Despite much doom-mongering, it appears London has retained its crown as a global employment hub, for now. However, the City should not rest on its laurels. There is a unique tension rumbling in the recruitment market which threatens to disrupt London’s ‘recruitment bounce’: hybrid working may be opening up a more diverse talent pool, but Brexit complications are simultaneously stemming the flow of hires.
In the face of these opposing forces, it is time for London businesses to get creative in a fiercely competitive market. Dangling the carrots of temporary secondments or flexible rotations could provide one promising path through the talent war.
The booming life sciences industry also provides useful lessons for the wider market. The well-trodden route between the pharma hubs of the UK and Switzerland used to historically rest on a healthy pipeline of cross-border moves but, now, companies are having to look closer to home to avoid potential tax complications and diversifying their hiring strategies, including by offering generous relocation packages.
A post-Brexit London brain drain may not have materialised, but businesses need to be nimble and creative if they are to attract and retain the best talent.