Job losses in the financial sector are likely to be high and, across industry, the tale is much the same. A recent study has reported a forecast of around 600,000 job losses in total for the UK alone. The predictions for the USA range from 3 million to as many as 5 million.  The forecast is that over 1 million jobs in the UK could go before the whole situation bottoms out. “This will be the worst situation for job losses since 1991” warned the Chartered Institute of Personnel and Development.  John Philpott, Chief Economist for the CIPD said “This time last year, in the face of some scepticism, the CIPD warned that 2008 would be the UK’s worst year for jobs in a decade.  It was, but in retrospect, it will be seen as merely the slow motion prelude to what will be the worst year for jobs in almost 2 decades.”

A natural effect of this will be a marked increase in the requirement for Insolvency Practitioners at all grades of development. As a specialist industry, the ‘pool’ of staff available is relatively small, so firms within this sector will need to look ahead and plan their training and recruitment needs carefully. Reviews need to be conducted, forecasts of increased staffing requirements – both professional and support – need to be analysed. Recruitment strategies need to be put in place in the light of the marked increase in requirements, and the professionalism with which this sector prides itself needs to be upheld as never before.

This professional industry sector will be in demand during 2009.