Labour market analysis in management consultancy and Brexit
In the UK managment consulting industry, there may be a signficant impact of Brexit on the labor market. There is growing trend in the UK consulting industry (see: grpah 1) that will require skilled and competent employees as this industry is client driven. After Brexit, it will be diffiuclt for the managment consulting frms to manage the skilled workforce (Consultancy.uk, 2017).
Graph 1: Size of the UK consulting industry
(Source: Consultancy.uk, 2017)
The migrants, who were working in the management consulting firms, are looking for jobs outside the UK (See: Below graph 2).
Graph 2: UK job seekers looking abroad following Brexit
(Source: Market Inspector, 2017)
Approx 2.1 million European immigrants were working in the UK that also affected the labour market in the management consulting industry. The UK may face the shortage of skilled workers in the UK. It is because till now, the immigrants from the European Union were filing the skill gap in this industry (Market Inspector, 2017). There may be a huge gap between the demand and supply of skilled taskforce that may affect the ability of the UK to appoint the global talent. The management consulting firms are focusing on the talent development through training and coaching programs to maintain skilled workforce.
Consultancy.uk (2017) Trends and challenges in the management consulting industry.[Online]. Available at: https://www.consultancy.uk/news/13111/trends-and-challenges-in-the-management-consulting-industry (Accessed: 8 November 2017)
Market Inspector (2017) Impact of Brexit on Businesses in the UK. [Online]. Available at: https://www.market-inspector.co.uk/blog/2016/10/impact-of-brexit-on-businesses-in-the-uk (Accessed: 8 November 2017)