Bumper 2011 for Independents

What goes up must come down and what goes down might well come up... Contractors and Interim Management professionals were an early and easy target for the axe in 2008 and 2009. In 2011 the tables will turn, but only for those in line with market demand or who can hastily "rebrand" to tackle contemporary issues. We are witnessing much higher demand for Solvency 2 contractors which will, in my opinion, will play havoc with the Actuarial recruitment market in 2011. Rates for "mid-level" Managers in this field are already hitting £1000 day + and this is turning the heads of permanent staff and tempting them to switch to the interim market.

Visa Scarcity: From April 2011, the number of Tier 1 visas issued will be severely restricted as part of a permanent cap of 21,700 on skilled immigration from non-EU countries. This will significantly curtail the number of overseas finance professionals able to work in the EU for medium term periods. Clearly this is designed to enhance the prospects of domestic professionals, but will also benefit Skilled Migrants in the labour pool already working in the interim market. A reduction in supply of overseas accounting and actuarial professionals, will most certainly lead to "Day Rate" increases. Again, the biggest concern here is within the Actuarial recruitment space. There are currently many more roles than candidates and in 2010 High Finance Group filled 20% of actuarial roles with Tier 1 Visa candidates. With the pressures of Solvency 2 about to take hold there will certainly be a fight for talent and in this case, money will be a big factor for candidates.

Regulators: Like the Grim Reaper, Regulators tends to work to their own time table. As Solvency 2 looms gradually closer, a select group of risk, actuarial and process specialists with a clear history of delivery in Solvency 2 related projects will be able to work a market rigged in their favour. How high will day rates go? That's not clear, but certainly some Interim Professionals will enjoy a boom similar to that created by Sarbanes Oxley. Line Managers will need to juggle permanent staff, interim professionals and Big Four Consultants with expert precision.

More M&A: Solvency 2 will clearly cause havoc for insurers who didn't really take it seriously and also those that have riskier books and inadequate capital. This may kick-start the M&A market as larger and better capitalised insurers swallow up their smaller counter-parts to create consolidation in the marketplace. This makes an interesting situation for those with a commercial M&A skill-set who may have been twiddling their thumbs in 2010, as start-ups have largely dominated the market.

Legacy Issues: Nearly every company in market has some dirty laundry in terms of projects that were put on hold in 2008 and 2009. With an upturn in profitability, High Finance Group believe that many of these projects will be given the green light once again. Project Teams have long been a preferred environment for Interim professionals who will be in demand again as well as their permanent counter-parts.