Will we see a ‘Brexodus’?

Doubts over job security, concerns about long-term career prospects, and worries about stymied growth. Research published last week by Badenoch & Clark revealed the severe impact of the Brexit vote on employee confidence.

The research, which was commissioned by Badenoch & Clark and conducted by the independent research agency Opinion Matters, found signs of a post-Brexit exodus of talent, with one in five of the 2,000 UK employees surveyed saying that they were now more likely to be looking for a new role in another country.

With employees across financial services, professional services, retail, technology, media and the public sector all surveyed and clearly unnerved by the Brexit vote, it’s never been more important for employers to act and do all they can to retain top talent.

According to our research, 56% of the UK workers said pay increases were the biggest driver in encouraging them to stay with their employer, whilst 13% said they were driven by flexible working, 13% by promotions, 9% by training and development opportunities and 5% upskilling into a new business area.

EU/EEA workers in the UK were slightly less likely to be driven by pay increases (50%). They were more likely to be attracted by training and development opportunities (15%) and the chance to be upskilled into a new business area (10%).

To help employers hold on to their top talent, Badenoch & Clark has published a series of key steps for UK-based businesses. These recommendations are available in our whitepaper which also reveals the full data from our research, but some key takeaways include:

• Advertising internal opportunities and conducting regular company-wide talent reviews 

• Working closely with a trusted recruitment partner, one that can factor in internal aspirations, and making sure the current workforce is mapped against future business-critical hires

• Developing staff, looking at greater opportunities for cross-functional work, developing leaders internally and investing in employee development 

Brexit will no doubt have a big impact on UK employers, especially those with a heavy reliance on EU/EEA nationals, but there are steps that employers can take to mitigate its impact – which will ensure that there is not a “Brexodus”, which would be catastrophic to UK industries.

Download our whitepaper 'Talent mobility in post-Brexit Britain'.


By Katy Crothall, Operations Director

 

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