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In the post-Brexit UK business landscape, there are many uncertainties as to how things will change. This goes for business leaders as well as employees.
Leading business troubleshooter, consultant and private equity specialist Neil Debenham has given his thoughts on how companies changing their operations post-Brexit could impact the jobs and salaries of employees.
Mr Debenham said: “The new post-Brexit UK-EU trade relationship is having a profound impact on businesses across all sectors and all localities.
“New regulations, customs controls and added layers of bureaucracy have compelled businesses to adapt to a new trading landscape at a time when they are already feeling the pressure posed by the pandemic.”
Mr Debenham believes that the landscape of the job market will be impacted by Brexit.
He said: “Looking at the practical implications of Brexit, labour is a key issue.
“Access to skilled EU migrants is now more difficult, making it difficult for businesses to find the right candidate due to a smaller talent pool.
“They are forced to widen the scope of what they consider to be an ‘ideal candidate’ and consider investment into upskilling programmes.”
Mr Debenham continued: “With government backed incentives encouraging employers to consider apprenticeships, coupled with the increasing retirement age, employers are facing a new type of workforce.
“That will create different salary price points and new opportunities within the UK job market.
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“Following the end to freedom of movement, businesses must now consider the importance of investing in the training and development of UK residents to plug the gap of limited access to highly skilled staff with typically lower costs of labour,” he added.
Mr Debenham reiterated that Brexit will force UK businesses to adapt.
“Some UK businesses have chosen to localise their operations due to rising costs and red tape around navigating importing and exporting procedures with the bloc,” he said.
“Others have responded to the new trade relationship by moving operations across the English Channel in order to carry on serving the European Market.”
He also stressed that uncertain times may lay ahead in terms of the status of employees’ jobs.
“From an employee perspective, this has led to the transfer of jobs and future employment opportunities from the UK to the EU.
“As a result, there are still many uncertainties on the horizon regarding the future of the jobs and salaries of employees.
“The impact of the UK leaving the EU may complicate this further when some of the measures put in place to ease the Brexit transition expire at the end of this year.”
Mr Debenham fears that employees could feel the consequences of the changes that will inevitably come.
“Ultimately, as businesses look to navigate the post-Brexit UK-EU trade relationship, they will need to adapt in different ways to ensure that their business models remain viable,” he said.
“However, whilst operating efficiently should be the key focus, this often means that the changes could be to the detriment of the human element of the business.
He concluded: “As businesses evolve and adapt to new ways of working, outside influences such as technological, political or consumer demand will continue to impact the jobs and salaries of employees as processes need to become more streamlined and efficient.”
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