New report from The Institute for Turnaround and t-Three/Kiddy & Partners highlights key differences between younger turnaround professionals and a broader cohort of professionals
The skills of turnaround professionals in providing immediate viability and confidence to businesses and stakeholders in those businesses, and in the transformation and adaptation of companies to new or unexpected challenges are an asset to UK plc. The recent economic backdrop has highlighted the value of turnaround in a difficult economic climate, with our latest annual Societal Impact Report highlighting that IFT accredited members saved in excess of 55,000 jobs and £2.6bn in shareholder value in the year 2022-23. When we factor in the work of our partners the number of jobs saved rises to just shy of 150,000.
Turnaround is therefore an important business discipline – a profession of professions, which will continue to be crucial for the success of UK plc. In the longer term, drivers of economic and social change – technology, trade, the geopolitical context- mean that turnaround professionals will need to support businesses to adapt and transform to the evolving landscape.
The Institute for Turnaround and t-Three/Kiddy & Partners have undertaken what we believe is the first survey looking at the characteristics and traits of younger turnaround professionals. According to the research, younger turnaround professionals demonstrate some significant differences when compared to a general population of working people.
The report, Future Proof: The Traits and Attributes of Young Turnaround Professionals, surveyed turnaround professionals from fields such as banking, law and accountancy. They completed Facet5, a globally recognized Five Factor trait personality questionnaire accredited by the British Psychological Society and designed specifically for the workplace.
The responses from participants indicated three key areas where turnaround professionals’ traits and behaviours can be distinguished from those of general employees:
- Turnaround professionals are more likely to demonstrate behaviour which seeks to resolve differences of view and disagreement in a calm, non-argumentative way to achieve a consensual position.
- They also show a higher tendency to share their processes and approach, favouring working collaboratively towards a successful outcome, taking into account others’ input and feedback along the way.
- Finally, those in the participant group show a greater tendency overall towards working to high standards and hence will display a strong sense of duty, responsibility and conscientiousness.
The research highlights the distinctive traits displayed by younger turnaround professionals and also indicates some possible areas of professional development such as stakeholder management skills and strategies for dealing with confrontation. It provides a useful starting point for further research about this important profession and what skills and competencies will be required to ensure future delivery of successful turnarounds.
You can read the full report here.
