Has Brexit affected the Recruitment Industry? We investigated...

Has Brexit affected the Recruitment Industry? We investigated…

The results are in and as you all know Britain has voted to leave the EU. This has ignited a nationwide debate on the impact this will have on the economy and employment.

 

Consequently, one of the main sectors that could be affected by Brexit is the recruitment sector.

 

Job fears across the economy have hit and recruitment companies are worried as foreign banks may follow through with their threats to move jobs overseas; this will be a tragedy for the financial recruitment sector.

 

On Friday morning shares in some leading recruiters lost over 50% of their value before the day had closed. This includes; Robert Walters down more than 10%, PageGroup down 52 %, Hays down 29% and Staffline down 2%

 

Many economists and financial analysts believe what bold moves by foreign banks may have been overplayed. City analyst David Buik at broker Panmure Gordon passionately said: ‘London will not surrender 70 years of infrastructure to Frankfurt or Paris; which are Mickey Mouse centres in comparison.

 

London is the centre of the time zone. English is the trading language of the world and frankly we are better than any other centre at financial services.’

 

Below is a small selection of thoughts from leading figures in the recruitment sector.

 

Recruitment & Employment Confederation:

 

Chief Executive of REC Kevin Green suggests: “The vote to leave the EU is likely to usher in a challenging period for British business and for the UK labour market in particular. Our data has shown a slowdown in hiring as we approached the referendum. We expect to see this period of uncertainty continue.”

 

Your World Healthcare:

 

Director at Your World Healthcare, Ben Lawrence says: The result today may see an impact on the recruitment of healthcare professionals from Europe. Any possible restrictions that could be placed on EU workers as a result, will vastly affect the chances of filling our ever-growing healthcare shortages.

 

Meridan Business Support:

 

Mark Mitchell, CEO of Meridan Business Support, Mark Mitchell has branded last Friday as a “sad day for the UK.” He continues: “As a country we will become less relevant. In the years to come, I expect we will experience a significant lack of investment in major industries as other countries won’t want to trade with the UK.

 

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