Coventry and the surrounding areas are, like all UK cities, prone to economic uncertainty. Indeed, we learned in July 2023 that the economic outlook for Coventry and Warwickshire was down almost 5% compared to the previous quarter. According to a survey carried out by the Coventry and Warwickshire Chamber of Commerce, responses from local businesses in the services and manufacturing sectors scored the economic outlook at 50.6, compared to 55.3 in the previous quarter. Scores are given out of 100, with anything below 50 being considered a negative outlook [1].
Despite the less-than-positive outlook, Coventry’s business sector is capable of bouncing back. We’ve seen this countless times over the last few decades and, this year, the proverbial ray of light, much like the weather, is coming from overseas. A SmartRegion report from August 2023 showed that 20,000 jobs have been created in the area over the last nine years thanks to foreign investment. As per the findings, 403 foreign direct investment (FDI) projects were set up in Coventry and Warwickshire over the analysed time frame. In 2023 alone, 56 FDI projects created 3,200 new jobs in the region.
Businesses Should Look Beyond the Borders of Coventry
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Small businesses might not be set up to take advantage of FDI, but the process of looking overseas for help is a realistic target. Procuring talent is as much of an advantage for businesses as securing investment. Therefore, if the local economic outlook is trending downward, why not consider hiring talent from abroad? That’s not to say you can’t find skilled workers in Coventry, you certainly can. However, there’s no need to be so restrictive. Skilled workers from overseas could bring something new to a business which, in turn, improves its fortunes.
Of course, it’s not as easy as putting a job advert online and hiring someone from Spain, France or further afield. Hiring people from overseas requires the business to do some paperwork to get a sponsor licence, which grants the UK businesses the right to sponsor overseas workers, allowing them to apply for a skilled worker visa. It’s also important to be aware of the minimum salary requirement, which stipulates a salary of at least £26,200 when hiring foreign workers
Creating Connections is Important and Necessary
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On the other side of the equation, anyone coming to work in the UK under this visa needs to have a qualification equal to RQF level 3, at least £1,270 in the bank and a concrete job offer. The point here is that there’s red tape to navigate, which is why any business looking overseas requires the help of immigration lawyers. They’ll ensure a business is set up to use the skilled worker visa system and, in turn, they complete all the necessary paperwork as efficiently as possible. This could be particularly useful given the news that Coventry University is now part of the Turing University Network (TUN) [2].
TUN is a network filled with data scientists and artificial intelligence (AI) researchers. Institutions within the network can share talent, which means Coventry can benefit from an influx of skilled people from across the UK and other countries. Anyone from abroad that goes through this system might want to stay in Coventry and get a job. This is where something such as the skilled worker visa becomes relevant. The economic outlook might not be the best it’s ever been, but Coventry has ways to fight back. Creating business connections overseas is one such way that businesses of all sizes can and probably should consider.
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