In these uncertain times businesses and candidates are looking now more than ever for opportunities in a market which has, for too long, looked bleak. This blog acknowledges the challenges faced by businesses post-Brexit and explores what these challenges mean for the graduate job market.
Negative Impact on British Businesses
Brexit, a seemingly never-ending saga that’s impact is finally starting to be realised. Economic and regulatory issues are at the forefront when assessing the ramifications of Britain establishing itself as a sovereign trade nation. Changes to import/export laws demand an increased investment of both time and money. Altered shipping fees, delays to turnaround times and more red tape are trade barriers between Britain and the EU which are alien to modern industry.
There are several ways in which Brexit is negatively affecting British business. Breaking away from European regulated bodies (e.g. the EU Aviation Safety Agency (EASA),) and giving sole ownership of goods certification processes for the UK market to independent UK bodies (in the case of aerospace the Civil Aviation Authority (CAA). These changes, require businesses with EU partners to put their goods through a 2 stage certification process. Reducing the profitability of bringing a new product to market in the EU through added costs, delays and any necessary product alterations to satisfy differing EU standards.
Succession Planning For Post-Brexit Britain
It is not all bad news. “Build Back Better” is a government initiative aiming to drive positive change and growth within the British economy post-Brexit. Focusing on supporting the British market by increasing the accessibility of; funding for research and development projects, vocational courses of all levels, specialised technical institutes, and a “Lifetime Skills Guarantee”.
To ensure survival, businesses will need to take note by prioritising innovation and education as means through which to adapt to, stay relevant within and capitalise on an independent Britain. A rewarding, cost-effective and flexible way to do this is succession planning.
Succession planning and in-house development is a great way to adapt your business in the face of sudden adversity, increasing the resilience of your workforce by giving them the skills to cope with change.
Offering early careers opportunities can be 2-fold; graduate schemes which are a more permanent staffing solution or placement/internship schemes are contingent staffing solutions, perfect for providing project-based support.
Adaptation leads to evolution, upscaling of departments within the business to cope with the impact of Brexit provides opportunity across the board. From Public Relations to immigration to quality control/assurance. Greater capacity within these areas drives the change necessary to keep up with legislative and practical changes within the workplace.
Providing Perfect Possibilities For Public Relations
Brexit provides a perfect opportunity within public relations to assign a report, project, or support for a larger task of this nature to a graduate or placement student. Tech-savvy students looking to complete their own final year projects on lucrative new trade opportunities, their strengths and weaknesses are the perfect candidates to bolster operations within your PR department.
Equally, within quality assurance related roles, trade deals with new trade partners (e.g. Australia) create a shift in the standards of goods that are both imported and exported. If not understood properly this can pose a major barrier to a business’s ability to trade overseas, haemorrhaging a large portion of annual turnover.
Businesses should use this as an opportunity to analyse their market presence. Prioritising attracting new, fresh talent just as much as retaining experienced talent. With the recent confirmation of trade deals with countries such as; Norway, Lichtenstein and Australia having the right team on board is more important now than ever. With the success of these deal hinging on the adaptability of the industry.
If this blog has highlighted an area of opportunity within your business or you are already considering creating a position for an intern or graduate, speak to Step today and discover how we can connect you with the best student and graduate talent.