Companies which operate in the United Kingdom will need to quickly re-assess their Brexit contingency planning to ensure that any downside impact is prevented.
Sigma Recruitment has been reviewing the employment and recruitment issues it raises and looking at the opportunities that may arise for manufacturers.
Quality of talent pool
There are fears that UK job losses may be the result of the Brexit decision with companies losing business or moving their operations abroad to Europe. We all hope that this will not be the case however if this does happen as with all employment relocations or down-sizing, remaining employers have a great opportunity to strengthen the workforce being enable to recruit quality staff from the pool of candidates that are left without positions.
KPMG have suggested that on the jobs front, there are very real implications to the access to engineering talent. Manufacturers will need to consider their strategy. Firstly, in retaining their non-UK workforce, secondly in attracting non-UK based expertise and thirdly, more long term and one for the government to support, in developing talent on a much greater scale than they do currently.
The plans that individual manufacturers now put in place will help ensure that they maximise any opportunities and ultimately their profitability.
Export, Purchasing and Sales specialists
Significantly the movement in the pound following the Brexit decision favours exporters and as a result this may stimulate an increase in trade opportunities for manufacturers in the UK. A drop in the value of sterling could make the UK a magnet for trade, and the need to reshape trade policy may result in quicker decision making, and reduced red tape.
Of course the complicated trading arrangements to existing EU countries may take some time to settle down however again exporting outside of the EU may provide further opportunities again if the UK can agree trade deals of its own.
Aligned to the above, manufacturers will need to make sure that their processes are efficiently operated and this will mean ensuring that purchasing specialists with the very best skills and knowledge are employed to ensure that the company maximises profitability.
Technical sales specialists who understand the international market, product and competition to give the company a significant advantage will also be required to drive new sales opportunities in the post Brexit world.
Before the referendum, the Brexit debate was full of questions. Following the outcome, if anything the uncertainties have increased. Will the UK be more prosperous or poorer following a Brexit? How far will GDP fall, if at all? Will the UK become more regulated or less? What will happen to Scotland now that the UK has voted to leave the EU? At this stage no-one knows for sure. But one thing is clear. The impact will be wide ranging and will affect different sectors and particular commercial interests in different ways.
With regard to your talent attraction it is clear those companies who hire the right people with the right skills will be those that overcome any Brexit downside and even look to maximise their position by driving business positively forward.