As we reported on May 24, 2023, inflation had fallen to its lowest point for a year. Although inflation remains high, the Office for National Statistics (ONS) reported in May that Consumer Prices Index (CPI) inflation had dropped to 8.7 per cent in April. That’s down from 10.1 per cent in March, suggesting that economic conditions are improving.
Another positive for those with an eye on the economy and, more specifically, people with businesses, is that London’s economy is recovering faster than most. Although it mainly focuses on the City of London, the February 2023 City Statistics briefing painted a somewhat positive picture (see further reading). As per the report, City jobs were at a record high, having grown 8% since 2019.
Of that figure, 24,000 more people have taken roles in financial services, and 15,000 have entered professional services jobs. Perhaps the most encouraging statistic from the report is the influx of foreign workers. 42% of City workers come from the European Economic Area (EEA) and beyond. Moreover, 37% of the City’s workforce are Asian, black or have a non-white ethnicity. In simple terms, the City’s workforce is diverse, and, in turn, this diversity is contributing to a record high for jobs.
That’s a lesson for business owners across London. The problem, of course, is that recruiting skilled workers from abroad isn’t a simple matter of posting a job advert online. That is part of the process, but only once you’ve navigated the murky waters of our immigration system. Navigating these waters alone is almost impossible, which is why big businesses enlist the help of immigration lawyers. Samsung, TM Lewin, Jurassic Fibre and many other companies with a presence in London have worked with the immigration lawyers at Reiss Edwards.
Why? Because there are subtle nuances and potential pitfalls to the immigration system when it comes to recruiting foreign workers. For example, the Skilled Worker visa system has minimum job requirements. As a business, that means you need to offer minimum conditions (such as pay) in order to use the visa system and legally bring over foreign workers for extended periods of time. Similarly, workers need to have minimum qualifications and a certain amount of money in their bank account. Then, once you’ve recruited foreign workers, there are reporting requirements, which means you need adequate HR systems in place.
That’s just one avenue for foreign workers. There are many more legal requirements you need to navigate as an employer looking to bring over foreign nationals. That’s why Samsung et al engage immigration lawyers. Qualified lawyers ensure UK employers meet the current standards for recruiting international workers. Essentially, they make sure every legal box is ticked and that businesses are fully compliant with immigration compliance audits.
There are opportunities beyond the borders of London and, moreover, the UK. The economy is starting to recover, and London is recovering faster than the rest of the country. This makes it an attractive proposition for foreign workers wanting to relocate. As a business owner, you can tap into this stream of talent. The more businesses that do this, the faster the economy can recover and, so, it becomes a self-perpetuating cycle.
We’re not out of the woods but shafts of light are breaking through. This is a reason for business owners to look ahead to better days and, more importantly, plan ahead for better days by thinking about the potential of recruiting foreign workers. However, if you are going to do that, make sure you get the right experts to guide you.
