Industry Surveys
UK's Financial Services Sector Risks Talent Relocation Ahead Of Brexit - Survey
As Theresa May ipreparesto negotiate Britain's exit from the European Union, EU workers are pondering whether to leave before a deal is agreed.
Just under half of EU workers employed by companies in the
financial services sector are likely to leave the UK before
Britain officially exits the European Union, according to a new
Baker
McKenzie survey.
The firm surveyed 250 EU-27 nationals educated at degree level or
higher across a various number of sectors. The survey found
that 43 per cent of EU nationals working in the UK’s financial
sector will leave before negotiations have finished.
Brexit has caused a lot of discussion in the financial world, as
UK Prime Minister Theresa May appears to be pursuing “hard
Brexit”, which could result in loss of access to the single
market. However, last week’s general election result has caused
the Conservative Party to change its stance, and potentially
pursue a “softer Brexit”. Brexit negotiations are set to begin in
the next few days, giving EU workers in Britain a big decision to
make: stay or go before a deal is agreed.
The survey also found that 88 per cent of financial services
workers feel more vulnerable to discrimination since the EU
referendum, compared with the 70 per cent average across all
sectors.
Over half, or 55 per cent, of financial services workers also
said they had not received any information on their pensions and
social security rights.
“Last week's election result and the current uncertainty around
the immigration status of EU nationals, underlines the need for
all employers - especially those reliant on EU workers - to
address their employees' concerns around Brexit as a priority,”
said Stephen Ratcliffe, Baker McKenzie employment partner.
"Companies should also be taking steps now to develop talent and
support and incentivise talented employees to stay within the
business or they could face a significant skills shortage in the
near future. This could be further compounded should there be
delays to negotiations with the EU."