Umbrella Company employees with financial expertise are set to find themselves in heavy demand for the foreseeable future as the country’s CFOs struggle to make up a growing skills shortfall caused by an exodus of baby boomer pros (people born between 1946 and 1964).
So says a new survey of 200 UK CFOs and financial directors by Robert Half Management Resources: Interim management: the solution in a talent-short market?
69% of the respondents reported concerns about a brain drain brought about by baby boomer employees leaving their company over the next two years. 43% considered the loss of legacy knowledge to be their chief concern, while the loss of leadership abilities was cited by 20% and the loss of functional skills by 18%.
The study concludes that one important way of halting the skills drain is to turn to interim management. A resounding 96% of CFOs said they would consider contracting as interim managers before retiring.
61% were attracted to the option because of the flexibility it offered, while 37% said they were drawn to the possibilities for exposure to new sectors and companies.
Julian McLaren, VP of enterprise solutions at Robert Half Management resources, said: “Finance leaders benefit from the cost-effective access to skills offered by interims. By continuing to capitalise on the readily-available and highly-trained interim market, businesses can adjust more easily and quickly to workload variations.”
An implication, of course, is that Umbrella Company employees with functional skills in the finance industry will be much sought after for some considerable time to come.