Boom Brexit: Maintain Cross-Border Jobs by Letting Your Employees SmartWork From Home
In recent months, there has been uncertainty about the future of cross border jobs post Brexit. What are the ramifications for UK companies currently providing employment in Ireland? Will there be a surge of unemployment in cross border jobs?
In early July, Minister for Finance Paschal Donohoe reported that unemployment levels could rise by 2% with an estimated 40,000 jobs lost in the event of a hard Brexit. Mr Donohue also told the Dáil that, “GDP would be almost 4 per cent below what it would otherwise having been in a no Brexit scenario after 10 years”.
The agri-food, tourism and manufacturing sectors are said to be suffering the greatest impact, in particular at a regional level. “The shock would likely lead to market volatility, further sterling depreciation and disruption to trade with the UK”.
There is apprehension about the future of our cross border job connections. We have reason to be cautions. However, there are measures we can take to reduce the impact of Brexit on the future of work. Instead of fearing Brexit, prepare for it!
Fail to Prepare, Prepare to Fail
We urge companies to plan ahead and pre-empt such job loss by allowing employees to develop their core skills in working remotely. This will reduce the harsh divide between cross border jobs and potentially save many positions by nurturing trusting relationships between employers and employees in Ireland and the UK. By developing skills in innovation, technology and risk management, employees can successfully carry out their work remotely between the two countries.
Take the Opportunities
It is reported that roles in risk management, investment analysis and portfolio management have experienced sharp increases in recent months with firms finding these positions hard to fill.
“Ireland’s labour market continues to tighten, with the overall unemployment rate now at 5.9 per cent compared to the euro zone average of 8.5 per cent. Financial services are one of the areas seeing a definite spike in recruitment,” said Tara Sinclair, economist.
“The staffing needs of financial companies increasing their footprint in Dublin in response to Brexit is likely to be one of the factors driving this trend. The top 20 list of companies posting finance jobs in Ireland includes many well-known banking and financial advisory firms including Citi, Fidelity, and JP Morgan, who have all signalled plans to increase staffing levels in Ireland in the period following the Brexit vote.”
So what can we do?
We ought to coincide with such developments to ensure there is a future for jobs across the pond. By contributing to the SmartWorking revolution, we can lessen the harsh effects of a hard Brexit and maintain our connections with companies at home and abroad. Approach your employer about the possibility of developing SmartWorking policies, educate your employees on the skills required and discuss the different ways you can contribute to the revolution by offering flexible or hybrid positions.
We need to prepare for the ramifications of Brexit to guarantee the Future of Work.