The financial sector can not hire executives from abroad, there is a problem of competitiveness
Financial companies in the City of London are facing increasingly expensive costs in their quest to hire talented employees, which reduces their competitiveness. This is according to a report by TheCityUK, an organization representing the UK financial sector, with member companies urging the government to launch a short-term business visa to allow overseas workers to come to the UK. It is noted that 1/5 of the staff of these companies comes from abroad, a percentage that amounts to 42% of all employees in the emerging technology sector of financial services (fintech), according to the relevant report, published by the Financial Times.
“To stay competitive, we need to have the best talent in the world. “Without it, we will not be able to innovate in emerging industries that are ‘key’ to economies like fintech or the green economy, nor will we be able to build international business networks,” said Miles Celik, head of TheCityUK. He stressed that big cities in Europe, America and Asia are competing to find top talent. “Britain needs to work hard to streamline immigration processes, reduce the burden of excessive bureaucracy, be more flexible and adapt to the needs of the business sector.” It is recalled that Brexit banned free movement between Britain and Europe earlier this year, with TheCityUK stressing that nine months after Brexit, financial and service companies had seen significant cost increases to ensure their arrival. talented workers to be internationally competitive. Employees from abroad who come to visit the UK must apply for a visa even if their activity in the country is temporary or lasts for a very short period of time, which increases bureaucracy and costs and also causes delays. “There is no intermediate level between a visitor status and a business visa,” TheCityUK said. According to the Financial Times, the pressures on the visa system are expected to increase as the need for business travel becomes even more acute. This will become apparent in the aftermath of the pandemic, as many companies have previously been forced to cut off their travels abroad.