It has been just over 6 months since we launched our specialist Reward, Systems and Analytics interim desk, and it has been eye opening to note first-hand the sheer volume and interest in interim reward hiring that has taken place during this period. We expected the usual increased demand for reward support during comp round and financial year end, however the consistent and sustained volume of activity has been quite surprising.
Economic uncertainty, fears about a potential Brexit, and the fluctuations across the FTSE index of course have lead firms to shy away from immediate perm replacements hires and opt for interim specialist support over the coming months. Equally amidst this concern investment hires have definitely dropped off the radar with many firms adopting a “sticking plaster” approach to issues rather the shoring up the HR infrastructure. These factors would of course lead to sustained volume, but what has really interested us is the increasing appetite of reward professionals who are open minded to interim moves or keen on the idea of embarking on a portfolio career to broaden their skills.
Historically these specialist interim careers were the pastures of highly experienced professionals with impressive track records across industry who can be parachuted in a short notice to deliver high calibre solutions to clients. Some industry greats have forged phenomenal interim careers in the last 5-10 years in particular as remuneration regulation has flooded the UK financial services arena, and BIS legislation has tightened up Remuneration Committees notably. Firms are looking at an alternative cost to utilising the traditional consulting firms and hiring an experienced interim to design and roll out an LTIP, help write your DRR, or respond to the FCA or PRA on regulatory matter is often an easier and more effective use of resource.
However the interesting development taking place is that no longer is the reward and systems interim arena solely reserved for the highly experienced senior systems and reward professional, and we are finding that due to increased demand and ever increasing rates, experienced reward analysts and managers are also finding that they can enjoy a lucrative and challenging career by taking up short to medium term interim assignments. Indeed we are finding individuals really bolstering their experience by taking on challenging short term data analytics projects or other unique challenges that are actually broadening their marketability as they are gaining wider and niche experience that many others don’t have. We are also seeing well placed permanent employees in reward management roles consider taking medium term interim assignments that will give them regulatory and governance exposure, or good executive compensation work with the view that it will open up further options when they choose to seek out that next perm challenge.
This itself is an interesting concept and the more traditionalist recruiter out there would no doubt argue that this would upset the balance and appearance of one’s cv. However within such a talent short market, we are seeing this move often pay dividends and individuals progressing further quicker by hunting after experience to close off skill gaps in their overall reward portfolio. With day rates increasing notably in the last 12 months and the murmurings of economic uncertainty the volume levels for interim roles will more than likely remain consistent for the foreseeable. June’s referendum will no doubt have an impact and with analysts predicting the UK to remain as part of the EU we may see a notable reversal on perm hiring and firms starting to invest in long term talent again.
To meet the needs of this increased demand the reward team at Oakleaf Partnership felt we needed to offer an alternative proposition that really catered for the interim reward professional and our clients unique challenges. As such six months ago we set up a dedicated interim reward desk to cater exclusively for reward interim assignment both on a fixed term and day rate basis. The success we have seen and sheer volume have really surprised us, but equally this approach has really helped us deliver a more rounded and consultative approach to our clients and candidates alike. Reward hiring often is accompanied by a sense of panic from clients who are in desperate need to hire quickly and effectively. Panic buying notoriously doesn’t lead to intelligent and well thought our talent acquisitions, and we have found that with our dedicated interim desk we are really able to think objectively around what is in the best interests of our clients and advise accordingly. Equally we have opened the eyes of many candidates who hadn’t previously considered interim or portfolio careers but want to increase their skills and achieve an alternative work life balance. Either way the interim reward offering at Oakleaf has gone from strength to strength and we are delighted to offer this unique service to the market.
I will continue to publish interim reward related articles over the coming months, to keep individuals informed of relevant changes, challenges, and important news. In the meantime do feel free to contact me for advice, interim opportunities, and market guidance at any time.