Penna predicts rise in use of interims

Human capital management consultancy Penna is predicting a sharp increase in the use of interims in what is set to become the year of the credit crunch.

Pennaís Executive Interim business arm currently has over 100 interims on assignment, more than at any other time in its seven year history ñ a clear indication of the impact that the financial downturn is having on the sector.

James Hunt, Managing Director of Penna Executive Interim says, ìThe rise in the number of Penna interims could increase even further if the recession hits as hard as some predict. Iíd expect there could be a significant increase particularly in private equity where money will be more difficult to borrow. Venture capitalists will have to focus on improving the performance of their investments and if they suffer from the decline, they may turn to interims to rectify their problems.î

Hunt continues, ìWhen money is tight and redundancies are on the horizon, organisations across all sectors may find that using an interim makes complete business and financial sense. Interims can hit the ground running, bring in a relevant skill set and then leave once a project has been completed without the associated costs of hiring and keeping on a full-time employee, which in the current climate, may be just what employers are looking for.î

Launched in 2001, Penna Executive Interim has enjoyed rapid growth and currently enjoys a position as one of the leading interim providers in the market.

Penna supplies interims to the public and private sector, including central and local government, transport, construction, energy, health, retail and financial services. It has also recently strengthened its team with new hires in the technology, media and telecoms and property sectors.