Business troubleshooters go back to school

Institute for Turnaround (IFT) Chairman Iain MacRitchie today said that he is actively driving the Institute’s plan to teach new recruits key skills needed to guide a business through tough times.

He said,

“We need to be able to train up the next generation to be able to deal with the problems businesses face. At the start of the most recent recession, people had to bring back experts from the previous recession as there was virtually no in-house experience available. The Institute has an amazing pool of experienced members who can teach the next generation.”

IFT Chief Executive Christine Elliott said,

“A decade ago, turnaround was a secret art, not much talked about and unpopular in the boardroom. That is starting to change as people in all sorts of organisations realise the benefits of applying the skill set that identifies an accredited turnaround professional.”

Turnaround is already part of the syllabus in some business schools and courses. This learning tends to be based on historic research and case studies, livened up by the occasional practitioner. These courses, useful though they can be, do not equip students (even those who had prior careers) to take turnaround roles. There is no clear career path into turnaround and most turnaround professionals say that their route into it was accidental.

The IFT is establishing an ‘IFT Academy’ in order to offer a defined route into becoming an accredited Turnaround professional through the demonstrable acquisition of core competencies and an appreciation of Turnaround culture. For some people, probably the minority, that will mean a progression into a full time career using turnaround skills in any sector. IFT defines turnaround as, ‘the sustainable return to viability of an under-performing organisation.’ Other candidates may simply wish to improve their ability to implement profound and radical change under pressure or to use turnaround skills to drive fast growth. IFT is already working with business schools in York and London to establish the best model for delivering the Institute’s programmes, which will be intensely practical and include mini-field trips and research for participants to undertake themselves.

Christine Elliott said,

“We expect the Academy to be operational by summer 2012 and meanwhile, IFT continues to provide practical turnaround education through its continuing professional development (CPD) programme and Professional Information Notes.”

Notes to Editors:

The Institute for Turnaround (IFT) is the leading professional body in Britain and Europe for operational, funding and advisory practitioners in business. It is an independent professional body with stringent conditions for membership and accreditation.

It is a nonprofit making company limited by guarantee. It was established in late autumn 2000, supported and encouraged by government, the clearing banks and other financiers, private equity investors and leading accountancy firms.

For more information please visit:

http://www.instituteforturnaround.com/default.asp

10th August 2011