The final rites were delivered to Allco Finance Group recently when creditors voted it into liquidation, but having Allco on your CV isn’t necessarily fatal for your job prospects.
Al Ritchie, director of Ritchie and Associates Recruitment, says Allco traditionally hired top talent. And after their recent experiences, its former bankers have the ideal experience to evaluate the integrity of an investment deal.
“Any potential employer will know that some of these guys will be better placed than others in the market to recognise high-risk deals well ahead of the pain threshold,” explains Ritchie.
While some employers won’t swallow that argument initially, Ritchie says in the long term, many will recognise the business benefits of hiring quality candidates from the likes of Allco.
John Coles, CEO, Executive Group International, says history shows that corporate meltdowns tend to be more damaging for front office staff.
“A corporate failure won’t hurt back-office staff as much as those near the top, where it can take between one and two years to repair a reputation. Often the best way to return to a suitable role is by offering a discount for your services,” explains Coles.
Luke Heath, chief executive of Chandler Heath Executive Recruitment, agrees an association with Allco isn’t terminal, although future employers will be curious about a candidate’s responsibility in a particular loss and whether lessons were learnt.
“Staff with strong skill sets will possibly find meaningful banking or consulting roles,” advises Heath.
Specialised knowledge like aircraft financing could also pique employer interest, while some junior staff might be attractive to M&A teams when the market picks up, he adds.