The possibility of a no-deal Brexit has created a level of uncertainty across businesses in the UK during the past few months. However, in the business support sector, I don’t believe we will see much change in the face of this possibility: over the course of the last few years since the referendum, we’ve continued to experience stability across the board and are yet to see any ill effect.
I believe that people will continue to do business in the UK, regardless of what transpires on October 31st. Obviously, I can’t comment on sectors outside of our specialist remit but, from what I’m seeing on the ground, there are a few key factors that will minimize its effect on recruiters in our sector.
Resilience in the market
The minimal effect in recruitment activity is due, in part, to a record low unemployment rate of 76.1%, and the current candidate short market. Quality recruiters should continue to be sought after as employers battle it out in the war for quality talent.
This is evidenced by the fact that, in the last eight months, Tiger Recruitment has had its two best-performing months on record, and the business overall has grown year-on-year since the Brexit announcement. With this in mind, I don’t expect that the Brexit decision will have any negative impact on our business growth.
Businesses are prepared
Businesses should already be operating in accordance with their Brexit contingency plan, including the possibility of a no-deal Brexit. This may include changing the way they do business or diversifying their operations.
At Tiger, we’ve expanded our offering to minimize our exposure to possible future declines, as well as gain traction in the markets where we anticipate growth. We’ve undertaken market research and built stronger client ties, reflecting the shift in business operations to major cities in Europe.
Of course, recruitment is such a competitive sector so it’s critical to always look for ways to stand out from the pack. Thinking outside the box and offering ways to keep candidates and clients engaged will safeguard organizations against adverse business conditions.
The market adapts
We have continued to see businesses grow here in the UK which reflects a significant recruitment demand across the many industries we deal with, from tech firms to the private family offices.
While some of our clients have increased their presence in Europe and further afield, few have actually taken the plunge to move their operations abroad. Perhaps surprising for some, this has meant that, on the ground, there has been minimal change.
The key thing here is to ensure that businesses evolve with the times and take advantage of market opportunities, even in the face of Brexit uncertainty.
As we approach the deadline
Some agencies, dependent on the sector they recruit in and the nature of their clients, may see more of an effect than others. Their customers may hesitate to press the button on hires in the days leading up to the deadline, however, I don’t anticipate this is to be a common occurrence.
All in all, if a business in our sector has a contingency plan in place to prepare for a no-deal Brexit and takes advantage of opportunities to diversify, there should be very little effect on recruitment activity.