Restructuring Industry Faces Critical Skills Shortage According To Latest Report
The number of professionals working in the US Restructuring industry declined by 29.7% throughout 2022, according to Eastward Partners' recently published 2022 Year In Review Market Report, signaling a critical skills shortage.
The Report noted that, as the year wore on, Restructuring Talent pursued different industries as and when activity slowed down in H2. In tandem, an industry comprised of senior talent saw few juniors brought into the sector, fuelling the talent shortage across restructuring.
Restructuring professionals also sought green pastures and companies that could offer different value propositions, prioritizing roles that offered "Excellent compensations and benefits," a "Role that meaningfully impacts the company's success," and "Challenging work."
Hannah Robb, Associate Partner and Head of Restructuring at Eastward Partners, commented on the skills shortage and its impact on the market:
"After ten or so years with a relatively healthy marketplace, the onus to train and develop talent has simply not been in focus. Now, as the pool of candidates shrinks, companies are finding themselves in an extremely competitive hiring market, inflating salary and benefits offerings across the space."
Robb states that data and analytics will be crucial to landing hires in 2023:
"Hiring presents an interesting challenge to navigate at the start of 2023, but there are successful methods that can give you the edge in your search. As per our Report, peak demand for professionals is usually followed 3 months later by a spike in the number of professionals. Actively analyzing the market and understanding this trend with hard data has given us great success in sourcing professionals for our clients throughout the year. People analytics will be a real influence on successful hiring strategies in the year to come."
The Report goes on to cover the firms with the highest growth in 2022, the firms with the highest attrition, geographic hot spots for talent, gender diversity across the industry, and an outlook for 2023.
The full Report can be found on Eastward Partners website.
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Notes for Editors:
Eastward Partners Inc. is an Executive Search and Human Capital Consultancy. Eastward operate within Middle Market Private Equity functions, Brand and Digital Agencies, Financial Advisory Consultancies and the Human Resources market.
W: www.eastwardpartners.com
E: b.greenstreet@temptingventures.com
T: +44 (0) 204 558 8696
The Restructuring Market Report - Year in Review can be found here
Data Source:
Eastward Partners source data from millions of data points publicly available online, and through proprietary software with access to anonymized compensation figures for almost 40 million employed Americans.
Data is synthesized into groups by title and skills to draw insights and conclusions from specific talent pools to take away trends such as supply and demand, emerging skills, hub locations for that specific group of talent, gender diversity, over a 12-month period.
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