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With the G20 summit failing to reach a conclusion over the weekend we have to wonder where and when this will all end! Everyone recognises the crisis – “Europe will be crippled by debt till 2021″ says Merkel but the solution seems to allude.
Having just come back from Dublin where the economy is now showing very small signs of growth there is fear that the harsh austerity measures taken in the last 12 months will all be in vain if this new crisis is not sorted.
And what about the UK? We’re not in the Euro (and as a Cabby told me it’s simple for us as we can print more money!) , but this will undoubtedly impact us.
The E & Y Item club reported in the Sunday Times that Britain’s Gross Domestic Product could fall by 4% to below it’s level during the 2008/09 recession. Over 3 million jobs (this does not include the interim/contract community) in the UK depend on trade with the EU and politicians are saying that resolution of this crisis “is the most important thing to happen to the UK economy this Autumn”
Even closer to home Interims are asking me what the effect is on the interim market and interim opportunities. Sadly I have no crystal ball for the future but whilst there are signs of some areas of the Market contracting in certain non critical business areas, we need to remember the Market in general has not stopped. Yes Its harder, decision making is sometimes slower and sometimes not made at all but there are still opportunities!
The REC job outlook for September 2011 indicates demand for interims and contractors will remain at current level or increase over the next 12 months. Over 2/3 of employers surveyed are planning to keep their contract workforce over the next 3 months and 22% saw increases.
But the most interesting statistic of all is this one – 86% of employers are planning to match or increase the number of non permanent staff, deferring commitment to permanent staff whilst there is economic uncertainty.
We benefit in the UK from a Market that understands the value of a flexible workforce and corporate agility. The positive impact of an experienced interim who can achieve operating efficiencies and cost reduction, who can show the quickest way forward on achieving transformation and who understand the FS regulatory landscape is not lost.
So tell me what you think about the Euro crisis and it’s impact on the UK?
If you’re an interim do you see fewer opportunities or no change and if anyone has that crystal ball maybe they would like to share!
Angela Hickmore is a Director at Interim Partners.
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November 10th, 2011 at 11:22 am
We have the Euro crisis and the US crisis (http://www.businessweek.com/news/2011-11-10/alabama-s-jefferson-county-declares-biggest-municipal-bankruptcy.html – Nov. 10 (Bloomberg) — Jefferson County, Alabama, declared the largest municipal bankruptcy in U.S. history, capping a more than three-year saga that turned it into one of the biggest casualties of Wall Street’s credit crisis.)
Good news however, the world is still turning and CHANGE (evolution) is the only certainty – staying ahead of the skills curve, as well as the flxibility and agilty you mentioned are key. Full time permanent employment is a relatively recent emergence from industrialisation, before that artisans moved to where the work was needed and I am think we shall see more of this in the near future as the new economy emerges with less artificialness.
I am looking forward to the emerging challenges of the next few decades
November 11th, 2011 at 7:57 am
We are already well advanced in a period of history when urgent short term requirements in business to change a process and improve performance is becoming the norm. This is good news for the individual interim.
The UK continues to offer an enormous diversity in individual skills and working experiences (that attracts both investment and professional immigration) which will make it competitive, and more so if the greater “doom” scenarios play out in Europe. This is good for the businesses based here.
I am of course hoping that the political failure to manage the gradual collapse of the Euro monetary system does not come to pass.
November 12th, 2011 at 10:20 am
As in any crisis, the first stage is to admit there is one and the second stage to do something about it. Few would argue there is not a crisis now, which will have a massive impact on the UK. However we are well advanced in standing on our own two feet industrially, unlike some European countries, so the impact should be less than for them.
The Interim market seems buoyant right now, and more change and restructuring must be neccessary to gain commercial advantage. I would say the outlook is good for skilled, mature managers.