Category: Blogs

As the year turns its final pages, the idea of “New Year, New You” resonates powerfully with many professionals. It’s a period filled with resolutions, aspirations, and for many, contemplations of a career change. As a recruiter, we see a surge in individuals seeking new opportunities as they step into a new year. While this enthusiasm is commendable, I also advocate for a word of caution: changing jobs should be a well-thought-out decision, not merely an emotional response triggered by the arrival of the New Year.

The Thoughtful Approach to Career Change

Assessing Your Current Position:

• Salary Evaluation: Are you being compensated fairly for your skill level and experience?
• Professional Development: Does your current role offer sufficient opportunities for learning and growth?
• Progression Potential: Can you envision a clear career path within your current organization?
• Work Environment: How well do you resonate with the company culture? Is the work environment conducive to your professional satisfaction?
• Clientele Suitability: Consider whether your current client base is too big or too small for your career aspirations.

Emotional Triggers vs. Rational Decisions:

• After a particularly challenging day or period at work, it’s natural to feel the urge for a change. However, it’s crucial to differentiate between a temporary emotional response and a well-reasoned decision.
• Reflect on whether the impulse to change jobs stems from a momentary feeling or deep-seated issues in your current role.

Knowing What You Want:

• Clearly understanding your career aspirations and the reasons for leaving your current role is pivotal. This clarity not only prepares you for future interviews but also ensures that your next move aligns with your long-term goals.
• Articulate what you seek in a new role – be it more responsibility, a change in work culture, or enhanced learning opportunities.

Communicating Your Needs:

• When interviewing for new roles, being able to express what you’re missing in your current position can significantly impact your chances. It demonstrates self-awareness and clarity of purpose.

The Right Time to Make a Move:

• While the New Year can be a symbolic time for a fresh start, it’s important to consider whether it’s the right time for you professionally. Sometimes, the best decision might be to wait, gather more experience, or align the job change with other life plans.

Considering External Factors:

• Economic climate, industry trends, and job market conditions should play a role in your decision-making process. Sometimes the ideal role might not be available immediately, necessitating patience and strategic planning.

Long-Term Vision:

• Reflect on where you see yourself in 5 or 10 years. Does a potential job change align with this vision?
• Think about what you’re looking to achieve with this change – is it a step up in your career, a move towards a more fulfilling role, or a necessary step for personal development?

Seeking Professional Advice:

• Conversations with recruitment professionals can provide invaluable insights. At Levitate Recruitment, we are always open to discussions about your career, whether you’re looking to make an immediate change or planning for the future.
• Our expertise in accountancy and insolvency ensures that we can provide tailored advice, considering your unique career aspirations and the market dynamics.

Conclusion:

As you consider a career change, whether at the start of a new year or after a period of professional reflection, remember that such decisions shape your future. It’s not just about the immediate next step but also about your long-term career trajectory. At Levitate, we are committed to guiding professionals through this journey, offering support and advice, whether you are ready to make a move now or planning for the future. Embrace the “New Year, New You” spirit with a blend of enthusiasm and thoughtful planning, ensuring that your career moves align perfectly with your professional goals and personal aspirations.

If you’re contemplating a career move and are open to discussing your options or want to get a feel of the market (now or further into 2024), I’m here for a straightforward, commitment-free chat. Send me an email at slowes@levitaterecruitment.com to arrange a call.

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My views are based on my 15 years+ of recruiting for Accountancy Practice and Insolvency professionals.

For advice about your career options, speak to Scott Lowes at Levitate Recruitment, specialists in placing practice-trained accountants and insolvency professionals across the UK, and find the right role to suit your ambitions.

 

Insolvency offers a rewarding and varied career where professionals use a range of skills to help companies and individuals deal with serious financial issues. The challenges of retaining skilled talent in the insolvency sector are ever-present, however.

As in any industry, high-pressure work and responsibilities may lead to employee burnout followed by a desire to move on, but with the right support system in place insolvency firms can respond positively and retain their staff.

High employee turnover can ultimately affect a company’s bottom line. If staff aren’t retained and employees regularly leave, it can also damage a firm’s reputation within the sector.

So what are some of the challenges that insolvency companies face in terms of talent retention, and how can they be addressed to develop a loyal workforce and more stable and resilient business?

