A specialist agency has warned that considered post-Brexit strategies are needed to ensure the stability of the property industry rather than rushed decisions.
Brexit has become a reality and Property Personnel, an agency specialising in recruitment consultancy for estate agencies, is becoming increasingly concerned that very few companies within the property industry have undertaken adequate preparations or have a solid plan ready to implement.
The referendum result may have taken many by surprise, but Anthony Hesse from Property Personnel is advising agencies against making any sudden or careless decisions.
Voting to leave the European Union is a historic decision and the property industry as a whole certainly does not need added pressure coming from hasty decision making. Estate agents across the UK need to closely consider the long-term impact of decisions that may ease some of the mounting pressure and uncertainty in the short term.
The Chartered Institute of Personnel and Development has undertaken a survey surrounding future recruitment objectives and the results are surprising. Over half (54%) of the companies surveyed stated that they did not have a plan for business post-Brexit; alarmingly only just over one-quarter of these (26%) went on to state that they were now working towards forming a post-Brexit strategy.
Anthony Hesse is concerned that a similar picture is reflected in the property and estate agency industries. There were many elements to the referendum campaigns, but immigration and employment law were key factors. Attracting employees with the skills needed to enhance business is an ongoing issue and it is crucial that estate agents have a plan in place.
The current regulations in place for the labour market have been working relatively well for many years and there has been a delicate balance between ensuring workers’ employment rights are upheld at all times and giving employers enough flexibility to ensure growth and profitability. Employers have been able to easily recruit highly-skilled workers from the EU and beyond, which has helped to drive growth within business and ease shortages within the UK workforce.
Hesse highlights the importance of ensuring these issues are considered by whoever is charged with conducting the difficult negotiations of the terms that will define the future relationship between the United Kingdom and the European Union.
Estate agents in the UK must be able to continue recruiting the very best individuals to successfully fill the vacancies available within the industry. Being able to easily recruit talented individuals is not only key to increased growth and success within the industry but also vital for the country as a whole.
There has undoubtedly been a distinct lack of confidence displayed across the markets in response to the leave vote. Mark Carney, the governor of the Bank of England, has been hinting that imminent interest rate cuts are likely in an attempt to avoid an economic downturn.
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