Less migrants may leave London lacking

London, 10 February 2015 – London CFOs are more concerned about the business impact resulting from the cap on non-EU migrant workers compared with those in the rest of the UK, due to come into permanent effect in April, a new survey by Robert Half reveals. 

Nearly four in 10 (39%) London-based respondents believe that the planned cap will have a negative impact on their organisation, compared to one in four (25%) finance leaders across the United Kingdom. The results suggest that an imposed limit may hinder the largely London-based finance industry that depends on international talent to remain globally competitive.

CFOs were asked, "What impact, if any, will next year's planned cap of 21,700 non-EU skilled workers have on your organisation?” Their responses:

“As companies in the City focus on growth initiatives, many rely on international talent, particularly in finance and accounting, to help position themselves favourably to leverage the upturn”, said Phil Sheridan, managing director of Robert Half UK. “With many CFOs concerned over a shortage of skilled workers, employers in London should approach hiring strategically to attract local talent and research Visa requirements early for outstanding non-EU candidates.”

CFOs were also asked, "Do you plan to recruit skilled migrant workers in the next 6 months? (Any individual requiring a permit to work in the UK)?" Their responses:

*Does not add up to 100% due to rounding

Looking at recruitment plans, half of London finance leaders plan to hire non-EU skilled migrant workers in the next 6 months, compared to one in three (32%) CFOs across the country.

Sheridan adds, “Certain segments of the UK economy – notably large and publicly-listed companies as well as organisations within London’s financial services sector – depend on the expertise of migrant workers to remain competitive on the global stage. Companies need to assess their current talent bench to ensure they have the resources necessary to move their organisations forward into a prosperous 2011.”

Document: Full Migrant Workers Cap Release