19 July 2010 – The Interim Management market improved markedly in the last six months, according to the latest snap shot survey of 11,000 Interim Managers from award-wining Interim Provider, Russam GMS.

Daily pay rates for Interims remained unchanged, with an average daily rate of £592 at June 2010 and also at December 2009. However, in the last six months pay rates for Interims on full time assignments increased by almost 4% from £579 to £603, whilst pay for part time Interims dropped nearly 8% from £616 to £586.

Demand for Interim Managers varied significantly by discipline. HR specialists were in particular demand and their daily pay rate increased by 11% from £547 in December to £614 in June. No doubt this can be attributed to the need for HR specialists to manage organisational change in the public and private sector, as well as redundancy programmes.
Sectors that were buoyant included engineering, with Interims experiencing pay increases of 10.5% from £451 to £504; retail where Interims saw a 11% increase in pay from £591 to £670 and in the Supply chain and Utilities sectors where Interims saw their pay increase by around 20%.
Sales and marketing specialists didn’t fare so well however, and saw their pay drop by 14% from £608 to £502 a day. Pay rates also fell by 11.7% for Interims in the not for profit sector from £521 to £460 day; Interims in IT experienced a 5.7% drop in pay from £649 to £612 and pay rates dropped by 2% for Finance Interims from £579 to £568.
Interestingly, the planned job cuts in the public sector have not yet hit the Interim Management market and activity levels and pay rates have remained pretty stable in central and local government, education and the NHS over the past six months. Central government showed a slight decrease in pay levels from £628 to £610 (-2.8%), however this was balanced out by a 6% increase in local government, where pay rose from £516 to £549. There was a 5% increase in pay for Interims working in education and a 2.8% decrease in NHS pay.
Regionally, the fortunes of Interims were equally mixed. Interims in the South of England maintained their average daily rate of £619 a day, whilst Interims working in Central England saw their pay drop from drop from £623 to £591; no doubt this is a reflection of the relatively high level of job cuts in the Midlands compared with the rest of the UK. Interims in the North and West saw slight increases in their pay rates.
Interims in their 20 and 30s won the most assignments during the past six months, followed by Interims in their 40s, then 50s and then 60s.  However, Interims in their 40s are commanding the highest salaries with an average daily rate of £633.
There remained a high level of commitment to the Interim industry with 29% of Interims stating they wouldn’t consider taking a permanent position, 40% saying they would happily move in between Interim and permanent work and with 49% prepared to take a full time job if it was a tempting enough offer. Only 9% said they were actively looking for a permanent job.
Charles Russam, Chairman of Russam GMS said, “As we are slowly emerging from the recession, we are seeing a sharp increase in levels of interim activity in the market and growth in many sectors. But we expect that sentiment must soon be affected by impending public sector job cuts and their ripple effects through the rest of the economy. Many Providers have already seen a marked reduction in opportunities coming out of Central Government and to a lesser extent Healthcare but Local Government still seems to be holding up.  In the private sector, Financial Services are putting more work out to Interims and the Charity Sector – now renamed the Civil Society – is busy although funds are still tight.

As for Interim Manager themselves, Charles Russam adds, “The competition for assignments remains tough and the more astute and agile Interims are looking hard at their skill-sets to make them sharp, focussed and relevant.  Our advice to Interims is to be flexible, hone your skills and, where necessary learn new ones and look for opportunities through networking, Providers and personal contacts. Interims who are the most entrepreneurial will fare the best in this market.”

Note about this Survey

• All the quantitative material supporting this survey is based on the Russam GMS database of registered interim managers, which we present as the most comprehensive working database in the sector and, in any case, is consistent with all previous surveys since 2001.
• Comparisons can also be made against every six month period going back to 1/1/01 – being when this series of the six-monthly Russam GMS Snapshot surveys started.  These figures can be seen in detail on www.russam-gms.co.uk.
• Estimates of the size of the market are offered by The Interim Management Association (www.interimmanagement.uk.com) and Russam GMS and are broadly similar although based on different statistical constituencies.   The IMA has spoken about £1bn.  Our own crude way of measuring it is to add up the volume of business done (some needing to be estimated) by the mainstream Interim Management Providers - say 35 Providers turning over about £7m to £10m each = £245m to £350m and adopt the percentage of work reported by Interim Managers as being resourced through Providers which is 42% and gross it up to 100%.  This gives £580m to £830m.  Our sense is that the real market (as defined originally by the IMA) is at the top end of that figure or, more likely, above.  But it is still small compared with other sectors of the temporary/contract work market

About Russam GMS Ltd:
Russam GMS is the longest established mainstream provider of Interim Managers in the UK with a 30 year industry track record and this year was awarded the ‘Best Interim Recruitment Agency’ at the Recruiter Awards for Excellence 2010.
The company is a search-driven consultancy and has a data base of 11,000 Interims which is the most comprehensive working database and range of contacts within the UK Interim Management industry.

