With the UK on the cusp of finalising Brexit details, there is a lot of uncertainty over what is to come when they do. Since the EU Referendum vote in 2016, it has been predicted that Britain will experience a major educational restructure in the period that follows. Even though Brexit took effect on January 31, experts continue to issue warnings about the potentially bleak labour market post Brexit and urge employers and job seekers alike to be prepared for what is to come. With many new graduates leaving the world of education to rising redundancies and a shrinking economy, there is now a heightened need for them to be aware of the changing job landscape and what it means for them.
An Impending Skill Shortage May Be The Break You Need
Thanks to the uncertainty that looms over Brexit, a record number of EU workers have left Britain since the referendum- approximately 2.3 million according to studies. While the effects on the job market have been widespread, certain industries have been harder hit than others like the construction, banking, and health and social care industry. More than 22,000 EU nationals have left the NHS since the referendum while the UK’s exit from the single market has created a 43 percent rise in the transport and logistics industry. For job seekers, it has also prompted them to reconsider goods distribution industry jobs, especially in the customs trade and negotiation sector. Meanwhile, the availability of banking jobs fell a whopping 40 percent as banking institutions like JP Morgan and HSBC relocate their assets to cities like Frankfurt.
This has created a two side effect; a shortage of key skills and the need to rethink career directions for some students. Young British professionals in the banking industry have been forced to reevaluate their career choices as top employers shift their operations outside of Britain. On the other hand, the skill shortage created by the movement of workers outside of the UK, particularly in the construction and healthcare industry, has meant there is now ample demand for British workers to fill those gaps. Migrant workers accounted for 14.5 percent of the Britsh construction workforce.
Looming Skill Shortages Leading To A Ramp Up In Trained and Skilled Roles
With both employers and job hunters facing the challenges of skill shortages, thanks to Brexit, training in some job sectors have kicked into high gear in a bid to fulfill those shortages. For instance, 25 percent of places on architectural courses were allocated to non-UK students. Similarly, 95 percent of veterinarian students are from mainland Europe and a similar percentage of UK veterinarians emigrate after qualifying.
However, the rise in positions available is still mismatched to graduate talent available on the job market. Positions with the National Health Service are also critically understaffed but a staggering 25 percent of nursing students are suspending or abandoning their nursing studies before graduation. There is also the issue of underfunding and underinvestment by employers to help these industries cope with the skill shortages and new training needs. Experts say investment in labor and development is more critical than ever. With millennial job hunters emphasizing training opportunities as a criterion in their job hunt, employers now face increasing pressure to present more lucrative job benefits like an investment in employees, competitive wage rates, and flexible working.
Expect Additional Timelines And A Change In Job Search Tactics
Approximately 15 percent of professionals admit to being open to picking up and leaving the UK due to the uncertainty caused by Brexit. With this and other mounting reasons in mind, the possibility of a long-distance job search has become quickly probable and calls for job hunters to be ready for the process.
One of the top reasons people fail at long-distance job searches is the lack of commitment applicants tend to show in their application. The inability to attend in-person interviews or meet and greets makes it more difficult to create a good impression on employers. In this instance, creating a strong remote network is important. Social media and professional networking sites like LinkedIn can help you connect to the right people, subscribe to job postings as soon as they go live, and be in control of your professional brand image. Making your profile stand out with well-written headlines, relevant work experience, and subscription to industry-specific groups also goes a long way.
These are just a handful of the effects that have emerged so far. With the process still ongoing, it is expected that the job market will continuously transform over the coming months and years, as the UK adjusts to being separated from the EU. What this means for job seekers, no one can predict. However, what is certain is that flexibility will be key.