Brexit update: now the dust has settled
Now that the world has had a few months to take stock of the UK’s decision to leave the EU, global mobility professionals are in a better position to know how it will affect them the over the coming years. The UK has a new Prime Minister and plans are being made to manage the transition in a way that will minimize the impact on companies doing business in, or with, the UK.
The global mobility industry has also had time to draw breath and take a look at what they think Brexit will mean to us all. Here are some of their findings.
Threats – or opportunities?
As the uncertainty gradually ebbs away, some companies are starting to take a slightly more bullish view of the situation created by Brexit. Undoubtedly, it has been a shock to the system, but Air Inc are amongst a number of commentators who are looking at the opportunities that Brexit presents. In this whitepaper Genie Martens suggests that a proactive review of your firm’s mobility program may help you uncover opportunities to enhance mobility of assignees both in and out of the UK.
Denial, paralysis – and then what?
Deloitte’s FlipSide blog takes a similar view. Events such as Brexit are typically followed by two dominant reactions: denial of what happened, and then paralysis as no one wants to act until the path ahead becomes clearer. But there are opportunities to be had for those who dare...
Which city will replace London?
One of the aspects of post-Brexit debate that is most likely to worry the UK government is the popular idea that London will lose its status as a commercial and financial hub; some estimates suggest that major multinationals are expected to transfer between 10-40% of staff. But where will they go? In this blog post, Chris Pardo at Plus Relocation argues the case for Amsterdam, while other commentators consider the relative strengths of Dublin and Berlin.
Moving en masse?
The idea of large companies making a strategic move away from London also raises other issues: relocating groups of employees is much more complex than sending individuals overseas. In this paper, Santa Fe outlines the key ways in which mass movements may differ from standard global assignments from a global mobility professional’s perspective.
What should you do now?
There’s a lot to think about and, a few months after the event, it is becoming clear that global mobility professionals are in a better position to make a few decisions. At the very least, keep abreast of developments and be prepared to react swiftly when news emerges – there may be some great opportunities out there if you’re ready for them.