The referendum seems like a long time ago now and for most of us life goes on as normal. The subject is dominating politics and the media but we’re over any initial shock at the result and generally speaking for most recruiters and contractors everything is back to business as normal.
When the leave vote was announced there was speculation about the impact on business and the economy. So far we’ve seen the pound loose value, the construction sector slow down and UK manufacturing enjoy a welcome boost from exports. In economic terms the impact has been mixed but as pointed out by some commentators nothing has actually happened yet. The real impact will only be seen when article 50 has been triggered, negotiations are completed and we actually leave the European Union.
With Theresa May promising that Article 50 will be triggered by the end of March 2017 there is uncertainty in the air which is likely to continue for the two year negotiation period and beyond.
Generally speaking uncertainty isn’t good for business or the economy but it can also present opportunities.
The current climate of uncertainty and speculation is leading to an increase in demand for temporary workers and contractors. Many employers are reluctant to recruit permanent staff and during times of uncertainty and upheaval, investments and decisions are being postponed but work still goes on and this is leading to a growing demand for flexible workers.
We’ve already seen a surge in demand for contractors and with a long period of negotiations now ahead of us this is a trend which is likely to continue. For those who prefer the flexibility of contracting to permanent employment it looks as though there will be plenty of choice and opportunities. In skill shortage areas such as IT, engineering and construction rates for contractors are also likely to continue to rise.
The long term impact is unknown but for temporary workers, contractors and recruiters we predict a busy couple of years are ahead.