UK finance professionals swarm on Dublin
Dublin has become the go-to destination for UK finance professionals who are keen to avoid the potential fallout from Brexit negotiations.
Data from Indeed revealed that the number of people looking for jobs in Ireland jumped 39 per cent above pre-EU Referendum levels in the three months to September this year.
The figure is even higher than the 37 per cent leap witnessed in the three months after the referendum result was announced in June 2016.
Many would argue that knee-jerk reactions were responsible for the original increase, but a significant rise in job searches now suggests finance professionals remain concerned about their career prospects in the UK.
Is a UK exodus on the cards?
The statistics support our own research, which recently found that Brexit is having a growing impact on the employment decisions of corporate governance professionals.
In fact, 60 per cent of risk managers told us they would be willing to relocate, depending on the result of Brexit negotiations. Amsterdam was the most popular place for risk professionals, but Dublin, Frankfurt and Paris were also commonly cited.
According to Indeed’s figures, London is likely to suffer the most from an exodus of UK talent to Ireland. The capital has already seen a slump in the number of finance professionals looking to relocate from continental Europe.
In 2015, Europeans comprised seven per cent of people seeking banking jobs in London. However, this figure had tumbled to just 4.3 per cent by July this year.
“Our data suggests financial sector professionals both in Britain and elsewhere are concerned by Brexit uncertainty and increasingly considering Ireland as an alternative place to further their careers,” stated Mariano Mamertino, Indeed’s economist for Europe, the Middle East and Africa.
“Ireland is seen as an attractive alternative to the UK by jobseekers, because it is an English-speaking country with a flexible labour market and one of the strongest growing economies in Europe.”
Hard Brexit looking more likely
This week, prime minister Theresa May warned Britons to prepare for a no-deal Brexit. Ms May admitted that the deadlock over negotiations is likely to drag on for at least another year before real progress can be made.
Her comments came as the government reviewed new policy papers that set out potential plans for trade and customs processes if the UK became an independent trading nation.
“While I believe it is profoundly in all our interests for the negotiations to succeed, it is also our responsibility as a government to prepare for every eventuality, so that is exactly what we are doing,” she explained.
“These white papers also support that work, including setting out steps to minimise disruption for businesses and travellers.”
The news will no doubt only increase uncertainty for UK staff who would be most affected by the country leaving the EU under strained circumstances.
Nearly one-third of risk professionals claim that Brexit is already having a moderate or significant impact on their jobs. This figure is broadly similar across other corporate governance positions.
Are you considering your career options in the UK? Please contact Barclay Simpson to discuss the opportunities available.
Our 2017 Compensation and Market Trends Report combines our review of the prevailing conditions in the corporate governance recruitment market together with the results of our latest employer survey.