Brexit: The bigger picture—Rethinking talent for the long term

Just as British employment levels have reached record highs, the indicators show that the prospect of Brexit has been stemming the flow of foreign talent from the European Union into the United Kingdom and has prompted many EU nationals already there to look has made an already challenging talent market tougher.

Just as British employment levels have reached record highs, the indicators show that the prospect of Brexit has been stemming the flow of foreign talent from the European Union into the United Kingdom and has prompted many EU.

Nationals already there to look elsewhere for career opportunities. For companies operating in the United Kingdom, that has made an already challenging talent market tougher.

Challenging Talent Market Tougher

In this environment, CEOs and human-resource leaders must rethink their approach to retaining, attracting, and engaging talent. Many firms have already made good progress in mitigating the immediate talent risks caused by Brexit-related uncertainty, but most still have work to do in shaping post-Brexit talent strategies. For this series of articles, we have interviewed dozens of leaders in major firms operating in the United Kingdom. Not a single one of the surveyed companies had revised its long-term talent strategy as part of its preparations for Brexit, instead focusing on short-term measures. Since then, few have prioritized talent as part of their overall business agenda.

In this article, we shine a spotlight on Brexit’s changing impact on the UK talent pool and suggest that companies must take action on both short-term talent planning and long-term talent strategy. We then identify some of the core elements of such a strategy. These include understanding the roles that are critical to an organization’s agenda for creating and protecting value, preparing for the next wave of hires, and investing in digitization and automation. These strategic steps are essential for the long-term success of companies in an increasingly complex and competitive global talent market.

In this environment, CEOs and human-resource leaders must rethink their approach to retaining, attracting, and engaging talent. Many firms have already made good progress in mitigating the immediate talent risks caused by Brexit-related uncertainty, but most still have work to do in shaping post-Brexit talent strategies. For this series of articles, we have interviewed dozens of leaders in major firms operating in the United Kingdom. Not a single one of the surveyed companies had revised its long-term talent strategy as part of its preparations for Brexit, instead focusing on short-term measures. Since then, few have prioritized talent as part of their overall business agenda.

In this article, we shine a spotlight on Brexit’s changing impact on the UK talent pool and suggest that companies must take action on both short-term talent planning and long-term talent strategy. We then identify some of the core elements of such a strategy. These include understanding the roles that are critical to an organization’s agenda for creating and protecting value, preparing for the next wave of hires, and investing in digitization and automation. These strategic steps are essential for the long-term success of companies in an increasingly complex and competitive global talent market.