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Interim managers required during hiring freezes
Interim management specialists are increasingly being recruited by firms that have frozen their hiring processes.
According to research conducted by the Interim Management Association (IMA), 27 per cent of all interim manager placements in the June to September period of 2009 were to fill temporary gap management roles.
This is a nine per cent rise on the percentage of total placements recorded in the second quarter of this year, as organisations are hiring interims to help them deal with extra workloads and senior management shortages.
According to the Executive Grapevine, businesses are turning to the transitional executives as hiring freezes do not allow them to replace senior staff members when they retire or move to another company.
Interim managers can also be used by corporations to oversee specific projects - such as outsourcing or procurement - or use their experience in testing situations.
Earlier this week, Robert Jenkins, chairman of the IMA, suggested that interim mangers had helped make the UK's asset management industry globally competitive.