Brexit and the coming war for talent in Brussels
One of the Brexit’s potential fallout pieces is the City of London taking a significant hit in terms of financial firms’ presence there. While the Brexit process remains unfinished, its aftershocks will keep reverberating in the years to come. Further digitalization, efficiency gains and customer centricity are key to the potential success of the finance world in Brussels to attract both British companies and local talent.
In fact, this is already happening on a smaller scale. Money wiring service Moneygram and insurers Lloyd’s, QBE and Amlin are already moving their European headquarters to Brussels. Clearing house Euroclear is also moving suit.
An employment rate of 92%
While this is good news for employment and business opportunities in Brussels, it will also mean intensified competition for talent and this will only increase further if British economic prospects continue to look bleak.
The Flemish Work Mediation Office had over 40,000 job vacancies in March 2019, and 92% of all people who have a degree in higher education are currently employed. Those are staggering numbers and paint a good picture of how real this war for talent is. Unfortunately, the banking and insurance sectors don’t hold the same attraction in that field as tech giants or hip consumer brands.
Getting ahead with the right tech and the right crowd
One way to make a difference for a potential employee is to offer a more exciting job prospect than your competitor. Salary and compensation packages are just one element in this. Another is to offer employees the chance to keep learning new skills and to let them work with emerging new technologies.
An insurer that wants to cash in on talent can get ahead of its competitors fairly easily. Investing in new technologies such as AI, predictive analytics or robotics may well attract potential colleagues who would otherwise pass up on the opportunity. It heightens the employer brand and speaks to more forward-thinking employees who might have the creativity and skills to help your insurance outfit to jump to the next level.
Bridging the worlds of IT and HR
This requires changes, of course – beginning with IT and HR and moving through the entire company. Adopting new tech and getting employer branding right is a continuous mission, not a one-and-done affair. Luckily, insurers don’t have to go this alone.
We at Oxygen have made it our goal to help insurance companies on trajectories of digitalization and organizational change, and due to our experience in the field, we know all the typical challenges and risk inherent to these. So why not reach out and have a chat? We’d be delighted to hear from you.