According to its latest Ipsos Mori survey, the Interim Management Association (IMA) has found that the number of inquiries for interim management positions, and new assignments available for interim workers, are both on the increase. Specifically, polling data suggests that the number of enquiries per member in Q4 2014 was up by almost a quarter (23%) compared to the same period a year earlier, and the number of new assignments in the same period was up by five per cent. Interim workers have also been confirmed to be working longer hours, as reflected by the average length of billable days.
The survey indicates that 67% of all completed assignments during the last quarter of 2014 came from the private sector, an increase of 51% on Q3 2014s figures, and that the number of new assignments started remained stable quarter on quarter. The finance industry was by far and away the biggest contributor to the growing interim market, with 39% of all private sector assignments in the last quarter of 2014, however this was actually a decrease from the 46% it enjoyed in the third quarter. The pharmaceutical and biotech industry was the biggest riser, accounting for 11% of the interim market in Q4 2014, compared to seven per cent in 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.”
BCL Legal’s opinion
The rise in interim workers is partially a sign of an improving business environment – more work and more projects – as well as an indication of a lack of available, trained and relevant permanent talent. The improving jobs market for permanent staff has reduced the quality and quantity of the candidate pool and has made re-recruiting more challenging and expensive than in previous years – due to competition from other employers, buy-back from a candidates existing employer and a greater level of satisfaction amongst workers. Interim assignments, sometimes with a temp-to-perm option, are now increasingly common, indeed necessary, as companies look to fill skills gaps quickly to meet client demand, or whilst recruiting for a permanent hire.
Sourcing quality interim staff quickly is often a challenge and it is therefore normal for employers to approach a specialist recruitment consultancy to provide assistance. In the legal market (in-house and private practice), BCL Legal is a recognised specialist and we offer both temporary and permanent recruitment options to our clients. For further details about BCL Legal‘s temporary and contract solutions please click here
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