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The survey shows daily rates have increased from £593 in December 2012 to a record high of £660 by December 2013. In banking and insurance, the pay rates for interims were the highest, with interims earning £863 a day.
On average women are receiving over £150 a day less than men for an interim assignment, with the average pay rate for a man at £686 a day and for women just £519 a day. This is due to the sectors women are working in. The survey shows that the sector with the highest number of women is not for profit where the average daily rate is around £420 a day. Women make up an increasing percentage of interim managers.
The survey shows the number one sector for interim assignments is banking and finance, representing just over 10% of all assignments.
The second most buoyant sector is the not-for-profit and charity sector. It now accounts for over 10% of all assignments, up from 7% last year and overtaking engineering and manufacturing which was down from 11% to 9.3% by the end of 2013.
Businesses are recruiting interims to provide a specialist skill absent in a business – this accounted for over half of all assignments. Some 41% of interims said they were brought in to design or implement new strategies and 38% to deliver special projects.
Other focus areas for interims were business turnaround projects, mergers and acquisition or supporting start-ups and one in five interims said they played a mentoring or coaching role as well.
The top discipline for interims is change and transformation (20%), followed by general management (18%) and finance specialists (18%). Interims in their 40s are getting the most work with those over half of them reporting they are on assignment.
Charles Russam, Chairman of Russam GMS, said: “Our latest survey highlights that companies are willing to pay handsomely to access top talent and specialist skills, especially for implementing a new strategy or starting a special project.”
“UK businesses are focusing on growth and this will fuel the demand for highly qualified interims in 2014 who offer a cost-effective and flexible resource. Interim management is an important part of the jobs market and these ‘self-drive’ workers have much to contribute to British companies and the economy in general. Companies have never had such rich pickings in terms of talent.”