Brexit is going to present businesses with a huge challenge: notably in terms of retaining and finding the best global talent for their organisation, as well as encouraging British staff to find work abroad in branch offices worldwide.
With news reports of a ‘Brexit brain drain’, one recent study claimed as many as one million EU nationals working in the UK are considering leaving the country because of Brexit.
This particular KPMG survey of 2,000 EU citizens working in the UK also noted that 50 per cent of those planning to quit Britain post-Brexit were workers with PhDs and 39 per cent with postgraduate degrees. With half of those surveyed claiming that they felt less welcomed and valued in the UK since the result of the historic June 2016 referendum.
If your business employs staff in other EU countries, EU citizens in the UK or if you hope to expand into Europe in the future, then Brexit has thrown something of a curveball your way. So what are the coping strategies that companies faced with these massive uncertainties need to know about to help them deal with talent mobility in a post-Brexit era?
Any business with plans for global expansion will share the following concerns around the challenges Brexit presents British entrepreneurs and business owners:
- What happened to my employees abroad?
- How do I prepare for the unknown and ensure I am compliant with employment regulations?
- Am I now going to incur the expense of setting up a legal entity on the continent, or in Ireland, in order to continue my operations there?
Learning to deal with and manage this Brexit uncertainty and what we might call ‘talent mobility’ is vital for companies with a global workforce. The challenge is huge, with around 3.6 million EU nationals now living in the UK, and 4.5 million Brits living in Europe.
With this in mind, businesses need to look for a solution which can help support their HR departments expand, on board, manage and pay employees, whether they are in Europe or not.
An agile and comprehensive Employer of Record (EOR) service is perhaps one of the best and most straightforward solutions to allow any company to seamlessly do this, while continuing to be compliant with local and EU employment laws.
Preparing for any eventuality
An EOR service is a straightforward solution that can help provide continuing support to businesses through this forthcoming period of change. For those looking to expand their organisation into other countries, it can help to attract and hire key new talent and to manage their existing staff which are most immediately affected by the impact of Brexit.
Most importantly, EOR can provide a company with flexibility around where staff are located to make sure it retains the best talent possible. It aids HR departments by providing services to deal with the sponsorship of employee residency VISAs and work permits. Likewise, this works in the reverse situation, helping companies retain their best workers here in the UK who also happen to be EU nationals.
All of this means one thing, business leaders, British entrepreneurs and HR departments need not lose any more sleep over the threat of a Brexit brain-drain or of the limitations of employing British national abroad post-Brexit.