Interim management has long been the career path of choice for ambitious, successful professionals who are experts in their field. Because of the high wages, varied projects, and opportunities to develop new skills, many top executives are looking to this as a way to work into new options.
But, as a March 2011 study by Executives Online has found, interim management is also a field that remains 85% dominated by men, most of whom are in the 50+ age group. So is there a place for female professionals to take back this market?
Similar to a lot of professional fields in some UK business areas, based on gender there are different interim management pay rates. In a six-month report released by Russam GMS in June 2011, the recruitment agency found that an 8% gap in favor of men remained in the rates of pay awarded to professionals at the interim management level.
Even though this is less than the 11% previously reported, it continues to pay men 613 a day when women interim mangers make only 567.
However, this isn’t necessarily an indicator of pay inequality across the interim management industry. Chairman of Russam GMS, Charles Russam, speculates that the discrepancy is influenced by the average rates of pay in the different sectors male and female interim managers are traditionally attracted to.
Gender pay gaps of only 3 were found in March 2011 by Executives Online within the contracting sector. Pay discrimination of any amount is not desirable, however this gap is not very large and when compared with other industries is not very bad.
Since pay rates are not necessarily a barrier to female entering interim management, it begs the question of whether it is an appropriate calling for women.
Interim Women, a business forum dedicated to women’s issues, surveyed 1600 women working as interim managers around the UK and profiled the type of women who pursue interim management along with their motivations.
The survey found that the average female interim manager had 22 years’ experience in business and came from a top executive level position. The desire and motivation needed to become an interim manager typically was born out a want for flexibility, work life balance, independence and to improve business skills.
On the other hand, everyone, no matter the sex, who aims for interim manager must have in mind that this type of job comes with an uncertainty in finances, as the women managers stress. Winning contracts often requires having many professional connections and a lot of networking, which does not happen quickly.
As a historically male dominant industry, interim management does still have a pay gap based on gender. However, the role has been found to be equally suited to ambitious, determined and creative female professionals who are seeking to develop their careers, their skills and their opportunities for the future.
Outcomes UK supplies a highly professional interim management recruitment service to companies operating in the public and private sectors throughout the UK.