Skill shortages drive the hiring of interims in HR and finance.
- 39% of interims fill gaps left by permanent staff.
- 67% require specific skills for their roles.
- 82% focus on delivering tangible results.
- Interims adapt quickly, benefiting organisations amid shortages.
Skill shortages are the main reason for hiring interims within the HR and finance sectors, with 39% of interim hires aimed at filling gaps left by permanent staff, according to a report by Wade Macdonald. The 2024 Interim Market Report surveyed over 300 professionals from various business sizes and sectors, exploring emerging trends within the gig economy.
The report highlights that 67% of interim candidates are required to possess specific skills or experiences to meet their job demands effectively. This emphasis on distinct capabilities underscores the role of interims in bridging critical competencies within organisations. Additionally, 82% of these workers are described as “results-focused,” a crucial attribute for achieving organizational goals.
Among other reasons for hiring interim professionals are managing changes related to business structure (37%), covering for permanent hires (35%), and enhancing project teams (29%). Chris Goulding of Wade Macdonald notes the significant role of interim workers in addressing skills shortages and structural issues within companies. These workers not only support existing teams during challenging times but also engage in projects that propel organisational progress.
Research by Gartner indicates that 70% of HR practitioners feel they lack necessary competencies for their roles, with 64% of managers expressing concerns over employees’ readiness for future skills requirements. In the finance domain, 73% of roles are classified as highly skilled, presenting a further challenge in workforce development. Consequently, hiring interim professionals provides a strategic advantage to organisations facing talent shortages.
The demand for talent has surged, as reported by CIPD, with a 70% increase in competition between 2021 and 2022. Sixty percent of respondents find retaining talent more challenging than before. Interim hires thus emerge as vital in mitigating skills gaps, offering organisations the flexibility to access high-level skills when needed. Chris Goulding emphasises how interim roles can enhance employment prospects for workers while benefitting businesses.
The rise of interim employment aligns with shifts in workplace structures. Though some workers unexpectedly take on interim roles due to redundancy or difficulty in securing permanent positions, many appreciate the flexibility it provides. Only 7% of interim employees are required to work in the office daily, and the opportunity for short-term, impactful projects attracts them to this mode of employment.
This trend is likely to continue, spurred by economic pressures and evolving work-life balance priorities post-COVID-19. With both workers and employers recognising the advantages of interim positions, the interim workforce is poised for further growth.
Interim hiring is pivotal in addressing skill shortages and evolving workforce needs in HR and finance.
