Brexit – What’s Really Happening?
A prevalent question I’m frequently asked as a banking and financial services recruiter centres around Brexit and what impact I’m seeing on the ground.
The reality is nobody really knows – and unfortunately I’m no different. There is a lot of media hype that probably gives a false sense of reality as to what impact Ireland is going to experience. There is talk of hundreds of traders and investment banks coming to Dublin – it makes for exciting headlines but very often it isn’t accurate. From speaking with many board level / senior management within international banking and FS institutions – their message is consistent. They have plans – to expand, to create positions, build exco teams, back office, front office, trading et al. This is exciting talk and potentially offers huge prospects for Dublin – but a lot of this is planning for what’s around the corner, which is the unknown.
Three high-profile international organisations are actively staffing up who we are speaking and working with on a regular basis. An element of this growth is contingency planning – ensuring they have a safety net should a hard Brexit hit. One CEO of a bank told me recently that Brexit has forced him to step back and evaluate their business as a whole across Europe – and this has been a positive for them. It’s highlighted other areas of growth as well as flaws in certain areas of the bank. They have aggressive plans and he said even if Brexit was reversed in the morning, they would still be expanding and increasing their Irish headcount.
There is now hype around Dublin as a European hub and that has to be a positive for Ireland. There is also an opportunity for these companies to capitalise on the talent outside of Ireland that over the past ten years has been forced to leave our shores. These people are constantly in contact with us, more than ever and enquiring on developments on our side. Outside of Irish expats, there is also a genuine interest from non-Irish professionals attracted by the potential opportunity that is presented here in the near future.
Whatever happens, it’s a good time for companies to map the market in terms of talent and similarly, for individuals to look at what their options are in the jobs market.
Eoin Connolly, Associate Director heads up Mason Alexander’s Banking & Financial Services division. If you would like to have a confidential discussion with Eoin, please contact him by email: firstname.lastname@example.org