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News

Brexit: Our View

Wednesday, 03 August 2016

Business Recovery – The last few months have seen a change in the Insolvency and Restructuring market with firms looking to add more senior members to their teams. The uncertainty of how Brexit will affect the market has moved clients to take a slightly more cautious approach to recruitment. However, there are a few firms that are thriving in the market at the moment. These tend to be consulting/boutique firms, which we have been trying to work more closely with over the last 18 months and have successfully placed a few restructuring professionals within the Funds market recently.

Luke Fisher

Reward – We have found that Brexit has genuinely been received in a marmite fashion within the wider Reward industry – both in consulting and in-house. Where many of our clients have jumped on the opportunity to provide bespoke advisory services to businesses in the UK (those that are headquartered here and those operating solely in Britain), some have actually had to take stock and pause recruitment, as they are conscious that clients will be doing the same in order to understand their circumstances and any changes afoot. What does this mean for recruitment? Oddly – business as usual! We have a strong need for exec comp managers and an even stronger need for broader reward senior managers. So, the reward market continues to have its ups and downs, with Brexit simply being just one of many stimulants.

Dil Hussain

Employment and Pensions Law – The demand for Employment and Pensions lawyers with our law firm clients has been almost exclusively focussed on the junior end, which in recruitment talk breeds confidence in the wake of Brexit fears. Indeed, one of our strongest silver circle clients in Pensions is expecting a fantastic influx of work on the back of the referendum and has already recruited some excellent candidates, which we’ve sourced. Employment law as an area has generally been less vocal (which seems counter-intuitive given the many concerns on a ‘staffing’ perspective with Brexit). But as with all specialist law, the real work is triggered when bill drafts are floating around, and we are expecting a strong surge in advisory work in the coming 18 months… vis-à-vis potential demand for mid-level advisory focussed lawyers.

Dil Hussain

Xpat and Employment Tax – Expat has understandably hit a bit of a wall as a result of Brexit (bit of an unknown given the new relationship status with Europe!), but we all hope it will pick up and be business as usual in the next few months. Recruitment within Employment tax has slowed slightly, however there will be a few senior appointments being announced in the next few months within practice. As a result, the teams here will be looking for ambitious individuals to help continue that growth. For some this has already started with the key levels being managers and senior managers, where most practice firms, including the Big4, would be very interested in a conversation with candidates.

Nichola Best

Indirect Tax – Of course the initial reaction from our clients was one of caution, however now that the dust from the revolving door at Number 10 has settled, the majority of the leaders of the Indirect Tax practices are beginning to rub their hands with anticipation! One of our clients even suggested that they were the market leader in profiting from change, and their think tanks would be overflowing with ideas of growth, focus and new opportunity. The market is positive! All our clients continue to seek the same talent from offices in Scotland down to Southampton. We believe the growth areas will be Customs Duty and the need for individuals who are capable of delivering high quality technical work across multiple industry sectors, with Real Estate and Financial Services still at the top of the list. There will of course be some uncertainty, particularly for those considering a new opportunity in uncertain times. We strongly believe, with the right guidance and market knowledge, we can offer career focussed Indirect Tax professionals the support and leadership required to make their move, post BREXIT, their most successful yet!

Rob Worthington

Technology in HR – Workday isn’t our usual USP, however, when one of our renowned clients contacted us asking for help, we quickly realised that this a rapidly growing market with Big4 firms covering it along with large companies such as Accenture, and mid-tier firms starting to branch out. Technology was never going to be affected by Brexit, in fact it has made companies more reliant on consulting firms to ensure their HR functionality is efficient and streamlined. We have been very busy on these roles, with approval for more recruitment. It will definitely keep us on our toes!

Nichola Best

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Please get in touch with us with any questions that you have on telephone: 020 7250 0000 or email: info@harveysutton.co.uk.