The idea of the ‘perfect storm’ is one with which most of us are very familiar—the concept that, at certain times, a unique set of circumstances combine to aggravate a situation with potentially perilous consequences. Those of us working in financial services—and particularly securities services—in the UK are faced with a prime example of it: we are currently working against multiple combined challenges that together are limiting our ability to do business, to live a quality life and are hampering our chances of succeeding in our chosen line of work.
Examples are myriad but include the ever-encroaching tide of regulation, which reduces our ability to conduct business efficiently; low interest rates, which reduce client profitability; and housing market conditions, which make the cost of living in central London prohibitively high.
You can add to that the risk of a socialist government in a year’s time (Liberal Democrat/Labour pact after the UK Independence Party takes a 4 to 6 percent of the Conservative vote is my call at this stage) and, for those who live north of the border in Scotland, the uncertainty caused by a narrower-than-expected win for the ‘No to Independence’ vote later this year, which some commentators have suggested could result in the loss of 30,000 to 40,000 financial services jobs from the country.
It is therefore little wonder that many people are increasingly looking to move overseas for greater opportunities, fresh challenges and, overall, a better quality of life. It is difficult to argue against the idea of cheaper accommodation, travel and the ability to broaden one’s mind, while at the same time giving amazing opportunities to the family. I’ve touched on some of the challenges of doing so in previous columns—being a long way away from increasingly elderly relatives, detachment from corporate HQ thus running the risk of being ‘out of sight and out of mind’, as well as difficulties in acclimatising to different weather, food, schooling and business practices. To that list you can now add another—that of increasing ‘protectionism’ by countries, for different reasons, of that country’s indigenous workforce.
A prime example of this is in Singapore where banks are being obliged to carry out significant due diligence and prepare watertight justifications for every new foreign candidate they want to hire, ahead of new regulations due out later this year. The new rule—the Fair Consideration Framework, or FCF—which comes into force on 1 August, obliges firms to advertise all jobs under $115,000 to Singaporeans first on a new government-run online ‘Jobs Bank’ for at last 14 days.
While the rule has not yet been enacted, many firms are starting to operate under it already and I expect that if it is a success, then it will be extended and its impact will be monitored closely by other countries. It will therefore be increasingly important to have a unique, in-demand skill—be it in product sales, profile or management—to maximise your chances of a successful move.
As ever, do let me know your thoughts. Drop me a line at paul@localhost
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