Interim professional? Here’s how to determine your hourly rate
As an interim professional you do not earn a fixed salary that is deposited into your account at the end of every month. You are paid per hour, but how do you determine what a realistic hourly rate is? You work independently, which means that you are responsible for building up pension and taking out insurance. You must also bear in mind that you will not get paid during illness or vacation. The hourly rate for an interim professional may seem high at first sight, but there are all kinds of costs that you have to take into account.
These tips can help you determine a realistic hourly rate:
- Benchmark your salary so you know what the usual rates are within your specialism. In order to do this, you can use our yearly salary survey. conditions within the sector and the length of the contract.
- Take all relevant factors into consideration, such as: travel expenses, market conditions within the sector and length of the contract.
- Consider what the assignment will mean to your current situation. Will the assignment add value to your cv, do you get the chance to acquire new knowledge and how urgently are you looking for a new assignment? How scarce are your qualities and skills in the market?
- Try to find out whether other candidates are considered for the assignment, and what rate the client has in mind.
- To convert your permanent salary to an hourly rate, you can use the followingformula: (gross) monthly salary / 173.33 (average working hours per month over a year) = hourly rate. Of course, there are some risks attached to an interim-career (e.g. no work means no salary, insurances expenses to cover certain liabilities, pension etc.). To incorporate these risks in your rate, you can multiply your hourly rate with the factor “1.7”. Bear in mind that the hourly rate may vary per assignment, based on experience in the industry, education level etc.
- Ask a recruitment consultant for advice. They are well informed about the current rates and can advise you on all of the considerations mentioned above.
More information
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