Demand for interim managers increases
In its latest Ipsos MORI survey, the IMA highlights increased demand towards the end of 2014 - with the average number of enquiries per member up by almost a quarter (23 per cent) for Q4, compared to the same period in 2013.
The number of new assignments also saw an increase - up by 5 per cent compared to the same period in 2013.
The average length of billable days was up by 12 per cent from 152 in the third quarter of 2014, to 172 in the last quarter. And, when averaging the last two years, billable days increased to 171 by end of 2014, compared to just 149 for 2013.
Accounting for 67 per cent of all completed assignments during the last quarter of 2014, the private sector is up from 51 per cent in Q3, 2014. 2014 saw the highest number of private sector assignments completed, averaging 69 per cent for the entire year. The number of new assignments started remained stable quarter on quarter, with the last quarter (Q4) seeing the highest number of assignments started.
And, in keeping with the normal trends, the finance industry dominated with 39 per cent of all private sector assignments in the last quarter of the year. However, this has decreased from 46 per cent in the third quarter.
The pharmaceutical and biotech industries was 11 per cent in the last quarter, compared to 7 per cent for Q3, 2014.
Simon Drake, IMA chairman, said, "These are positive trends for the interim management sector, and evidence of the fact that our industry is growing and becoming recognised globally.
"Equally, we are seeing more and more assignments coming in from the private sector, which saw the highest number since the survey started in 2006 - with a clear emphasis on the work of interim managers across the financial services industry. This sector has and always will be the biggest user of interims."
Dafydd Wright, director Interims at RSA Group, added, "The life sciences industry has been witnessing a resurgence of interim management activity. M&As continue to drive an appetite for interim change and transformation expertise, and growth in commercialisation of speciality pharma and rare disease products is creating a pull for interim senior leadership talent to drive these treatments to market".