Brexit may be causing huge uncertainty in many areas of business, however, in the Financial Services area, Ireland looks set to take advantage of a huge amount of talent now looking to Ireland for their next assignment.
Cpl has seen a 12% increase in job applications from UK residents, and almost the same from across the rest of the EU for candidates who are now looking to choose Ireland as a destination instead of the UK. Their key reason is Brexit and the future uncertainty with the UK.
Recently, the job board Indeed (who just announced 500 new jobs in Ireland) highlighted that their data indicated an 8% increase in job searches post the Brexit vote.
The Irish passport office highlighted a 74% increase in the number of British and Northern Irish citizens applying for passports in January 2017. The influx in applications is so great that the office plan to recruit 230 temporary staff to help with the workload.
With talk of a huge amount of Financial Services jobs moving to Ireland, it is a hugely positive sign to see more talent being attracted to Ireland as one of our key challenges will be keeping up with the demand for jobs. So how will we be able to cope when jobs in financial services relocate to Ireland post Brexit?
- UK Diaspora: Interestingly there are also more Irish bankers living in London than in Ireland and we are starting to receive inquiries from some of this diaspora. Many are feeling somewhat disenfranchised post Brexit and if there are jobs of interest back in Ireland, they will move back.
- Home-grown talent: We have always exported a huge amount of our business, maths, engineering graduates to the city of London. This has been mainly out of necessity as that was where the jobs were. Many of these grads will be delighted to stay in Ireland if the jobs and the associated remuneration is here
- Attracting talent to Ireland: Ireland has always highlighted its ability to attract talent from abroad and has strong case studies in technology and in life sciences so, there is no doubt there is huge confidence in the ability to bring the skill sets in demand to Ireland
As talent becomes the critical success factor in organisations in an increasingly fast paced globalised world, Ireland is continuing to lead the way in attracting the talent and therefore the organisations.