INSIGHTS

The Brexit Effect

  • August 14, 2018
 

The Brexit Effect - Talent in Demand

The uncertainty brought about by Brexit is driving demand for regulatory roles as companies scramble to protect themselves against future changes.

Brexit looms large over the UK, dominating news and political discourse. It’s no minor issue for its businesses, either. Despite all the talk, there’s only one overriding theme everyone can agree on: uncertainty.

Because no one truly knows what the impact of Brexit will be on, well…anything, it’s very difficult for companies to plan for the long term. This is making many Chairman, CEOs and MDs very nervous. One of the results of this anxiety is an increase in the demand for regulatory related talent.

The certainty of uncertainty

No one (not even those leading the country) really know how Brexit negotiations will end, or what this will mean for British businesses. What is clear, however, is there will be at least some regulatory change. With no reassurances, companies are increasing their skill set when it comes to regulatory and change management teams.

Senior-level hires with expert knowledge of policies and implementation – and in specific verticals – are more valuable than ever. The early movers have given new staff the chance to really get under the skin of their operations and put them in a position of being ready to jump into action once the nightmare becomes reality and the inevitable changes become clear.

No escape from GDPR

Much to everyone’s annoyance, before GDPR came into effect the government confirmed that the ruling will still stand even after Britain leaves the EU. IT/technology specialists with systems knowledge are still in high demand, and their expertise will continue to be precious commodities as businesses look to navigate the latest regulations.

There are still many grey areas in the new laws, and it feels like everyone is waiting for the first big victim to uncover where the lines really lie – a situation no one wants to find themselves in.

The most desirable skills

The perfect storm of Brexit, GDPR and Mifid II is leaving organisations paranoid that competitors will come along and poach their most trusted staff. As well as experts in more general regulatory change scanning and surveillance, many companies are hiring teams of specialists in their particular industry – it’s become too big for one person to handle.

Firms that usually relied on only a small number of compliance staff are having to increase in numbers and compete directly with larger businesses with even bigger budgets.

The reward of risk

Of all parties involved, it’s compliance specialists who come out as winners. Candidates can earn big pay rises if they switch, with some recruiters claiming an average of 24% wage increases for the clients they’ve helped switch. Some are even earning big wage increases by staying put as companies propose large counter-offers to keep hold of their top employees.

Although competition for talent is fierce, it’s only going to get worse. With the Brexit deadline approaching more quickly every day, now is the time to act for companies looking to plan ahead and guard against the change.