THE Brexit vote has created a risk European Union nationals working in financial services industry could leave Scotland according to a recruitment specialist which noted law firms have been removing ‘low billers’ amid the resulting drop in deals.
Core-Asset Consulting highlighted the prospect of a prolonged period of uncertainty about the implications of the Brexit vote and the residence status of workers from overseas which could prompt some to leave Scotland.
Communications director Richard England said the firm has no hard evidence yet of people deciding to leave Scotland.
But managing director Betsy Williamson noted caution about what Brexit might mean has already posed challenges for firms on the recruitment front. “With little in the way of acquisitions or aggressive business growth strategies, hiring organisations and the recruitment partners supporting them will come under increasing pressure,” she said.
In the latest salary guide produced by the company, legal services business manager Andrew Inglis noted Brexit cast a shadow over Scottish law firms in 2016, with an impact on activity in areas such as inward investment and deal-making.
He said 2016 saw a “marked increase in practices removing low billers” from their businesses. “There were even instances of underperforming partners returning to salaried roles or leaving the company entirely,” added Mr Inglis.
Core-Asset Consulting said hiring remained healthy in the accounting and finance sector in 2016.
Asset management hiring slowed in the last quarter. There was a pause in the number of life and pensions vacancies coming to the market following the Brexit vote.
Ms Williamson said firms must promote positive and flexible working cultures and ensure they have easy access to an international talent pool to maximise their chances of getting the best recruits in 2017.
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