Bad news for HR consultancies
July 21, 2008
Recently I was discussing how the economic downturn could mean more jobs available for HR practitioners due to the increasing need for skills such as change management and redundancy handling. However it has been reported recently that the financial situation of the country will have quite a dramatically negative effect on those working for HR consultancies as they struggle to cope with the tight economic conditions. A study has found that 44 out of 307 consultancies in the UK are at risk of folding in the next 12 months, with 15% running at a loss. These companies will need to take radical action to keep their heads above water and it’s likely that a reduction in headcount is a major part of this in order to reduce outgoing costs. This follows the pattern of many industries across the country, with an expected rise in unemployment of 300,000 over the next year, according to a survey by the British Chamber of Commerce.
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