Major UK sectors could face Brexit talent drain

Britain’s ‘powerhouse’ sectors could feel the full brunt of Brexit, should the decision limit the nation’s access to top international talent.

According to research from LinkedIn, restrictions on EU movement could cut the intake of talented individuals by 40%, with the Professional Services sector likely to be hit hardest.

The sector is most reliant on professional migration from the continent, while the technology, financial services and insurance sectors could also face difficulties in acquiring top talent.

Since January 2013, professional migration data from the social media site has revealed that the EU-27 states accounted for 40% of professional migration to Britain.

It means that Europe has provided significantly more talent to the UK business markets than either North America or Asia, who provided 17% and 14% of talent respectively.

When compared to the general UK population, EU workers are 50% more likely to be working in the Professional Services industry, 30% more likely to be in the technology sector and 20% more in the financial and insurance sectors.

UK Country Manager at LinkedIn, Josh Graff, has said that firms need to focus on their white-collar workers, just as much as they are on their blue-collar ones.

He suggests businesses need to focus on upskilling talent or turn their attention to further overseas to locations such as America and Australia.

Nearly two thirds of professional migrants form the EU-27 were found to have a doctorate or masters degree, which is far higher than the overall UK population, were a third have such qualifications.

The study has raised concerns over access to the world’s most-educated workers for UK firms, especially for those that are relying on overseas staff to remain competitive.

Smaller firms could be adversely affected, especially if they lose staff and are unable to find suitable replacements.

Those fearing difficulties are encouraged to consider contingency planning and the range of other options that are available, as they should be able to find the best possible outcome for their business.

By Phil Smith

If you would like to have a free no obligation chat with one of our advisers please call us on 020 7186 1144.

View all Business Insights