Our Yolk Insights look to discuss topics of public relevance impacting the recruitment sector. One of the most central ones at the moment is Brexit and the social and economic insecurity it has brought onto many industries. If you’re a UK-based employer or an individual working/looking for work in the UK, then the following information might be useful.
If you’re an EU, EEA or Swiss citizen, you and your family can apply to the EU Settlement Scheme to continue living in the UK after Brexit is fully enforced. Depending on various factors you’ll have to apply for either a settled or pre-settled status. For more information on application processes, requirements and deadlines, please visit the government page on the EU Settlement Scheme, which you can find here.
We strongly recommend employers to be aware of how Brexit may impact labour regulations for EU, EEA, Swiss citizens living and working in the UK. From September 2019 only ⅓ of them have applied for the EU Settlement Scheme. It’s also important to spread awareness of the fact that it isn’t currently legally required for job seekers and workers to provide proof of status to employers.
If you are employing or might be hiring people that need to apply for the scheme, here is an extensive guide on how to prepare yourself and your organisation for Brexit. If your organisation is based in Wales, click here.
As previously mentioned, from an economic standpoint Brexit could potentially impact a variety of sectors - as a recruitment company that specialises in six core markets, we must stay aware of how each one of them will be affected. According to the Office for National Statistics, unemployment unexpectedly rose to 3.9% from 3.8% in the three months to March, which still remains at the lowest levels since the mid 70’s. On the other hand, the average annual earnings (excluding bonuses) have experienced a 3.9% growth in the three months to June due to the rise of minimum wages, the highest rate since June 2008. Click here for more information on how the vote has impacted the economy so far.
Yolk Recruitment was born in January 2009 at the height of the recession, when the job market was at its lowest. Here’s a statement from our CEO, Dale Williams, on how Yolk will be tackling the possible challenges to come:
“Despite the recruitment industry continuously expanding while other industries contract, we are aware that the UK economy will face unprecedented levels of uncertainty. With Brexit looming we are yet to feel the true impact of what this means for UK trading conditions and there is risk of the first UK recession since the financial crisis of 2009. We don’t manufacture, we don’t trade throughout Europe and aren’t involved in importing or exporting, therefore we are protected from some of the challenges facing businesses like car manufacturers and the like. However, we are aware of the consequential impact on businesses contracting and the wave of impact that could spread as a domino effect on hiring.
Because Yolk is a multi-sector specialist, we are better protected than less diversified businesses. Therefore, if specific sectors were to be affected by Brexit we would have the resources to adapt by relying on less affected ones, hence minimising risk by spreading it out throughout our trading arms. As yet, we don’t know if Financial and Legal services or Engineering will be affected any more than IT, Office Support or S&M departments.
I would like to personally assure you that despite Brexit, it’s business as usual at Yolk HQ and our growth levels are far outweighing the perceived effect of Brexit materialising. However, take confidence from the fact that our team is not one to bury its head in the sand and that we are prepared and always working on the future be that within opportunities, or threats.”
- Dale Williams, CEO.
We understand the general unease about the economic uncertainty surrounding Brexit, and are here to ensure clients find their recruitment needs fulfilled despite such insecurities. Here’s an overview of our services.
Finally, to all job seekers, we are here to guide you through your next career move safely. Please do not hesitate to reach out if you’re concerned about how Brexit might affect your job hunt!