New email went out to subscribers today:
The hiring process is a living system. It should be periodically reviewed and updated to remain current with job climates and candidate expectations. When this step in the process is not performed, the process as a whole begins to breakdown. Investing into the time needed to evaluate and improve the hiring process is more efficient than a “bad” hire.
𝘾𝙇𝙄𝘾𝙆 𝙏𝙃𝙀 𝙇𝙄𝙉𝙆 𝘼𝘽𝙊𝙑𝙀 𝙏𝙊 𝙎𝙐𝘽𝙎𝘾𝙍𝙄𝘽𝙀, 𝙍𝙀𝘾𝙀𝙄𝙑𝙀 𝙏𝙃𝙄𝙎 𝘼𝙍𝙏𝙄𝘾𝙇𝙀 𝙄𝙉 𝙔𝙊𝙐𝙍 𝙄𝙉𝘽𝙊𝙓 𝘼𝙉𝘿 𝙍𝙀𝙁𝙄𝙉𝙀 𝙔𝙊𝙐𝙍 𝘽𝙐𝙎𝙄𝙉𝙀𝙎𝙎. 𝙔𝙊𝙐 𝘾𝘼𝙉 𝙐𝙉𝙎𝙐𝘽𝙎𝘾𝙍𝙄𝘽𝙀 𝘼𝙏 𝘼𝙉𝙔 𝙏𝙄𝙈𝙀.
The quote is from a transcript of a speech given by Andrew Haldane (Chief Economist at the BofE) last month in Port Talbot, Wales. Whilst the main topic of the speech is very much about monetary policy and measurements of wealth / well being in the UK, the above quote echo’s what I think the City has been feeling since Brexit… Are companies’ indefinitely holding off making “lumpy decisions”?
The full report: http://www.bankofengland.co.uk/publications/Documents/speeches/2016/speech916.pdf
In a recent article by Compliancy Services according to the Chairman of the UK Treasury Committee, smaller banks could benefit from post-Brexit regulations…
Discussing challenger banks, Andrew Tyrie cities that the chance of easing regulation away from the current “one size fits all” approach to Banking regs by the EU, could benefit small banks
In other positive news for small banks – The UK’s recently appointed head of BofE supervision, Sam Woods of the Treasury Select Committee confirmed he is committed to serving the needs of challenger banks.
The full articel can be found here. http://www.compliancy-services.co.uk/news/article/4644/smaller-banks-could-benefit-from-post-brexit-regulations-easing=newsletter?utm_source=&utm_medium=email&utm_campaign=august16-1-jr
Accessing EU talent after Brexit
The Immigration Act 2016 imposes a charge on immigration skills due to be introduced in April 2017, but could now be brought forward following the result of Brexit.
Without exemptions for EU nationals free movement, UK companies will need to use the points based Tier 2 system of sponsorship to recruit from the EU. Any one in HR ops who has supported tier two visas knows that there is a cost and risk associated with it. Analysis from law firm Simpson Millar shows that the total cost for recruiting workers from overseas might actually hit £3,000 or more.
Mariano Mamertino, an economist at one of the UK’s largest job boards Indeed, sums up “June’s official unemployment figures showed the jobless total reducing slightly, but the UK economy’s rate of job creation is fragile at best. In the longer term, crucial decisions will need to be made about what sort of labour market we want in Britain. UK employers have benefitted from the ability to recruit talent from overseas, and many Britons have seized the opportunity to live and work in other EU countries.”
It’s unlikely the door will close on the English Channel, the free movement of workers has obvious economic benefits. British businesses will need to be able to access the talent required to fill vacancies and Europe has been a big part of that source of talent.
European Outflow – gauging intention
In June this year there were 2400 searches on google for ‘permanent uk residency’ – up 5 x on May and almost 10 x on April. The upsurge in leaving the UK over recent months is not dissimilar. Despite Increasing interest in people looking to gain UK permanent residency status and preparing for a move out of Britain, I’m surprised that these search figures aren’t higher considering the ONS reports that there are 3.3M EU citizens in the UK.
Brexit to Frexit – will EU nationals move?
Talking to a senior professional Auditor based in the city, she points out that “the City’s infrastructure to support banking staff compared to other locations is immense. The city has got a lot going for it, over and above Ireland or Paris. I certainly don’t want to move, I moved to London because that’s where I want my job and my social life.”
Whilst Britain has been consumed by Brexit if we turn our eyes to the rest of Europe, the political and economic landscape for some is also uncertain – Italy are in the midst of a banking crisis and a call to exit the Euro (not Europe), a French election coming up in 2017 where the potential of Frexit is already being discussed.
From an investors perspective it is certain that political risk will be a bigger factor in investment decisions than it has been in previous years and Britain isn’t the only European city presenting political risk. Considering that US multinational corporations make up a large part of London’s capital market investors and if today’s Cable rates are maintained, it could be that London keeps its status as the European capital of secondary market trading.
London has a large sustainable supporting infrastructure with an immense amount of talent possessing a forward thinking outlook. After all, London’s providence as the European financial services capital enabled it to become the centre of Chinese renminbi trading despite Brexit woes.
You can bet that city lobbyists will be working overtime to maintain London’s status as a Global and European financial services hub and to maintain its plethora of European bankers.