What Brexit Means for Your Business and Your Global Contingent Workforce
Erez Greenberg| Jan 09, 2018
When Brexit was decided by the British public on the 23rd of June 2016, uncertainty immediately surrounded the 4.5 million Brits living in Europe, as well as the 3.6 million EU nationals living in the UK. Over the coming years, Brexit is going to post a series of challenges to businesses regarding talent mobility. Although the implementation of Brexit is not scheduled until the Spring of 2019, a growing number of big banks, gaming companies and start-ups have already left, or are considering leaving the UK.
Concerns over a “Brexit Brain-Drain” are increasing. In a KPMG survey, up to one million EU nationals working in the UK are purported to be considering leaving the country. Meanwhile, 49% of EU citizens, from countries supplying large quantities of workers to the United Kingdom, have said that the appeal of Britain as a place to work and live had fallen due to the Brexit decision. Without doubt, finding and retaining talent is going to be more difficult for businesses in the UK and Europe, as they will have to adapt to the growing need for an effective global contingent workforce.
There has been no shortage of Brexit scare stories. However, some companies are already relocating, and 8.1 million citizens in Europe and the UK potentially all facing visa issues, choosing to go home or being forced to go home. Businesses have to face the reality that no matter how hard they plan, there is always something that could jeopardize achieving business goals. When something as wide reaching as Brexit occurs, the best way for businesses to overcome talent mobility hurdles is with the use of an adaptable and comprehensive Employer of Record service.
A-Z Management of Your Global Contingent Workforce
An Employer of Record (EOR) service assumes all-important business of employment responsibilities, such as international payroll management, global employee leasing and HR management, as well as all aspects involved with managing a global contingent workforce. The EOR serves as the legal entity that can locate the staff, hire and fire employees, issue payroll and ensure that organizations comply fully with local and EU employment laws. It attracts and hires new global talent, in any profession such as overseas sales managers, or developers all whilst maintaining existing staff, no matter which country they are located in.
An effective EOR service can mitigate the potentially devastating effects of Brexit by taking care of all your staffing and talent mobility issues. Direct access to local suppliers, expertise and a compliant international payroll management system ensure the best talent is found, on-boarded, paid and managed in a post-Brexit marketplace.
A possible 8.1 million visas, work permits, and residency applications have already been thrown out by Brexit, which presents a challenge of its own. An Employer of Record service will help an organization navigate these difficult minefields by taking care of all aspects of immigration, from pre-assessments and visa issuing, to legal advice.
The EOR provides a straightforward yet comprehensive solution that will ensure your business has the capabilities to manage the potential threat of a “Brexit Brain Drain” or employment limitations. This then means that you can focus your business on reaping whatever benefits Brexit will bring.