As whispers travel down the grapevine about the status of Brexit, it would appear that while the initial aftermath sent British businesses into a brief turmoil, the reality as it stands is far less dramatic. According to the latest reports, Brexit could be delayed until as late as 2019 with Prime Minister Theresa May, a member of the “remain” camp, in no hurry to invoke Article 50.
It is true that the UK financial services sector saw a dip of around 12% immediately following the referendum result, with hiring taking a brief hiatus as temporary job freezes occurred for strategic reasons as companies applied some breathing space to take stock of the situation. However, as the status quo begins to level out again we are likely to see an increase in the number of roles coming on to the market. Compliance, together with Risk, is a critical business area which is highly unlikely to be affected in any real way whether the UK remains within the EU or leaves once Brexit comes to pass.
The Compliance market in the UK continues to be a very strong market and the subsequent demand for qualified and experienced professionals means that compliance jobs in the UK are very much available. In terms of the types of expertise employers are looking for in a post-Brexit market, while this has not undergone a drastic change, companies are enforcing increasingly stricter criteria when it comes to an individual’s experience. In particular, employers are looking for flexible professionals as they look ahead to the probable challenge of new regulations that could come about in light of Brexit.
Understandably, compliance professionals from the EU who are currently working in the UK are anxious to seek alternative employment due to the uncertain business climate. However, with Brexit talks yet to be triggered and a growing sense that this is becoming less and less likely the longer it is drawn out, not to mention the fact that if and when politicians engage in talks the consequences will in probability be moderate or slow to materialise; the concern over cross-border opportunities is at this point, unnecessary.
Speaking to a UK Compliance expert, her feeling was that while some companies may be in favour of shorter term contracts, the reality is still that EU professionals seeking compliance roles in the UK are being offered permanent roles and thus the stability they desire. While the cost of visa implications may yet affect European companies in hiring UK migrants, and vice versa, after the Brexit decision date; for the moment it is business as usual with offers still being made for opportunities on both sides.
The CareersinAudit articles are designed to inform and invite discussion. All are based on the the current available facts and the information available right now in the market. We would like to hear your own thoughts on Brexit, and how this may affect the industry, so please do get in touch if you would like to share.