Businesses have changed drastically in the past 12 months in response to an unstable and unpredictable economy. It's had a direct impact on permanent recruitment, but also on Interim Management.
Here we break down the differences in Interim Management from 2023 compared to the trends we seeing in the UK recruitment market so far.
In Popular Demand: Niche Expertise and Specialised Skills
Already in 2024, the temporary working landscape is seeing an uplift in demand for specific expertise, particularly in the Finance and Accounting industry. This is due, in part, to:
Increased Regulatory Complexity: Regulatory and compliance laws are more complex than ever. In a bid to avoid making costly mistakes, businesses are seeking Interim Managers with a pre-existing knowledge of data privacy laws like GDPR and financial reporting standards such as IFRS. We have seen a real increase in clients hiring interim opportunities that require at least a year's worth of experience in these areas.
Technology Integrations: Technology is increasingly becoming a part of our everyday lives and we are seeing SME and corporate businesses overhauling, integrating, and leveraging new technologies like cloud-based accounting software and robotic process automation (RPA). It's caused a direct influx in the demand for executive finance professionals with the ability to manage and install new software.
Finance and Strategy: The demand for interim market professionals with the ability to think strategically and lead new idea generation and implementation is on the rise. Whilst interim assignments before 2024 focused on filling vacancies left by exiting senior leaders, 2024 is seeing a shift in which interim appointments are recruited to drive growth or introduce new skills or ways of working in teams. We've seen a real boost in appointments requiring the need for finance and accounting professionals with an operational mindset and the ability to create long-term plans for a business and highlight new areas for growth.
Crisis Management: Although we are at the tail end of a turbulent economy, and on the way to stability, businesses are still restructuring and experiencing uncertainty. During times of crisis, the demand for Interim leaders who can swiftly facilitate a mass restructuring or aid a business experiencing difficult market conditions increases.
The Flexible Workforce:
Although the permanent market is experiencing a decrease in opportunities for remote working, interim and temporary opportunities implementing remote or hybrid working patterns remain strong. By offering interim roles with good flexible working arrangements, businesses can tap into a wider talent pool with the specific skillsets needed for their teams or projects and also boost productivity levels.
Project-based Contracts:
Before the pandemic in 2020, interim engagements were largely created for long-term projects or to fill gaps within teams whilst the business searched for a permanent solution. However, as we head into 2024, we are seeing a spike in the number of short-term contracts geared towards project work. We see this a lot with mergers and acquisitions, system implementations, change management, and financial reporting migrations. With a turbulent 2023 economy and unstable inflation rates, these roles were also focused on addressing specific challenges or implementing strategic initiatives.
Looking Ahead: The Future of Interim Management in Finance
The future of interim management, particularly in finance and accountancy is transforming. As companies continue to contend with a dynamic business environment, we predict the flexibility and specialised skills offered by interim professionals will become more valuable. We can expect to see continued growth in the sector, with a focus on technology-enabled solutions, project-based engagements, and performance-driven compensation models.
Interim Managers are not only filling temporary gaps; they are providing real business and market insight, acting as strategic partners, and bringing a wealth of experience and expertise to the table.
The year 2024 has brought about a significant transformation in the landscape of interim management within the finance and accountancy sector already. Companies are seeking interim professionals with tenure and niche expertise, embracing remote working arrangements, and favoring shorter, project-based engagements. This provides an opportunity for both businesses seeking adaptable solutions and experienced financial professionals who can leverage their expertise in this evolving market.
The IIM survey for interim managers is open for the whole month of April. The interim management survey provides a year's worth of statistics on the UK interim market, tracking changes in the duration of interim contracts, organisation shifts in attitudes towards interim roles, and much more.
The more professionals that take part, the more accurate the data. To have your say and be one among a pool of approximately 2,000 interims helping to highlight shifts in the market, you can complete the survey here.
At Chilworth, not only do we focus on Executive Search, but our team also specialises in connecting interim professionals with their ideal contracts. If you are looking for your next opportunity, contact us at info@chilworthpartnership.co.uk.