Interim Management Market is bouncing back
Interim Management Market is bouncing back as Russam GMS reveals an 11% rise in activity levels as at 30.6.10
HR Interims saw 11% rise in pay levels -
21 July 2010 The Interim Management market improved markedly in the last six months, according to the latest snap shot survey of 11,000 Interim Managers from award-wining Interim Provider, Russam GMS.
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 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 didnt 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 wouldnt 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.
Charles Russam, Chairman of Russam GMS said, 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.
As for Interim Manager themselves, Charles Russam adds, 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.