As the UK’s latest migration figures show a dip in net migration, we examine the impact on six of the most affected industries and what organisations can do to mitigate the risks.
The UK’s looming unprecedented labour shortage caused by an ageing workforce has been masked for many years by positive net migration. With net migration figures now falling, organisations must think very differently about their people strategy moving forward.
Our Mercer Workforce Monitor™ model examines the UK population and workforce in a post-Brexit world to help analyse the impacts on organisations. In our March 2017 update, we examine the latest migration figures published by the ONS1 and also highlight some of the industries facing the greatest risks.
These latest ONS migration figures are our first glimpse of Brexit’s impact on net migration. From September 2015 to September 2016, net migration fell by 49,000 to 273,000. This is the lowest net migration figure since mid-2014. And compared to the previous period (year ending September 2015), we had 23,000 fewer people arriving and 26,000 more people leaving the UK.
Below provides a summary of our analysis of the industries that will be most affected. The report provides more detail.
Health and Social Care
Accommodation and Food Services
Transport and Storage
Information and Communication
Financial and Insurance Activities
Over the next few months we will be providing detailed analysis of the combined impact of age and migration on affected industries. We will also continue to publish regular updates as UK population, migration and labour force data become available and as the Government reveals more information about its future migration policy.