T
he government last month (March) published a raft of changes to the Immigration Rules which
will benefi t and boost growth sectors in the UK which require specialist talent, such as FinTech. The Statement of changes to
the Immigration Rules, published on 15 March 2022, by the UK government, launches several new Global Business routes, including the High Potential Individual route and the Scale-up Route. Both the newly launched
High Potential Individual (HPI) route, and the Scale-up route will benefi t fast-growing specialist sectors, in particular FinTech, telecommunications, technology and fi nancial services within the City of London. The changes to the immigration
rules come as global companies are grappling with the question of how to attract and retain talent while maintaining control over working practices, payroll, tax and employee risk.
NEW IMMIGRATION RULES TO ENCOURAGE THE BRIGHTEST AND BEST TO THE UK The High Potential Individual route is aimed at internationally mobile individuals who demonstrate high potential to come to the UK. It includes graduates of top global non-UK universities, who hold a recently awarded degree, and simplifi es their route into the UK without a prior job off er. The Scale-up route is aimed at
applicants for graduate-level jobs who are recruited by UK businesses
looking for highly skilled workers in growth industries. Under this scheme, individuals will only need to be sponsored for the initial six months on the route. The announcement is part of
the Government’s plans to boost the economy after the lack of global mobility during lockdown. The changes are being phased in between April and August this year. “The one thing that is common
across all geographies and sectors is that remote work has become an
expectation of the talent
market,” says Marc Burrows, head of Global Mobility Services at KPMG. Speaking at the launch of KPMG’s survey into international talent: Current Trends in Remote Working, he said remote working brought huge benefi ts in terms of attracting talent and promoting diversity, but it also presented challenges for organisations. “If you have a team that is
working across diff erent locations with a massive time zone diff erence then there are challenges to make that team truly engaged,” he says. “Remote working has been
adopted more quickly by those companies that are less traditional and less heavily regulated. So, technology generally has taken advantage of that fl exibility.” FinTech, which sits between the
fl exibility of technology and the highly regulated fi nancial services industry, has had to fi nd a unique path in order to attract the best talent which may not be in the domestic market. KPMG’s report found that the
telecommunications and technology sector is leading the way with 64%
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THINK GLOBAL PEOPLE TALENT – FINTECH & TECHNOLOGY
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