More than two thirds of UK construction companies have yet to make plans on how to deal with the impact Brexit will have on employee recruitment.
According to new data from the Construction Industry Training Board (CITB), one third of construction businesses are already feeling the effects of Brexit.
In a survey of more than 400 employers, almost half voiced concerns that recruitment will be more difficult over the next two years, but less than a third have taken action or plan on doing so in the run-up to Brexit.
Respondents said keeping hold of the workers they currently employ is their main priority.
Steve Radley, Policy Director at CITB, was quoted in The Independent as saying: “With Brexit approaching, construction employers are expecting the recruitment of skilled workers to get harder as they anticipate restrictions on access to migrant workers. However, few employers are making firm plans to address this and instead are focusing on retaining their existing migrant workforce.”
He added that a ‘twin-track strategy’ was needed of investing in the domestic workforce while enabling employers to ‘continue to secure the vital talent of migrant workers’.
Mark Kozo, Head of Marketing at Portman Asset Finance, said: “Planning for the future is never easy but it seems that, although it is generally acknowledged that Brexit will impact access to migrant construction workers, many employers have yet to make contingency plans for this.
“Balancing current staffing requirements with those of the post-Brexit era is something construction companies need to start doing now. If this means investing in the recruitment side of their business to safeguard its future, then we’d strongly recommend them using asset finance to avoid soaking up their working capital.
“A commercial loan, for example, is ideal for injecting new funds into the business with immediate effect to spend on purposes such as staff recruitment and training to build a platform for long-term growth.
“Our other options include lease finance, hire purchase and refinance. With flexible repayments and low rates from just 2.5% available, our specialist Account Managers can create a bespoke finance package to suit your specific requirements.”
Speak to an Account Manager on 01604 321 995 to find out more about securing quick and hassle-free finance to grow your construction business and set it on a solid footing ahead of Brexit. More details about our finance products for construction businesses are available here.