Strong competition for skilled talent within the sector

Insolvency is a relatively small sector and strong competition within it can present a challenge for employers. The draw to move to another company may be strong for employees if their skills are in high demand and rival companies offer significantly better compensation and benefits.

Firms can be intentional with their talent retention efforts by providing a working environment where dedication and hard work are recognised, and where beneficial working terms and conditions become the catalyst for long-term staff engagement and loyalty.

Attraction of working in other financial and legal areas

Those working in the insolvency sector may be drawn to other financial or law-related professions. Insolvency as a whole offers diverse opportunities, however, where staff can combine their expertise and interest in financial and legal work.

Newly graduated or established finance and law professionals may adopt a broad range of insolvency roles that utilise their skills whilst providing a varied working life that consistently draws on different facets of their knowledge.

Better promoting insolvency as an attractive and diverse career option is a first step in improving recruitment rates, but can be followed up with clear progression opportunities to retain skilled talent for the long term.

Challenges for smaller firms within the sector

The insolvency sector can experience cycles of increased and decreased activity that mirror the nation’s economic health. When the economy slumps insolvency firms may experience periods of intense demand as individuals and businesses look to them for professional guidance and support.

The emergence of smaller ‘boutique’ insolvency companies and the subsequently reduced dominance of the corporates have changed the landscape slightly within the industry. This can create an issue for smaller insolvency companies in retaining staff, however – given the increased workloads and pressures at busy times, smaller insolvency businesses may not have the additional workforce to call upon.

Targeted recruitment and retention

Developing a cohesive strategy addresses the challenges of staff retention in the insolvency sector and builds resilient businesses. This could include using specialist recruitment agencies that understand the sector, for example, networking effectively, and providing the supportive working environment that staff are looking for.

Having a system in place where discord or dissatisfaction with work is identified and discussed with a view to improving the situation can also head off staff resignations. If a member of the team does leave, however, a diligent exit interview can also reveal issues in the workplace that managers may not have known about.

Retaining skilled talent can present one of the biggest challenges for the insolvency industry but if addressed effectively it will improve business stability and resilience, and provide the foundation for building and maintaining a stronger presence within the sector.

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About the author – Shaun Barton is a partner at Company Closure and boasts a wealth of experience in helping directors of distressed companies understand their options. A director-facing adviser, Shaun is often the first point of contact for business owners in financial distress, consistently delivering expert advice when it is needed the most.

 

For our latest blog, we have a guest post from Chris Bristow at Real Business Rescue.

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Insolvency represents an exciting and rewarding career which sits as much within the finance arena as it does within law. Insolvency professionals will either work for an independent insolvency firm, or as part of a firm of lawyers or accountants.

In a nutshell, a career in insolvency involves working with financially distressed businesses or individuals who require professional intervention to deal with their financial woes. Many insolvency firms will offer both personal and corporate insolvency advice, although many insolvency professionals will choose to specialise in one or the other.

• Corporate Insolvency – Corporate insolvency involves dealing with distressed limited companies and their shareholders/directors. Depending on the financial position of the company coupled with its long-term viability, options may include a restructuring of the company’s operations through a process of administration, or entering into formal negotiations with creditors by way of a Company Voluntary Arrangement (CVA). If the company’s problems have taken it beyond the point of rescue, there may no alternative other than to close the company down by placing it into liquidation.
• Personal Insolvency – When working in personal insolvency, you will be helping individuals understand their options for dealing with unmanageable debt which may include Individual Voluntary Arrangements (IVAs) and Bankruptcy. Other options are available to individuals in Scotland.

Roles within insolvency

A career in insolvency offers a huge amount of growth and further career opportunities if an individual is prepared to work hard. While each firm will structure their insolvency department in their own way, typical roles on offer will include:

