PRESS RELEASES

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.