PAYE umbrella contractors with interim management experience are enjoying a large surge in demand, as banks seek senior to staff to help them sell non-core businesses and loan portfolios, according to the specialist recruiter Interim Partners.
An Ipsos-MORI poll conducted for the Interim Management Association reveals a 22% rise between Q1 and Q3 last year, with 562 new interim management assignments emerging in the three months to 30th September 2011. This marks a substantial step up from the preceding period (between June and August), when only 431 such assignments appeared.
Contractors working through umbrella companies who have experience in this field will be aware that interim managers are lucratively-paid senior executives who are recruited on temporary contracts to manage specific but complex tasks. They can command between £1,000 and £2,000 per day – hardly surprising, given that they’re nearly always just below board-level.
It seems that banks and other companies remain reluctant to fill gaps in their management teams with permanent appointees in the current fragile economic conditions. Interim Partners Managing Director, Doug Baird, said most firms are endeavouring to make themselves “as lean as they can” in response to the continuing crisis in the eurozone. He added:
“That is creating demand for interims with experience of going into a businesses and taking out any non-core costs in a way that has the least possible impact on customers and staff morale.”
The Director of Financial Services at Interim Partners, Andrew McIntee, explained:
“One new area of demand is for interims that have the experience to help banks work through the restructuring of their large portfolios of distressed debt.”