Today at Chequers Theresa May will attempt to cajole her cabinet towards a deal that keeps Britain trading on good terms.
Opinions over Brexit have not just divided the country but also the ministers trying to negotiate a way forward. Familiar leaked stories of torn up reports and behind the scenes tantrums are typical of the body politic as they jostle for power. Whatever the outcome of negotiations uncertainty hovers over the far-reaching and unknown implications of Brexit.
Namely, there are fears that post-Brexit the UK’s status as one of the world’s main financial centres would be diminished. Fortunately for job security, firms seem to be putting any anxieties about a post-Brexit financial landscape on hold; with 24 per cent telling the Confederation of British Industry (CBI), they have increased hiring in the second quarter. The city’s reaction to impending Brexit is to prepare for change, change after all being a permanent fixture in the financial sector.
There has been substantial growth in technology investment with 70 per cent of firms polled by (CBI) stating an intended increase in IT spending. Similarly, the predicted, post-referendum, mass exodus of London’s financial institutions has not happened. Instead, there is caution as the industry waits to see what the final deal actually looks like. The economic predictions from both camps are too varied to be relaible.
The only thing we can know about the future is that we don’t know.
Whatever the political landscape, job uncertainty is increasingly part of modern life and not just a feature of Brexit. A recent LinkedIn study has found that that millennials will change jobs an average of four times in their first decade out of university. They are the first generation adapting to such rapid technological and social change. The financial services are keeping pace and investing heavily in this change. However, the impact on future jobs remains unclear, with the impending AI revolution, and the onslaught of automation making many employees nervous.
Set against this ambiguous future, the Bank Workers Charity and Robertson Cooper have conducted some new research: “Creating Well Workplaces”, which explores how banks can best equip their employees to face the challenge of the rapidly evolving workplaces. The report highlights the individuals’ need for resilience and adaptability. Businesses hope that investment in strategic wellbeing programmes will help the employee acquire these skills. At the same time, staff will need to self-manage their careers more effectively to thrive in the face of rapid change. We are told that we should all prepare for five careers in a lifetime instead of one, and in this context, it’s unlikely that Brexit will be the last seismic shift of the century. Maybe we should be worried less about Brexit and more about future proofing our skills for the next disruption.
At BWC, we exist to support the health and wellbeing of the banking community. Learning to understand your resilience, recognising where it is weak and taking steps to build it will help you manage stressful situations better.
Take a few minutes to check your personal resilience resilience check.