What benefits does the High Potential Individual Visa offer businesses?
As graduates from the world’s top universities prepare to enter the workforce, many now have the opportunity to venture overseas and work in the UK under the High Potential Individual Visa (HPI). FDM Group, whose mission is to bring people and technology together by providing services in the professional services sector, reveals how the High Potential Individual Visa can benefit businesses.
The High Potential Individual visa is a short-term visa for graduates and individuals who have secured qualifications from one of the top 50 international universities like Princeton University and the National University of Singapore.
With this, candidates have the opportunity to work in the UK if they can demonstrate the potential to benefit the British workforce.
So, while it’s clear this visa brings an array of exciting opportunities for top students from around the world, how can it benefit businesses?
Ease skill shortages
With 87% of employers stating they’re struggling to fill positions, and 51% citing finding candidates with the skills they needed as the main challenge, there is a visible skills shortage taking place across the country, particularly in industries such as tech.
FDM comments: “The UK’s lack of access to basic digital skills, let alone advanced digital skills, has created a crisis for many sectors to navigate. Over the past few years, the digital skills gap has widened and it’s become evident the tech industry is where the largest skills gap exists, particularly in areas such as app development, coding, data science and geospatial data analysis.”
The introduction of the HPI visa alleviates the pressure on organisations to find suitable candidates in the UK. With nearly 5.3 million graduates enrolled at the top 50 eligible universities from around the world, there is a large pool of potential candidates that can bring various skills and diverse perspectives.
More affordable and efficient
Securing an HPI visa provides an alternative to costly sponsorships and offers a faster route for new hires.
For startups and SMEs that typically don’t have a budget for sponsorships, this is a fantastic chance to hire fresh talent that usually wouldn’t be accessible to them. And for international applicants, it provides an opportunity to work for smaller startup companies that wouldn’t be an option due to budget constraints.
With this, employers can get to know High Potential Individuals first before sponsoring them on a more permanent immigration route.
Allowing potential employees to apply for the HPI visa also improves the efficiency of hiring for businesses – cutting out the bureaucracy and time constraints that often come with the sponsorship process.
Increasing diversity in the workforce
Increasing visa options and opportunities in the UK can create a more diverse workforce. With universities from Japan to Canada included on the list, this is the chance to introduce new, diverse talent to businesses across the country.
In turn, increasing the diversity of the workforce generates growth through gaining different perspectives and opinions that can benefit your company. Having a diverse workforce can also lead to greater creativity and innovation, with a range of perspectives sparking fresh ideas.
Furthermore, according to a study conducted by McKinsey, diversifying your team can even boost productivity by 35%. A diversified workforce is more likely to understand your customers’ needs and generate ideas to meet them.
Globalise your business
With the introduction of the HPI visa and a subsequent more diverse workforce, there’s an immense opportunity for businesses to expand their organisations worldwide.
Diversity provides strategic benefits that allow a business to adapt to changing circumstances easier, and expand into new markets.
Hiring employees who are familiar with your target demographic’s culture is key to building stronger customer relationships in new markets – and having hires with additional language skills can be invaluable.