Interim managers who work through an umbrella company should have noticed an increase in demand for their services towards the end of last year, mainly from the financial services and banking sectors.
The Interim Management Association commissioned an Ipsos-MORI poll and the results revealed that 562 new interim management assignments emerged in the quarter ending 30th September last year. In the second quarter of 2011, only 431 new assignments appeared.
Umbrella company contractors will know that experienced interim managers are taken into a company on a temporary basis to manage complex tasks. They are classed as senior executives and as such can command as much as £2,000 per day.
Banks and other companies in the financial sector are still reluctant to make permanent appointments at management level and this situation is set to carry on as the Eurozone crisis continues.
Doug Baird, the MD of Interim Partners, said the reluctance in hiring on behalf of financial institutions is fuelling demand for interims that have experience of removing non-essential costs with the least impact on customers and employee morale.
Banks are also looking for help restructuring their portfolios of distressed debt. Interims are helping banks sell their books of loans and assisting them to recover as much as they can from a borrower that has defaulted.
Limited company contractors working in the manufacturing sector may also benefit from the newly launched Manufacturing Advisory Consortium.
Mark Prisk, the business minister, said that manufacturing has a big part to play in bolstering the UK economy. It is hoped that MAC will help SMEs generate an additional £1.5 billion for the economy, as well as creating up to 23,000 new jobs and safeguarding a further 50,000.
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