FINANCE
MARIANNE CURPHEY
Inbound immigration on healthy curve Yash Dubal, director and senior immigration caseworker at A
Y & J Solicitors, says although net migration from EU countries is falling, this doesn’t mean that demand for skilled labour has fallen. “What we’re seeing is higher inbound immigration from outside
the EU,” he says. “Companies in the UK still want to fill positions, they are just having to look further afield as fewer EU nationals are looking to work here. We’re also seeing more EU nationals leaving the country, creating more vacancies.” Inbound immigration by businesses is holding steady, with no
significant changes evident at this time. Many corporations are postponing major decisions until the future is more certain. Nevertheless, uncertainty about Brexit has had a significant
impact. Companies and individuals are trying to secure their positions without knowing exactly what will happen. “Most analysts agree that Brexit is deterring large companies
from moving into the UK, or expanding their operations within the UK. But the businesses that are already here still require skilled foreign workers,” says Mr Dubal. Even though Brexit has dampened some areas of immigration,
the UK is still a highly desirable place to live and work. The UK continues to need products, services, and foreign workers, and this keeps demand for immigration services that help to meet these needs. “Small and medium-sized firms (SMEs) that require highly trained skilled workers are facing the biggest challenges, as they
really struggle to operate or grow without a foreign workforce. These are primarily fintech and technology companies,” he says.
A centre for innovation and agility The financial services industry in general, and banking in
particular, may have something of an old-fashioned image. The triple pressures of competition, globalisation and the need to attract a new millennial workforce are all creating rapid change. “Digital is taking over as the key driver in retail banking and
for some banks it is heralding a dramatic transformation,” says Dr Linda Holbeche, an international consultant, developer, researcher and author in the fields of HR, leadership, strategy and change. “People’s roles in those conventional banks are going through quite a transformation.” She cites as an example ING Bank, which has borrowed working
models from software companies and those operating in software areas like Spotify. ING has reconfigured the way it uses staff skills. Instead of
businesses operating in separate geographical or customer groups, teams are focussed much more on customer segments. “If you want speed and innovation then you don’t need big teams,”
she explains. “ING uses squads – units of 9 people – which tend to operate semi-independently and without a formal hierarchy or boss. Leadership is rotational, depending on the nature of the project, and squads can be wound up if a project is completed, with staff
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