The growing demand for interim talent in finance

With the UK finance sector growing fast, demand for interim talent in the sector has exploded.

But what’s caused this rise in demand, and how should candidates and employers navigate this landscape? Here, we take a closer look at the main factors behind the higher demand for interim talent, as well as the benefits of this form of employment. 

1. Projects have resumed

The increased demand for interim talent is in line with a rise in demand for talent across all work and contract styles in UK finance. In this economic climate, many financial organisations have decided to move forward with new projects and changes, including new system implementation or one company absorbing another. With more companies choosing to push ahead with such changes, following delays caused by pandemic measures, smart hiring of such interim talent has become even more vital.

2. The Great Resignation

Another factor in the rise in demand for interim talent across the financial sector has been the nationwide trend of individuals changing or considering changing jobs. This movement has been dubbed in the media as ‘The Great Resignation’.

At the start of the pandemic, workers in many sectors were reluctant to quit their jobs as the work landscape was so precarious. However, as economies recovered and the world of work began to stabilise, many people sought new challenges and more flexible work schedules. In order to fill the resulting temporary gaps created by people leaving finance jobs, more interim workers have been required.

For many companies, the need for interim talent has been a reaction to the above trends. However, bringing in fresh interim talent has many benefits beyond simply plugging gaps.

Why should companies hire interim staff?

One of the main business benefits of hiring interim employees in finance is the high standard of work they produce. Often in finance, interim workers are technically over-qualified for the roles they undertake on a temporary basis, frequently resulting in above-expectation performance levels. This can also often be the case for interim workers brought in for specialist financial roles.

The temporary nature of such roles, and the resulting constant need to keep impressing clients, are other factors that tend to keep work standards high. Camilla Strachan, Associate Director at Michael Page Finance, said: 

People in the interim talent pool who have carved a niche for themselves tend to be very good, because they rely on testimonials and references from existing projects in order to get their next job.

Strachan added that companies were often keen to hire specialists hired on an interim talent full time, after they excel in such temporary roles. "It often works well bringing in fresh blood in general, and there’s a ‘try before you buy’ element.” she said.

Why should candidates try interim work? 

As is the case for many sectors and industries in the UK, the finance talent pool has shrunk over the past two years, giving more power to candidates seeking new roles. This is also the case for the financial interim talent pool, with this work style offering many benefits for workers who don’t want to be tied to a firm long-term.

Many interim candidates can command higher fees than they would have before the pandemic. As well as this, they are in a great position to gain a better work-life balance by requesting flexible working from prospective employers.

In recent years, up to half of the interim talent base Michal Page has worked with has been comprised of foreign workers, often from Australia, New Zealand or Canada. With travel to and from these countries becoming more accessible, we should see more financial talent entering the UK from abroad.  

For that reason, if you are a finance professional who is experienced in, or is considering interim work, now is the perfect time to take advantage of this market. 

How can Michael Page Finance help?

At Michael Page Finance, we specialise in placing top finance candidates into both interim and permanent roles with market leading companies. To schedule an introductory call with one of our expert consultants, get in touch.