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Banking and finance sector relying on freelancers for new projects

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A recent report has found that the banking and financial sector is looking for contractors and interim managers in order to support upcoming projects.

The research, which was carried out by interim management provider Russam GMS, found that banking, finance and insurance was the second largest sector for freelance and interim assignments.  The engineering and manufacturing industry came first.

The study, which surveyed 12,000 interims across the UK, revealed that average daily rate for interims and those contracting in the banking, finance and insurance sector reached £701 per day.

Jason Atkinson, Managing Director of Russam Interim said: “The recent research from Russam GMS and Interim Management Association show that demand for interims is high in banking and finance.

“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.

“Interim is a great option as it is a resource that can be turned on and off – something which appeals to a sector still going through major change and turbulent times.”

Mark Hayes-Newington, managing director at the Financial Services Forum, says: “In financial services, the interim role is becoming increasing important, particularly in areas like marketing where there are a higher number of senior women.

“Interims are being used in many areas from handling gaps around maternity leave, through to the management of projects, be these development projects or implementation of new initiatives.”

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