Brits Looking To Squeeze
An increasing number of candidates are planning to change roles before March 29 2019 – the date the UK is scheduled to leave the EU – according to research from Morgan McKinley.
The researchers found there has been a 26% increase in professionals seeking new jobs, month-on-month in October 2018, which suggests workers are aiming to swap jobs before the March deadline.
“Businesses are holding their cards close to their chests, prepared to hold off on announcements until the very last minute, and that’s worrying their staff”, says Hakan Enver, Managing Director, Morgan McKinley Financial Services.
“Professionals who want to stay in London, but are concerned about their roles being transferred overseas, are leveraging the shrinking window of time to try and secure a job locally.”
Despite the increased interest in new roles, the report found there has been a 33% decrease in jobs available, year-on-year.
A CBI business-leader survey released in October found that four out of five firms reported Brexit as having already hurt their investment plans, adding that they would implement ‘damaging’ contingency plans if they cannot get more clarity on the terms of the UK’s departure from the European Union.
“There’s no way to fully quantify the loss in investments that have taken place during the last two years. But you can draw a straight line from those withheld investments and the 33% decline in jobs from one year ago”, says Enver.
The researchers added that Brexit isn’t the only culprit for the challenging jobs climate. Trade wars in multiple regions, paired with a political climate that rewards antagonism over collaboration and the promise of rising interest rates, have all added to a climate of confusion that is impacting the hiring market.
“Brexit’s grip on jobs feels permanent, but one way or the other, the fever will break in the coming months,” adds Enver. “The question now is how deep a hole will we have to climb our way out of come March?”