• Insolvency Administrator – This is how many insolvency professionals careers start. While some individuals will enter the industry with a background in accountancy or law, there are no specific entry requirements or qualifications needed, instead you will learn ‘on the job’. A typical days’ work will involve filing statutory notices at Companies House and liaising with creditors including HMRC.
• Insolvency Manager – With several years’ experience under your belt as an Insolvency Administrator, you can move up the career ladder to a management position. As an insolvency manager you will be expected to manage your own caseload and work closely with the appointed insolvency practitioner; you are likely to have a team of insolvency administrators working underneath you who you will line manage. You may also find yourself taking the initial phone call from a distressed director, providing help and advice and talking through the available options. At this stage in your insolvency career you may wish to solidify your knowledge by sitting the Certificate of Proficiency in Insolvency (CPI) exam, an industry recognised qualification that demonstrates your technical and practical knowledge of the sector.
• Licensed Insolvency Practitioner – In order to become a licensed insolvency practitioner you will need to successfully pass a series of gruelling exams known as the JIEB (Joint Insolvency Examination Board). There is one exam for personal insolvency and another one for corporate insolvency. Insolvency practitioners can hold a full license (upon passing both exams) or alternatively a partial license in either personal insolvency or corporate insolvency if just one of the exams has been passed.

 

In addition to the JIEB, aspiring insolvency practitioners must also record a minimum of 600 hours of higher experience in insolvency administration within the preceding 5 years as well as registering with one of the five recognised RPBs in order to obtain their licence. Once licensed, an insolvency practitioner will then be legally allowed to take insolvency appointments according to their license, from company liquidations and personal bankruptcies, through to administrations and Company Voluntary Arrangements (CVAs).

Skills you will need

In addition to the formal qualifications required to become a licensed insolvency practitioner, highly developed soft skills in areas such as empathy and the ability to explain complex legal procedures in simple, understandable terms, are also coveted within the industry.

You will be required to liaise with a number of parties as part of any insolvency case, including directors/shareholders, outstanding creditors, HMRC, and any employees of the business. In many cases you will be delivering news which is unwelcome, such as notifying employees of redundancy, or explaining to creditors that they will not receive the money back they are owed. You must therefore have the communication skills required to deal with these potentially uncomfortable conversations and ensure each party understands how they will be affected by the insolvency.

In addition, insolvency legislation is ever-changing, therefore a commitment to ongoing training and development to ensure skills and knowledge are kept up to date is a must.

Considering a career in insolvency? Here’s why you should!

• Variety – As insolvency sits between the law and finance, you will find that your workload remains interesting and varied. One day you could be completing accountancy based tasks such as preparing a Statement of Affairs, while the next you are building up evidence to support a case against a director for wrongful or fraudulent trading.
• Rewarding – While there may be some negative connotations towards the insolvency industry from those who do not fully understand how it works, the reality is that formal insolvency solutions offer companies or individuals a way out of a situation which has become simply unmanageable. Helping a distressed individual understand their options and working alongside them to put a plan in place can be an extremely rewarding part of the job.
• Security – Insolvency is a counter-cyclical industry which means demand for the service is likely to increase the worse the economy gets. This is in contrast to many other occupations where a thriving economy comes with increased demand. This can provide a reassuring element of job security in otherwise challenging times.

 

About the author – Chris Bristow is a business debt expert at Real Business Rescue, company rescue, restructuring and liquidation specialists with a wealth of experience in supporting company directors in financial difficulty.

 

In the wake of the pandemic, the traditional job hiring landscape underwent a major shift. The time-honoured practice of in-person interviews was increasingly replaced by video interviews, a trend that continues to shape recruitment processes. While face-to-face interviews are making a comeback, the role of video interviews in accelerating the recruitment process cannot be understated, particularly in the context of international hiring.

This blog delves into the benefits and challenges of video interviews for employers and job seekers, offering practical tips to ace this new normal in recruitment.

Advantages and Pitfalls for Employers

Benefits

• Cost-Effectiveness: Video interviews eliminate travel, slashing significant recruitment expenditure.
• Scheduling Flexibility: The absence of travel eases interview timing coordination.
• Time Conservation: With commute out of the equation, the focus can be solely on the interview.
• Access to Global Talent: The virtual format enables tapping into international talent, raising the bar for recruitment.

Challenges

• Technical Hitches: Connectivity issues and poor audio-video quality could potentially disrupt the interview.
• Missed Non-verbal Cues: The nuances of body language and facial expressions, crucial to interviews, can be hard to read.
• Potential Distractions: Candidates may find themselves in environments not conducive to focused conversation.
• Lack of Personal Connection: The virtual format can create barriers to establishing rapport with the candidate.

