There have been debates concerning UK’s exit in case it leaves the EU, but the fact remains that leaving the EU will be a historical mistake of major proportions. Essentially, its effects will be felt sharply in the short term and have a lasting impact on economic migrants in the UK and the EU for many years. Generally, UK’s decision to leave the EU affects economic migrants because the UK is more economically dependent on the EU than vice versa, as its GDP on exports is higher than its imports to the EU.
One of the impacts of the UK’s exit from the EU is that it would have to increase immigration from non-EU countries substantially. UK’s open markets and its relationship with the EU heavily depress its labor market for domestic talent. The UK GDP varies as time goes by as there is a high rate of losses than gains. Compared to the 3.1% of GDP produced by exports to the UK among the other member States, exports to the EU account for 12.6% of the UK’s GDP (Fassoulas, 2022). In the long run, this will lead to increased economic and political costs. Essentially, this may affect the generation that is thereof and the coming one reducing the UK’s standing in the world and its ability to influence the international events that affect it the most. Moreover, none of the alternative relations with the EU present itself as more advantageous than EU membership.
Institute of Human Resource Management (IHRM) policies and practices are necessary to address the UK’s economic effects upon leaving the EU. Employers may need to reskill certain professions and implement flexible working arrangements to attract and keep people in comparatively lower-skilled roles (Ridgway, 2019). Finally, removing limits on hiring from within the European Economic Area may result in a rise in skilled worker migration globally to meet job requirements.
References
Fassoulas, P. (2022). The consequences of a UK exit from the EU. European Movement International. Web.
Ridgway, M. (2019). Brexit: Human resourcing implications. Employee Relations: The International Journal, 41(5), 1033-1045. Web.