IIM Survey 2023 Findings
by Anthony Lewis
14/07/23Back to insights
Tile Hill is incredibly proud to have been voted third in this year's Institute of Interim Management Survey, and two of our team members have been named as leading consultants. It is encouraging that our approach to working with interims is valued, which motivates us to continue striving for excellence. As we read through the recently published report that goes alongside the Interim Service Provider (ISP) rankings, we know there is a lot more that we can all be doing to better support the interim community.
With circa 5000 respondents to the survey, up 10% on last year, the data and findings coming out of the report hold significant validity and present a snapshot of what interims across all sectors are experiencing. As a public sector-oriented executive recruitment company, the fact that over 45% of respondents were from the public sector presents an even clearer picture of our interim community, and it is important for us at Tile Hill to listen, learn, and react to these findings. As such, we wanted to share a few of the commitments we have made in response to the 2023 survey.
The initial themes of this year’s survey suggest that we are continuing to see the bounce back post-COVID-19 pandemic and returning to the highs last seen in 2014–15. Interims have been busier this year than last, with increased working days, shorter breaks between assignments, and day rates increasing.
However, there is trepidation towards the market next year, with only 26% of respondents from the public sector believing that the market will grow and 47% of respondents believing that the interim market will remain the same. This presents a more positive picture than in the private sector, where economic turbulence is causing deeper concern. Aligned with this, 43% of interims believe their biggest challenge looking forward is how they secure their next assignment. With 73% of interims using ISPs to secure an assignment in the last 12 months, both of these figures highlight the importance of high-quality and effective recruitment partners that don’t just present opportunities to interims but also support them in being successful in their application to a position.
In the last 12 months, we have also seen an increase in those who are ‘new to interim', with 11.7% of respondents in their first year as interims and 35% in their first 4 years. This increase in new entrants to the world of interim is great to see, and despite the geo-political and economic turbulence, people see the benefits of a career as an interim. What this year’s results really highlight is the need to continue making the interim profession more inclusive. Despite the rise in new interims, we have not seen an improvement in the diversity of the interim community, where currently 70% of respondents were male and 82.2% were white. This assessment is still a relatively blunt tool to assess the inclusivity of the interim market, but at Tile Hill, we know there is more that could be done to demonstrate how an interim career can be rewarding for anyone and everyone.
Day rates have continued to rise across all sectors, with the average daily rate being £811. In the public sector, this is £680, which represents a 34% pay gap between sectors. The gender pay gap for interims in the public sector is 7%, compared to 21% in the private sector, but it still highlights that more can be done to create equality. There continues to be a premium rate for those working outside IR35, which, when considering that the largest demand for interims sits within business change and transformation, suggests that the subject matter expertise required to achieve this holds significant value to recruiting organisations.
When asked about behaviours the interim community would like to see from ISPs, it is clear that improved communication sits high on the list. The desire for consistent communication when in assignment, between assignments, and in providing feedback on applications, interviews, and post-placement is critical in the eyes of the interim community.
At Tile Hill, we would welcome any further comments or views from the interim community, and over the coming months, we will continue to discuss how we can better support interims. We’d love to hear what additional content you’d find useful to support your professional development, such as helping to pitch for and win interim assignments, or how we can improve the methods we use for communicating with you.
Alongside this, we will continue to work hard to:
- Make the interim profession more inclusive and representative of the communities our public sector clients serve.
- Develop stronger interim communities that come together and support each other.
- Close the gender pay gap by helping to negotiate rates that are reflective of experience and capability rather than gender.
- Continue to provide more structured advice and support to help interims through the recruitment process, from application through interview and onboarding.
- Provide feedback post interview and post assignment to drive continuous learning and improvement.