Well this has been an eventful few weeks for our clients. Busy is an understatement.
Recruitment is a great barometer for how people are feeling in the industry so naturally I have been listening carefully to what our PR network are saying.
In the corporate and financial sector, the best way to summarise the mood is as one of our financial agency clients puts it, ‘uncertainty’. Businesses were preparing contingency plans in advance of the vote, and many financial transactions have been put on hold since the start of the year, in our view frequently to do with waiting for the outcome of the vote. IPOs have been put on ice. I believe this has created a greater awareness of recruitment, but also we have still seen consistency with our clients and no roles have been put on hold as a result of the referendum, which is a hugely positive sign in the sector.
We have found that the legal industry has been affected by the EU referendum results in a very interesting way. Many firms had produced content for both potential results, which they can now put into good use. We also hear that this has also been a great opportunity for law firms to engage with their clients, as there have been many queries about what Brexit will mean, with potential transactional and regulatory changes in Europe.
The consumer sector appears to be business as usual, without any adjustments in hiring decisions and no roles have been put on hold as a result of Brexit. This signals confidence in the economy and a positive approach to an uncertain period.
It’s crucial to realise that this will without doubt be a challenging period for many industries, as outlined in the REC’s press release regarding Brexit, however until the negotiations for leaving the EU are done and dusted which as we know may take up to two years, it will be hard to predict the true outcome of the decision – as many in our network have said, it’s just too early to tell. Whatever the sector, businesses will need to be open to potential new hiring processes and evolving their existing hiring models. Growth is still vital for economic productivity – and I believe the government will need to be proactive in supporting and empowering businesses to do this.
What do you think businesses can be doing to remain profitable and growing? Tweet us @theworksrecruit.
The Works Search specialise in placing mid to senior level PR and communications talent in leading PR agencies and in-house organisations across London, on both a contingency and executive search basis. For our latest roles visit our jobs page, or contact the team on 0207 559 6690 to discuss your career in confidence.