The demand for interim managers is growing, with the average number of assignments up by 7% between the first and second quarter of 2012, according to the Interim Management Association (IMA), the industry body representing the leading UK companies that recruit interim managers.
The figures, which come from the latest Ipsos MORI survey, conducted on behalf of the IMA, show the private sector accounted for three in every five assignments completed in the second quarter of 2012. The banking & finance sector dominated (representing nearly half (48%) of all private sector assignments), this is followed by the IT and telecomms sector (with 12% of share) and the chemical/biotech/pharma sector and manufacturing (with 6% each).
Jason Atkinson, chairman of the IMA, says: “The UK has an established and well respected interim management sector which has thrived throughout the recession, as organisations increasingly recognise the benefits of being able to quickly deploy highly skilled, independent executives, on short-term contracts to deliver specific results immediately and effectively. The Recruitment and Employment Confederation recently published a report on its Flexible Work Commission, which demonstrated that competitive advantage is gained by businesses that adopt less traditional structures for their workforce, such as the use of part-time contracts.”
The Interim Management market analysis also reveals:
– The average length of assignments has varied from 152 in the first quarter of the year to 211 days in the second quarter.
– The most common reason for an assignment was programme/project management, with almost a third (30%) of all interim executives hired for this purpose. The second most common reason is change/transition management, which accounts for 21% of assignments, followed closely by gap management (20%) and business improvement (18%).
– Female executives account for about a third (32%) of all the assignments.
Interim managers are experienced executives with specialist skills and a track record of achievement. They are hired by businesses on a project basis to solve problems, and their aim is to deliver results quickly, before moving on to the next assignment.