Pros and Cons for Candidates

Benefits

• Comfort and Convenience: The familiarity of home reduces stress and enhances comfort during interviews.
• Broadened Access: Virtual interviews unlock job opportunities beyond geographical constraints.
• Streamlined Preparation: With resources at their fingertips during the interview, candidates can better equip themselves.
• Improved Communication: Viewing the interviewer’s reactions in real-time can help candidates tailor their responses.

Challenges

• Technical Difficulties: Internet issues can cause interruptions, leading to stress and performance impacts.
• Impersonal Experience: Building a connection with the interviewer can be more challenging in a virtual setting.
• Potential Distractions: Domestic settings might pose unexpected interruptions.
• Increased Anxiety: The unfamiliar format may exacerbate nerves for some candidates.

Tips for Excelling in Video Interviews

Preparation is key. Double-check your technology, dress professionally, pick a quiet, distraction-free spot for your interview, and rehearse answers to common questions. Keep the interaction natural, not robotic.

Maintain eye contact, articulate clearly, use natural body language, and actively listen to the interviewer before responding. Use reliable video conferencing platforms like Zoom or Skype, and always have a backup plan in case of technical disruptions. Appropriate lighting and a neutral background keep the focus on you.

Be ready to go at least five minutes early. Even though it is a virtual meeting, remember to dress appropriately. Conclude the interaction by thanking the interviewer for their time.

In conclusion, the advent of video interviews, though catalysed by the pandemic, is a trend that has reshaped the job market. As we navigate this change, recognising its unique challenges and leveraging the advantages, we can turn potential roadblocks into opportunities for growth and connection.

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My views are based on my 15 years+ of recruiting for Accountancy Practice and Insolvency professionals.

For advice about your career options, speak to Scott Lowes at Levitate Recruitment, specialists in placing practice-trained accountants and insolvency professionals across the UK, and find the right role to suit your ambitions.

 

In the digital age, your online persona can have a significant impact on your professional life. Just as you wouldn’t walk into a job interview without brushing your hair or wearing suitable clothes, you shouldn’t neglect your social media presence. From Facebook and Twitter to Instagram and beyond, your online activity leaves a digital footprint that potential employers often explore.

The Lasting Impact of Social Media History

Remember that tweet you posted when you were 15? You might not, but it’s likely still out there, and it could be influencing potential employers’ perceptions of you. As an Insolvency and Accountancy Practice recruiter, I’ve seen first-hand how employers often conduct social media background checks on candidates. Sadly, I’ve experienced situations where at least two candidates (that I know of) were not taken forward to interview due to the results of these checks, highlighting the influence your social media history can have on your career.

Your Past Posts May Not Reflect Your Current Self

People evolve, and what you posted years ago may not reflect who you are today. However, potential employers might not see it that way. High-profile figures, including sports stars and celebrities, have faced public backlash after old tweets resurfaced, illustrating the long-term effects of careless social media use.

I confess I’ve even had moments of cringing when I’ve looked back at my own social media posts from 18 years ago. It’s a stark reminder that our online history can stick around much longer than we’d like.

How to Conduct a Social Media Review

To protect your professional reputation, it’s crucial to conduct regular social media reviews. Here’s how:

Scroll back through your posts: This might be time-consuming, but it’s worth it. Look for any content that could be perceived as offensive, insensitive, or unprofessional.

Consider the context: Remember, the context of your posts might have changed over time. Something you posted years ago might now be considered inappropriate.

Delete or archive old posts: If you come across any concerning content, consider deleting or archiving it. Remember, just because it’s in the past doesn’t mean it won’t affect your future.

Adjust your privacy settings: Ensure that your personal posts are only visible to your friends or trusted connections. Be aware that public posts are accessible to anyone, including potential employers.

Think before you post: As a rule of thumb, if you wouldn’t say it in a job interview, it’s best not to post it online.

In conclusion, your social media history can significantly impact your career. So, just as you would review your CV before a job application, consider reviewing your online presence. After all, you want to put your best digital foot forward.

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My views are based on my 15 years+ of recruiting for Accountancy Practice and Insolvency professionals.

For advice about your career options, speak to Scott Lowes at Levitate Recruitment, specialists in placing practice-trained accountants and insolvency professionals across the UK, and find the right role to suit your ambitions.