It provides Interims across a wide range of disciplines to board level across a variety of sectors including financial services, manufacturing, central and local government, financial services, aerospace and defence, healthcare, universities, charity and not for profit sectors and the private equity and venture capital sectors.
Russam GMS views the Interim Management Market more holistically and entrepreneurially than its competitors.  It runs a unique Associates Programme for Interims which includes career advice, job news, events, training and its IND~EX Weekly newsletter to all its 11,000 registered Interim Managers. It has established www.Trustees-Unlimited.co.uk and also www.InterimWomen.com and has a growing number of JV arrangements with third parties building on its strong delivery capabilities across the broad Interim Management field.

For further information please contact:
Kathryn Hughes
Kayak PR
Tel: +44 (0)20 32491072/07801 823 839

InterimWomen is entering into an exciting phase of expanding its activities and support to senior interims. The Group now wishes to appoint new Advisory Panel members who can help drive and shape its future direction.

The Advisory Panel, which meets 4 times a year, offer their time, pro bono, to support the aims of www.InterimWomen.co.uk

The Panel's purpose is:

• To oversee the activities of the InterimWomen network
•  To develop and grow  Interim Women
• To monitor developments and events affecting Interim professionals
• To help organise networking forums and regional events
• To promote the interests of Interim Women to the media and relevant  organisations

The Panel is keen to appoint senior interims from different sectors, industries and UK regions.  If you are interested in joining the Panel please contact the Panel Chair, Rachel Youngman for more information at rmjyoungman@btinternet.com.

• 60% of Interims have a more varied and stimulating career
• 55% find it easier to juggle work and home life
• Only 6% of women say that family pressures get in the way
• Networking and marketing considered the biggest barrier to success

18 February 2009 – Interim Management delivers a more varied and stimulating career than permanent work, according to a new survey of 700 female Interim Managers, by Interimwomen.com, a business forum supporting women working as Interim Managers.

60% of respondents claimed Interim work is more interesting and challenging, 47% said they had learnt new skills and enjoyed working in different industry sectors and 37% of women are earning more money than previously.

Over half the women (55%) said Interim Management gave them greater flexibility in their working lives, enabling them to balance their work and home lives more successfully, 34% said it made no difference at all and 11% said it was more difficult.

Most had to overcome certain hurdles when starting their careers with 52% stating that networking and marketing themselves successfully were their toughest challenges. 37% found winning their first assignment and convincing someone to take them was difficult, whilst 16% were challenged with managing cash flow when leaving permanent work behind.

The majority of women had not been daunted by setting their own independent businesses – only 8% of women claimed this was challenging and just 6% said that becoming an Interim meant that juggling family life was harder.

But, 63% of women said that the main drawback of working as an Interim working away from home and leaving their families and 17% disliked staying in hotels on their own.

The recession is taking its toll too. Half the women had noticed increased competition for jobs in recent months, 25% said that clients were more demanding since the downturn and 16% has found interviews for assignments tougher. A third of Interims noticed bigger gaps between assignments and 25% admitted they had lowered their rates. Looking ahead, the main challenges these Interims see are finding work (50%), competition for jobs (48%) and daily rates going down.

Rachel Youngman, Chair of Interimwomen says, “The overwhelming majority of women seem to relish the challenging and stimulating nature of Interim work and prize this more highly than the financial rewards. They enjoy going into different industries and learning new skills and for many, Interim working is giving them a more flexible way of working and a better work life balance.”

“There are of course drawbacks. To win assignments you have to go where the work is. This can mean working away from home in the week and staying in hotels which doesn’t appeal to everyone. It is also true that the market has become more competitive and tougher in recent months. Interim Women will be addressing the issues raised in the survey. But, there will still be lots of opportunities for Interims this year – business projects need to continue and business owners will look increasingly for more flexible ways to resource them – and Interim Managers will be an attractive option.”

7 out of 10 Interims say Interim Management is a good place to be in spite of the looming prospect of fewer jobs, lower daily rates and tougher competition.

12 November 2008 – Just over 70% of Interims feel that Interim Management is where they should be, in spite of the fact there are likely to be fewer assignments around, tougher competition for jobs and less pay, according to a new survey of around 10,000 Interim Managers – "Recession and the Interim Manager" by the longest established UK Interim Provider, Russam GMS. Only 7% of respondents said it was not where they wanted to be and 22% were uncertain.

Just under half of the 920 Interims who responded (48%) claimed they are feeling the impact of the downturn already, with a mixture of projects being withdrawn at the last minute, companies choosing internal candidates over Interims, a greater number of Interims going for the same jobs, new Interims coming into the market and a squeeze on daily rates. Other major gripes were that some companies are taking longer to make decisions about recruitment and far longer to pay them. 72% of Interims believe that things will get worse before they get better.

