What is the answer to the question, should you look for another insolvency job? It’s been a long couple of years and looking for new jobs in restructuring and insolvency was not on the agenda for a lot of people in our industry. Some of the larger businesses in the UK went on a bit of a hiring drive last year expecting a surge in work, which still hasn’t quite come to fruition. Talks about potential salary bumps or promotions were also held back for a number of Insolvency & Restructuring professionals across various businesses.
The September 2021 insolvency statistics published by the Insolvency Service showed that insolvencies in England & Wales have risen substantially since the same time last year; however not quite back to pre-pandemic levels. Whilst it’s still not clear when the number of insolvencies or restructuring projects will really start spiking, most professionals in the industry are quite comfortable in saying that it will get busier in the near future. As an experienced insolvency professional, you could argue it’s a good time to look for another opportunity, depending on where you’re at in your career.
Here’s a couple of things to analyse…
Is there clarity on your future?
I’m an advocate of exhausting all of your options in your current firm before considering other opportunities. Have you had a direct conversation with your people manager about that pending promotion? Is the timeline for study support still on schedule? Is there communication about the company direction? Are you getting regular feedback?
If you’ve had answers to these questions and you’re not satisfied with what you’re hearing, you’ll want to look elsewhere.
What Type of Projects do you want to work on?
One of the things I’ve enjoyed the most about my role is how passionate a lot of professionals are about the work they do. For some, it’s not just about going up the “career ladder”, it’s about getting specific industry expertise or working on a type of project e.g. Trading Administrations or Independent Business Reviews. If there is not going to be the opportunity to get that experience where you are, it’s worth considering other firms.
Businesses are hiring and your skill set is highly desirable
The requirement to hire is increasing by the day. Insolvency & Restructuring has always been quite lean on talent but it’s become more apparent than ever. If you’re at a stage where you may want to meet with another Insolvency & Restructuring firms, it’s more than likely that they’d want to speak to you as well as your expertise is so hard to come by.
Hybrid Working
What is your Company’s policy on this and how does this compare with others? If you don’t have a network to benchmark, it’s a good time to get reference from a specialist recruiter.
To Conclude…
It’s likely to be an exciting industry for the next few years, so it’s worth putting yourself first and considering your position. Not every conversation with a prospective firm has to be a formal interview process, you can have an “coffee meeting” and learn what it could be like on the other side prior to fully committing. If you are at a stage where you are asking yourself that question of whether you should look, I’d suggest having a chat with a trusted, reputable recruiter first. Should you look for new jobs in restructuring and insolvency? Based on the market right now, we are inclined to say yes.
