Interim management continues to increase in private sector
This represents the overall trend for 2013, which highlights the growing divide between interim manager appointments in the private and public sectors - a trend that started in 2011. Throughout 2013, private sector work averaged 64 per cent of all assignments carried out.
The financial services industry also continues to dominate the use of interim managers - standing at almost half (46 per cent) of all private sector assignments in Q4, 2013. Throughout 2013, this figure averaged 43 per cent.
Richard Clifford, managing director of Campion Willcocks - an IMA member firm, comments: "The results of the Ipsos MORI survey underline the importance of the financial services sector to the UK economy.
"The main drivers for demand for interim management assignments within the sector are change projects and programmes linked to regulatory compliance, cost reduction and new target operating models. All as a result of organisations reacting to the headwinds of increased regulation and constrained revenue growth while trying to position themselves for future growth. Digital channels remain a common area of focus as these organisations address new customer propositions and delivery channels."
When it comes to women in interim management, figures for 2013 indicate an average of 34 per cent of interim managers were women, compared to 29 per cent for the year before.
Simon Drake, IMA chairman and director of Penna plc, added: "The debate on women on boards continues to receive real press attention, with the third annual review having been recently published (3). It is encouraging to see that just over 20 per cent of board positions in the FTSE 100 are held by women, but I would argue that our figures indicate there is more of an appetite for women to pursue careers in interim management."
Another key theme picked up for 2013 was the growing trend for interim managers to be utilised for their support in leading both projects and change - representing 61 per cent. This dispels the sometimes commonly held view that interim managers are mainly utilised to fill gaps, which stood at just 18 per cent.
However, in spite of the continued optimism for the sector, with 89 per cent of the provider community being positive for the year ahead (4) , the overall trends for 2013 showed a decrease from the previous year. Turnover for member firms stood at £131m, compared to £154m for 2012. And, the number of assignments in progress throughout 2013, compared to 2012 showed only a minimal decrease from 1269 on average per quarter to 1261.
Simon Drake said: "The last few years have been challenging for the sector, during the recession. However, when we look at the number of enquiries being received by IMA member firms, this continues to increase - indicating real interest on the part of organisations when it comes to the value of interim management. And, the same companies are referring to a positive start to
2014 - it will be interesting to review the results from the first quarter of this year to see if this overall sentiment is reflected."