Many Interims however, were more optimistic, convinced that in this climate of constant change, there will be a need for experienced Interim Managers to deal with change management projects, restructuring and recovery situations. Turnaround projects, credit and working capital control work and assignments within central and local government departments were also considered areas of opportunity. Those who had lived through previous recessions were also more upbeat about the downturn – some actually see this one as short-term.

The Interims polled stated that they will be deploying a number of coping strategies to stay on top during the next few months. They will be upping the ante by increasing marketing and networking efforts; improving the services they offer to existing clients; diversifying into other areas and many are even willing to retrain to move into niche areas either currently unaffected by the downturn or emerging as new markets. They claim they will be more flexible about where they work and the kind of projects they do. As a last resort, they will cut their daily rates.

Responding to the somewhat provocative question 'Are you angry with anyone?' 40% of Interims do feel angry about the current situation. However, much of their anger is directed collectively at banks in general for lending money to people who couldn’t afford to pay it back, at successive governments’ failure to regulate more tightly and the Regulators themselves. Interestingly, some were most angry at themselves for not taking up opportunities earlier in the year when work was more plentiful.

In spite of this gloom, 71% of Interims wouldn’t want to work in any other industry. Their positive outlook stems from the belief that more short term contracts will emerge in the next few months after the low point of the recession has been reached. They also think that a more flexible kind of resource, like Interim Management, will be an attractive option to businesses at a time when they want to be more flexible about their recruitment choices and keep their options open. Companies will be grappling with tough change management and recovery projects and will not necessarily have the skills in-house to deal with them, they also said.

One Interim Manager stated, "Once the market begins to hit rock bottom, the opportunities for true, seasoned Interims will be excellent. Interims are an ideal solution in uncertain times – they are calm, experienced and there needn’t be any long term commitment from either side. However, companies will have the intense commitment from a professional when needed.”

Moving back to permanent work was not an option for the majority and would only be considered as a last resort. “If you made the choice to get out of corporate life and be in control of your own destiny, it has to be the place to be! Even top performers can be disposed of from corporate life quickly if they don’t fit in with a new leader or there is a downturn.” “Good people will always get work,” another claimed.

Charles Russam, Chairman of Russam GMS stated, “What surprised us was the overwhelming focus of Interim Managers on finding their own solutions. The downturn is clearly impacting on the majority of Interims; the market is getting tough with fewer jobs around and more competition pushing down daily rates. But Interims are incredibly resourceful and self sufficient people and it is clear from our research, that there is more of this dogged determination of experienced Interims now available for clients. What’s more - having left the stability of permanent employment for many there is a feeling of no going back – only as a very last resort.”

Russam GMS Director, Jason Atkinson adds, “We can only guess how the market will turn, but, having lived through three previous recessions, we know that even in a downturn, business projects must continue, fierce competition still exists and the over-riding importance of the brand needs to be maintained and made ready for the upturn. We know that many companies will see Interims as an ideal solution in these difficult times because they offer a means of recruiting flexible, heavy weight experience, cost-effectively when it is needed most. We are also likely to see the accelerating trend of businesses preferring Interims to the much more expensive Management Consultants. ” he added.

To see the full ‘Recession and the Interim Manager’ Report – including hundreds of authentic comments from most of the 920 Interim Managers who responded to this Survey - go here.

For interviews with Charles Russam, Chairman of Russam GMS, Jason Atkinson, Director of Russam GMS or to speak to Interim Managers, please
contact:

Kathryn Hughes
PR Manager
Tel: 0203 249 1072/07801 823 839
Email: Kathryn@russam-gms.co.uk

Interim Managers can apply online for a mentor through the Interim Women website www.interimwomen.com.
They simply need to contact: editor@interimwomen.com stating that they are new to Interim Management and the area in which they live. They will be sent the details of an experienced Interim Manager who they can contact for guidance, advice and support, either face-to-face or by email and telephone. Their mentors will be able to talk them through how to get started in their own careers, provide tips and advice on marketing and networking and also provide invaluable insight into their experiences of working as an Interim Manager.

Marta Matajz, Chair of InterimWomen says, “Mentoring is an essential part of career development in any business, but it is particularly useful in Interim Management. Starting out as an Interim is a big step – leaving behind any permanent role can be a big risk and new Interim Managers need guidance about how to get started and to learn about the realities of working as an Interim Manager. Our experienced mentors will provide advice and a great sounding board for new Interims to ensure that the leap into the Interim world is not too daunting.”

Other Interim Managers will be able to meet and network with fellow Interims at the InterimWomen events, which are scheduled throughout the year. To date, they have been held in London, but it hoped that regional events will be added to the programme soon. It is also hoped that regional support networks will develop from the mentoring service.  A full programme of forthcoming events is available at www.interimwomen.com.

“Interim Managers work at a very senior level; they are often the only Interim working in a company and are sometimes expected to know all the answers. They can feel isolated and under pressure. We also know from our research that they relish the opportunity to talk to other Interim professionals who understand their challenges and with whom they can share ideas and best practice – our mentoring service aims to connect these women,” Marta added.