There is still great uncertainty surrounding the true impact of Brexit on almost every aspect of business, and the UK job market is no different, with different sources suggesting opposing outlooks of Brexit on jobs.
The Office of National Statistics (ONS) estimated the UK employment rate at a record high of 76.3% during November, with this trend predicted to continue for the first quarter of 2020. They reported unemployment has not been this low since 1974 and has been steadily decreasing since 2014.
Whilst this is great news for jobseekers, for employers it means the pool of available talent is shrinking, which means organisations need to look at how they’re attracting the best talent in a highly competitive marketplace.
As a member of the EU, Britain benefitted hugely from easy access to the pool of workers from the EU; post-Brexit those firms who employ large numbers of EU nationals, should ensure that they have a process in place to manage the “right to work” status of any EU national employees. Similarly, a firm looking to recruit anyone from the EU should ensure they meet immigration criteria.
To mitigate any negative impact from Brexit, we recommend that businesses not only invest in recruitment, but also in developing the skills of their existing workforce. By placing a greater emphasis on re-/upskilling businesses will be able to develop the skills they need in their existing staff AND future-proof their workforce in an age of rising automation and digital disruption.
During times of uncertainty employers need to develop a robust recruitment process and Employer Value Proposition (EVP) to ensure they have the right people in place. Past surveys by Gartner have estimated that EVPs can reduce recruitment costs by as much as 50 percent and employee turnover by up to 30 percent. Whilst you may have an EVP in place, now might be the time to review and revise.
Hiring and retaining the right staff, even in the steadiest of times, can be tough. For support across any aspect of your recruitment needs, get in touch.