The talent impacts of Brexit have begun to take shape, with Goldman Sachs announcing on 21 March that it plans to shift hundreds of jobs out of the UK as the nation forges its new relationship with Europe.
Goldman Sachs’ intentions emerged just 24 hours after talent specialists Alexander Mann Solutions published results from a poll of 3,000 UK HR chiefs, indicating that they’re more concerned with how to retain top staff without strong financial incentives than they are about the wider effects of Brexit. However, the firm’s director of consulting Jeremy Tipper acknowledged: “There is an unquestionable link between Brexit and the acute focus on talent. Many UK employers are heavily reliant on talent from the EU and further afield.
“If access to this talent becomes more difficult – if not impossible – keeping the talent you have will become even more vital to the success of UK employers.”
That poll chimed with findings released earlier this year by fintech trade association Innovate Finance, which showed that UK leaders in that meteoric sector are more worried about access to talent in the aftermath of Brexit than potentially losing their passporting rights to Europe’s financial system.
What should leaders do to safeguard talent at this volatile time?
“There is a sure-fire way for managers to limit the threat of any impending talent shortage,” says The Institute of Leadership & Management's head of research, policy and standards Kate Cooper: “you have to make where you work a great place to live.
“That can be achieved through means such as family-friendly policies, which encourage people to work for you for non-financial rewards as well as financial ones; an effective talent pipeline; opportunities for progression; ensuring that learning and development are seen as absolutely key within your organisation… there are so many things that employers can do that will make people want to stay with them.”
Cooper adds: “Ultimately, if employees receive offers they can’t refuse, then they’re likely to leave. But there’s a lot more that leaders can do to keep hold of their staff, and I think that having a three-pronged commitment to retaining, developing and promoting from within makes for a really attractive proposition.”
Learn about how to promote wellbeing at work from this learning item