If the direct effect on people is not enough, the wider effect on lives after we get through the health issues could last for much longer if businesses are not protected.
No one knows how this will influence the economy, nor how many businesses in may hit. But it will definitely have some control over most businesses to a greater or lesser extent. Some businesses are busy now helping people through this crisis, some will pick up quickly when we come out of all this, whilst others may take longer to start to pick up again.
But wherever a business sits, cashflow is going to be more important than ever. The government has announced unprecedented support for business, but already the banks are applying their own rules to who can get this support and funds are not getting through.
Already there have been some high profile administrations, which may have happened anyway, but Covid-19 clearly hasn't helped. Insolvency practitioners in some firms are reporting that they are busy already advising clients and, whilst forecasting is all but impossible in the current climate, it would be foolish not to plan for an increasing demand for the services of business recovery and turnaround professionals.
At GGT Insolvency Recruitment, we like to be proactive and so we are thinking ahead and doing our best to help our business recovery and insolvency clients.
So today we have launched our Covid-19 Challenge to help identify a pool of insolvency professionals that IPs can call upon.
In the current marketplace there isn't much of a pool of experienced unemployed insolvency staff sat waiting to find a job. Most of those who were made redundant in that last decade have found jobs outside the insolvency profession. The profession has also been reluctant to recruit following the financial crash of 2008, until fairly recently. Few trainees have been taken on in the last 10 years and finding administrators recently has been tough.
So in an attempt to create a pool of professionals, we are pushing to register the following candidates:
- Existing and experienced insolvency professionals who may be looking for a career move (we usually have a regular supply of these types of candidates)
- Trainees - graduate or A-Level leavers
- Former insolvency professionals who left the profession in the last 10 years, but who may be interested in returning to the profession (subject to some help bringing skills back up to speed)
- Candidates who may have no previous insolvency experience, but who have good financial skills that can be adapted and be redeployed into the business recovery and insolvency market
If there is an increase in demand, one thing IPs do need to appreciate is that they may not always get the ideal candidate in a competitive market and that they may also need to invest in some training (something that some IPs have been reluctant to do). But the profession needs new blood, irrespective of Covid-19, if it is to survive and avoid a succession crisis in the years to come.
Here at GGT, Sheona and Geoff are working through from home and are always available to discuss staffing needs. Please give us a call or drop us an email. We have also recommended recruiting interview processes to help candidates and clients to stay safe at this difficult time.
Anyone who may be thinking of registering their interest in insolvency roles, should contact us and tell us a bit about yourself and how you may be able to help.
Please stay safe everyone and use your time now to plan for the future.
Sheona & Geoff
GGT Insolvency Recruitment
0333 577 5705