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Interim Management market is bouncing back


Charles Russam
Charles Russam, Chairman Russam GMS
The Interim Management market improved markedly in the last six months, according to our latest snap shot survey of 11,000 Interim Managers.
 
Daily pay rates for Interims remained unchanged, with an average daily rate of £592 at June 2010 and also at December 2009. However, in the last six months pay rates for Interims on full time assignments increased by almost 4% from £579 to £603, whilst pay for part time Interims dropped nearly 8% from £616 to £586.
 
Demand for Interim Managers has varied significantly by discipline. HR specialists were in particular demand and their daily pay rate increased by 11% from £547 in December to £614 in June. No doubt this can be attributed to the need for HR specialists to manage organisational change in the public and private sector, as well as redundancy programmes.
 
Sectors that were buoyant included engineering, with Interims experiencing pay increases of 10.5% from £451 to £504; retail where Interims saw a 11% increase in pay from £591 to £670 and in the Supply chain and Utilities sectors where Interims saw their pay increase by around 20%.

Sales and marketing specialists didn’t fare so well however, and saw their pay drop by 14% from £608 to £502 a day. Pay rates also fell by 11.7% for Interims in the not for profit sector from £521 to £460 day; Interims in IT experienced a 5.7% drop in pay from £649 to £612 and pay rates dropped by 2% for Finance Interims from £579 to £568.
 
Interestingly, the planned job cuts in the public sector have not yet hit the Interim Management market and activity levels and pay rates have remained pretty stable in central and local government, education and the NHS over the past six months. Central government showed a slight decrease in pay levels from £628 to £610 (-2.8%), however this was balanced out by a 6% increase in local government, where pay rose from £516 to £549. There was a 5% increase in pay for Interims working in education and a 2.8% decrease in NHS pay.

Regionally, the fortunes of Interims were equally mixed. Interims in the South of England maintained their average daily rate of £619 a day, whilst Interims working in Central England saw their pay drop from drop from £623 to £591; no doubt this is a reflection of the relatively high level of job cuts in the Midlands compared with the rest of the UK. Interims in the North and West saw slight increases in their pay rates.

Interims in their 20 and 30s won the most assignments during the past six months, followed by Interims in their 40s, then 50s and then 60s.  However, Interims in their 40s are commanding the highest salaries with an average daily rate of £633.
There remained a high level of commitment to the Interim industry with 29% of Interims stating they wouldn’t consider taking a permanent position, 40% saying they would happily move in between Interim and permanent work and with 49% prepared to take a full time job if it was a tempting enough offer. Only 9% said they were actively looking for a permanent job.
 
Outlook for the future - as we are slowly emerging from the recession, we are seeing a sharp increase in levels of interim activity in the market and growth in many sectors. But we expect that sentiment must soon be affected by impending public sector job cuts and their ripple effects through the rest of the economy. Many Providers have already seen a marked reduction in opportunities coming out of Central Government and to a lesser extent Healthcare but Local Government still seems to be holding up.  In the private sector, Financial Services are putting more work out to Interims and the Charity Sector – now renamed the Civil Society – is busy although funds are still tight.
 
The competition for assignments remains tough and the more astute and agile Interims are looking hard at their skill-sets to make them sharp, focussed and relevant.  Our advice to Interims is to be flexible, hone your skills and, where necessary learn new ones and look for opportunities through networking, Providers and personal contacts. Interims who are the most entrepreneurial will fare the best in this market.

About Russam GMS Ltd
Russam GMS is the longest established mainstream provider of Interim Managers in the UK with a 30 year industry track record and this year was awarded the ‘Best Interim Recruitment Agency’ at the Recruiter Awards for Excellence 2010.
 
It provides Interims across a wide range of disciplines to board level across a variety of sectors including financial services, manufacturing, central and local government, financial services, aerospace and defence, healthcare, universities, charity and not for profit sectors and the private equity and venture capital sectors.
 
Further information
Premium myexecutivecareer.com members can find more useful resources on this topic in the myInterimcareer section of the site. 


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