So the UK voted to LEAVE the UK! All I have to say is wow – I was not expecting that. We have all seen a lot on social media about this and that, I am not going to enter into any debate, what I will share with you today are the areas that we now need to be aware of and keep up-to-date on with respect to our teams and hiring!
Many of us may have noticed a slight slowdown in business in the run up to the referendum, a quarter of the members of the IoD said that they will put a freeze on recruitment. 44% of members said that they will not change their investment plans for their business along with 9% that will now increase investment plans.
The first thing we need to do is…ensure that our team know that its business as usual while we wait for the dust to settle and understand what is going to happen.
Area’s we need to be aware of though the changes may never happen (fingers crossed). We have many employment laws that are required as part of the UK membership to the EU, these may be repealed or revised. Though realistically these changes may take many years to happen or not happen at all as they have now been widely accepted.
Free movement has been spoken about extensively, my personal views are this is something that we really need to keep. If we lose free movement then hiring EU nationals will become challenging, they will have to have to pass the same point based system to work in the UK as non-EU Nationals. We’d also need to review workers that are currently on our team and work out if they are eligible to work in the UK under the new point based system, this may see many EU Nationals leaving the UK to move on to Ireland or another EU country. Let’s hope it doesn’t get to that as finding the right candidates is challenging enough never mind reducing our pool of talent.
What’s going to happen to our financial sector? Many of the big players have said that they would look to relocate many of their jobs to the EU, this will mean that many people will either have to relocate to keep their jobs or take redundancy, especially if we do not manage to negotiate free movement and we do not qualify to work in another EU country.
In the short term what will probably happen is employers will take on contractors or people on fixed term contracts rather than in permanent positions as the conditions of Brexit become clear.
I’d love to know your thoughts on Brexit and what your business plans are for the coming months, please do share.Share