessly unravel? What situations do you create impact in? The seeds of your worth are sown within these very answers.
Market Insight through Research: Take a look beyond the surface and immerse yourself in your chosen market. Understand the demand for your skillset and expertise. Think about the challenges your sector or discipline faces. What do they need? Try to decode industry trends and organisational needs. You will then start to see how your value proposition interlaces with these market dynamics. Your market worth is now starting to fall into place.
Networking: Embark on a journey of connection. Forge connections with fellow interim managers, industry mavens, potential clients and interim service providers like me! Each person will contribute to a panoramic view of the market’s landscape and give you an indication of knowing your worth.
Showcasing your track record: Illuminate your journey with your track record of achievements. Shine a spotlight on your past triumphs and victories as an interim manager. You can write these as short case studies or list them at the beginning of your CV. Think about it as your top 10 hits. Quantifiable achievements instil a sense of trust and confidence in future clients and give you tangible credibility.
In the fluid expanse of the interim market, embracing the mantra of “Know Your Worth” is akin to orchestrating a symphony of self-awareness and market acumen. Armed with these insights, you possess the compass to successfully navigate the question that frequently echoes: “How do I truly understand my worth?”
You can read more of Claire’s work here and contact her via LinkedIn or email her at firstname.lastname@example.org