The flow of professionals to the UK shores is and will be the backbone of your business but with Brexit edging closer to its conclusion, it’s time to adapt to a shifting employment market and uncharted waters ahead. Already the UK is flexing and reforming in line with economic conditions and speculation, and here’s our round-up of the latest trends to watch:-
New fast-track visa for entrepreneurs
One of the most exciting – and possibly encouraging – developments in the employment industry was announced in June. The Home Office will introduce a new ‘startup visa’ for overseas professionals looking to open a new business. The visa process will be simplified and made faster in order to attract business to the UK, although applicants must be endorsed by a business sponsor or university to qualify.
The ‘startup visa’ – scheduled to launch in spring 2019 – was created after consultation with the Migration Advisory Committee, using feedback from the UK’s tech sector, among others. It’s great to hear Home Secretary, Sajid Javid, say he recognises the UK needs to ‘continue to attract global talent to maintain the country’s position as a world-leading destination for innovations and entrepreneurs’.
This extra boost to relocation prospects comes off the back of further reforms to the visa system, including doubling the number of visas available on the Exceptional Talent Route to 2,000.
Threat from automation
We blogged back in October 2017 about the rise of robots in the workforce and now a very tangible threat has been recognised. Citigroup’s investment bank has announced it may automate as many as 10,000 jobs in the next five years, mainly in the technology and operational sectors. The company did say that is would hire more in the sales and research fields – so recruitment in these areas should become a speciality or focus.
Automation is a worrying trend, with almost 60,000 jobs already lost to automation within 8 of the world’s top 10 investment banks between 2007 and 2017, according to the FT. Employers are citing a robot’s super capacity and 24/7 work ethic as redeeming features.
Jobs losses & restructuring
The bigger economic picture will continue to have an influence on employment markets. It’s hard to escape the changing UK High Street and global companies are not immune to employment upheaval too. Tesla is the latest to reveal change, with a 9% cut to its workforce and a possible redeployment of thousands of staff. Back on home turf, the outgoing president of the CBI has used his departure to say parts of UK manufacturing are ‘at risk to extinction’, and calls for a concrete Brexit plan to protect trade.
Although the employment market is ever changing, one thing remains constant – the need for quality rental accommodation. For rental advice, orientation strategies and a snapshot of the current lettings market, ask us today.