The continued drive for corporate growth in the UK’s recovering economy has seen demand for interim managers grow three-fold increase over the last 12 months; 70% of those work within the private sector. Companies are now focusing on growth and are looking to Umbrella companies to contract experienced interim managers to manage that process and related change management.
This rise is the reason why experienced interim managers are particularly confident about their prospects in the second half of 2014, as well as how the UK sectors, particularly the private sector, need to have the right Umbrella company to help them deal with issues that arise is more important than ever before.
The Interim Management Association (IMA) research found that the financial services industry continues to dominate the use of interim managers, standing at almost half (46%) of all private sector assignments in Q4 of 2013. However, it has been highlighted that one of the key areas to benefit has been sales and marketing, where there have been fewer opportunities for interim managers in recent years. Yet, as confidence grows this kind of job opportunity is set to become more common.
So what are the main drivers for demand for interim management assignments?
The research showed that change projects and programmes linked to regulatory compliance, cost reduction and new target operating models were the most common, with 61% of all interim executives hired for this purpose. These were as a result of organisations reacting to the increased regulation and constrained revenue growth, while also trying to position themselves for future growth.
The UK economy is not out of the woods yet and interim managers are still one of the ways that a company can quickly deliver agreed objectives and drive change programmes without having to focus on what the rest of the business is up to, so that the interim manager is either making money or saving it. This level of delivery means a higher return on investment.
As recruitment agencies begin to see increased demand for specific skillsets and contractor numbers surge, they will need to ensure they are in a position to offer the very best service. In utilising the skills of the expert team behind One Click Group, this task is made simple. They already work with a wealth of recruitment agencies across the UK to ensure they are looking after their contractors – providing daily payroll, dedicated account management and ensuringAWR compliance at all times. Indeed, they’ll even provide bespoke training and guidance on best practice – get in touch today to find out more.
Along with over 13 years experience in the contractor payroll industry, and after spending most of his working life as a financial advisor in the regulated financial services industry, Mike has garnered an extensive network of contacts in the recruitment industry, many of whom trust both him and the One Click Group to handle their accounting. Mike has also been a member of various industry bodies throughout the years, such as the British Institute of Recruiters, in order to champion best practices across the contractor payroll industry.