We’re proud to announce that New Street Consulting Group (NSCG) has been ranked as the number one interim management provider for the second year running.
Each year, the Institute of Interim Management (IIM) surveys tens of thousands of professionals to inform a credible list of the leading interim service providers. Based on the results, organisations are selected and tiered according to Platinum, Gold, Silver and Bronze.
Around 30,000 votes were cast this year and resulted in NSCG holding on to its number one Platinum Provider ranking, which we first secured in 2023 after moving up from the second and third places in recent years.
Along with the ranking, the IIM produces an annual survey of interim executives. The findings are analysed and presented in a final report that provides the most authoritative view of the UK interim market. The full report is well worth a read and is something that Doug Baird, Chief Executive at NSCG, has enjoyed poring over. Here, he shares three trends that stood out for him.
1) Hot demand for interims in manufacturing / engineering
Findings from the 15th annual IIM Survey show a 5.5% increase in manufacturing / engineering interim professionals from 2023 to 2024 (when looking at industries worked in over the last three years). This is the biggest growth recorded since last year’s survey and means that 17% of interims are now being engaged in this area.
Based on NSCG’s experiences of the interim market and our national network of interim executives, I firmly believe we’re seeing strong utilisation of interims in manufacturing / engineering because of two key factors; 1) sustainability and 2) digitalisation.
These industries are rich with legacy skills and a strong desire to embrace a circular economy and the shift to net zero. New digital technologies are being fast-embraced by manufacturing and engineering leaders, while C-suites are refreshing plans and goals to boost sustainability. These organisations are on a journey that requires a step-change in strategic thinking and skills, and interims are perfectly positioned to help achieve this. Their wealth of expertise and experience can bring best-practice from other sectors, which are accelerating sustainability and digitalisation.
2) Positive outlook for the private sector and private equity
There’s far more optimism about growth in private sector assignments for interim executives over the next year, compared to public sector opportunities. 35% of interims expect to see growing private sector demand during the next 12 months, while 34% think there will be a decline in public sector assignments.
The outlook seems to reflect general trends in the industries that interims have worked in during the past three years. Data from this year’s IIM Survey shows that the largest decline in interim roles was in healthcare / NHS, with a 7.7% drop from 2023 to 2024. During the same period, there was a 3.5% decline in the number of local government assignments.
Looking at the private sector, the largest opportunity for interims appears to be with Private Equity (PE) and Venture Capital (VC) backed organisations. The last assignments undertaken by interim executives shows that 35% were with PE / VC clients, marking a 12% increase over 2023 and moving these types of organisations into the top spot ahead FTSE / similar overseas listed entities.
We’re certainly seeing a growing trend of PE-backed businesses prioritising the appointment of interims across senior leadership and management levels. This is mainly due to an interim’s unique ability to quickly acclimatise to a new role and deliver long-lasting change in a relatively short time. Following an investment, PE investors may well be keen to support an organisation’s existing executive team with achieving growth targets or addressing challenges. An interim can be quickly parachuted in and relied on to objectively and constructively bring about transformation.
3) Interims continued to be valued as masters of change
A reoccurring theme in recent annual IIM Surveys has been the functional discipline and role type of interim executives. The top discipline remains as ‘business change / transformation’, while the top role continues to be ‘project / programme / transformation / change’.
This theme highlights the importance of interims for delivering change management, and certainly resonates with the conversations we have with C-suites across many different sectors. Leaders value interims for their ability to support and instigate transformation when new and different strategies may seem out of reach. An interim can provide a fresh perspective, as they are often free of the day-to-day processes and behaviours that can impede existing teams.
Organisations will, rightly, have certain parameters and accepted ways of working that are ingrained in their fabric. Workplace cultures can thrive off this and it can provide a backbone that’s crucial to an organisation’s success. However, it can also confine employees to work in a certain way, which isn’t always conducive to transformation management. Interims are able to work outside of these confines and find practical and palatable ways for realising change.
The ability to support transformation will continue to drive demand for interims across a range of industries. We’re working closely with our national network of interims to meet this demand and if you’d like to find out more about how we can help your organisation, please don’t hesitate to get in touch.