Contractors may be interested to learn that interim managers working in financial services have been enjoying lucrative pay rates over the last six months.
Latest figures from Russam GMS revealed that interims working in banking, insurance and financial services have been commanding salaries of £737 a day; up from £694 in June last year when the company last conducted its survey.
It obviously pays to be an interim with a wealth of experience under your belt. Those in their 50s are most in demand and command the best rates of pay.
However, women appear to be losing out. They receive an average 13.5% less than their male counterparts, but this could be because they tend to work in charities or the public sector, areas where pay rates are traditionally lower. Only 8% of women interims work in the highly paid financial services sector.
The average daily rate for an interim now stands at £621, but those in the not-for-profit sector are only likely to receive around £477 a day. Public sector interims have seen their pay fall by between 7% and 9% over the last six months, with those in local government receiving £510 and those in central government £609 a day.
Only 13% of assignments now cover instances like maternity leave. The majority of firms want interims with specialist skills to undertake strategic projects or to lead change management programmes. 20% of interims said that part of their role involved coaching and mentoring existing teams.
Russam GMS chairman, Charles Russam, explained that interims are still used to fill gaps but they are increasingly working with CEOs to modernise and progress companies.
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