The average daily rate for interim managers in commerce and industry, banking and the public sector rose to £685 in 2006, up £100 per day since 2004, according to a survey by Praxis Executive.

It found that the highest rate paid was £2,500 per day in sharp contrast to £180 per day earned by a short-term manager working for a charitable institution.

The highest levels of pay were reported in the financial services industry, followed by telecoms, IT/technology, business services, transport/logistics and the media. The lowest paying sectors were utilities, food and drink, retail, automotive, manufacturing and the public arena.

However, the gap between high and low paying sectors remained fairly small. Only around £100 separated average daily rates in the top paying sectors from the lowest indicating a move towards a national benchmark for interim reward.
The study found that 45% of the interim managers expected to earn over £100,000 in 2007, while 27% expected to earn more than £125,000.

Despite the apparently high cost of employing an HR interim manager, organisations Over 70% of the 1522 assignments completed by respondents in 2006 came from just eight sectors – the public sector, financial services, manufacturing, food/fmcg, IT/technology, telecoms, transport and media. Nearly one in every five interim assignments took place in the public arena. Looking forward into 2007, those questioned expected local and central government to remain buoyant, but some 52% expected the financial services sector to become the biggest source of work for interim managers.