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Interim manager demand down in public sector, but daily rates rise
Posted Jan 26, 2011
The interim management market has experienced a 8% over the past six months, following a marked drop in demand from the public sector. On the upside, average daily interim manager rates have risen over the same period.
The decline in the market follows an 11% upturn recorded in June 2010, and two previously recorded periods of decline in 2008 when the recession started to take hold on the economy.
The results of the survey by Russam GMS shows that, despite a fall in demand in recent months, the average daily rate commanded by interim managers rose fro £592 in June to £613 in December 2010.
Despite the rapid fall in demand from the public sector, there has been a significant upturn in demand for interims in the banking, financial services and insurance sectors. Average daily rates across these particular sectors rose from £651 to £744 per day.
The average age of interim managers has increased from 53 to 54 (55 for men and 50 for women). Half of all interims were in their 50s, 27% in their 60s and just 2% in their 20s and 30s.
Managers in their 40s were the most highly paid, according to the snapshot survey, at £634 day and won more assignments than any other age group.
Charles Russam, Chairman of Russam GMS commented:
"The Interim Management market was boosted temporarily in June 2010 with the election of the coalition government and widespread reports that the recession was over. But, the Comprehensive Spending Review in July and slow recovery has impacted the market, reducing confidence and demand. Our research shows that daily rates have increased over this period but we think this is because clients are hiring more General Managers as opposed to less senior managers during these uncertain times.
"Demand for Interim Managers in the public sector dropped significantly. Our research indicates that volumes have dropped by up to 50% in some areas. But this is still a volatile market and the results could be knee jerk reactions from clients to the spending cuts. We hope things will settle down and we will soon have more evidence about what is going on in this market."
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