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UK - Demand for Interim Specialists in UK Banking & Financial Sector up

02 October 2012

The banking and financial sector is showing a high demand for Interim Managers to support it through a period of major transformation, according to interim management provider Russam GMS.

The latest twice-yearly snapshot survey of 12,000 interims from Russam GMS revealed that banking, finance and insurance was the second largest sector for assignments, with only engineering and manufacturing having a greater share. The research found that banking, finance and insurance was the second highest paying sector for interims, with an average daily rate of £701 per day, with only those working in the FMCG sector paid more at £853 per day.

Russam’s research also highlighted that change management has emerged as a new professional discipline in interim management – with 17% of interims now seeing themselves as change managers. According to Russam GMS, the banking and financial services sector is increasingly demanding these change managers to drive the major transformation projects, including mergers and acquisitions and restructuring.

It also found that half of all Interim Managers were tasked with supplying skills that were absent in their client’s business, rather than the traditional use of interims as ‘gap fillers’. Interims pose a less risky option for banks in the current climate as they are a resource that can be turned on an off, with little or no overheads such as pensions to pay.

Jason Atkinson, Managing Director of Russam Interim said: “There are major transformation projects taking place in the banking and finance sector – from mergers and acquisitions through to restructuring and compliance work.  Typically, banks won’t have individuals with the skills and experience to lead such projects on their payroll. It makes more financial and business sense to hire in this specialist resource on a project basis something which appeals to a sector still going through major change and turbulent times.”

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