BREXIT The
Brexit Path
Which overseas locations will win the battle to attract companies moving from the UK in the wake of its decision to leave the European Union? We highlight some of the points HR global mobility and relocation professionals need to consider if they are handling moves to key destinations highlighted in the Brexit coverage in Relocate magazine’s Winter 2016/17 issue.
A
s the UK gears up to leave the European Union, a number of cities and countries are attracting interest
from companies considering relocating their operations (or parts of their operations) after Brexit. European destinations competing for a piece of the action include Dublin, Paris, Frankfurt, Amsterdam, Luxembourg, Spain and Italy. Beyond Europe, Singapore, Australia, New York and Hong Kong are among the front-runners. As Lisa Johnson, global practice leader,
consulting services, at Crown World Mobility, points out, for the UK to extract itself from the more than 40-year relationship with the UK will be neither quick nor easy. So far, the British government is rejecting the free movement of people, goods, capital and services. While the process of Brexit may take at least two years, the business community is already responding. Ms Johnson goes on to make another
interesting point. “There are many parts of the world where there is political instability, but this year it is the two countries that are consistently at the top of the list in terms of value of international outbound and receiving locations, the US and the UK, which are
undergoing political transitions that are creating uncertainty for many companies doing global business.
Gathering relevant information For companies considering a move, Mercer’s annual Quality of Living survey, which helps multinational companies to compensate employees fairly when sending them on international assignments, provides a wealth of useful data, including information on city infrastructure. Slagin Parakatil, principal at Mercer,
is responsible for the research. “A city’s infrastructure – or rather the lack thereof – can considerably affect the quality of living that expatriates and their families experience on a daily basis. Access to a variety of transport options, being connected locally and internationally, and access to electricity and drinkable water are among the essential needs of expatriates arriving in a new location on assignment. A well-developed infrastructure can also be a key competitive advantage for cities and municipalities trying to attract multinational companies, talent, and foreign investments.” ➲
INTERNATIONAL DESTINATIONS EXAMINED
DUBLIN Hays 2016 Global Skills Index:
Pluses for companies • Very low corporate tax rate • Flexible, buoyant labour market • Businesses generally optimistic • Schemes to encourage Irish professionals who have been working overseas to return
Minuses for companies • Talent mismatch • Skills shortages prevalent across IT, construction (including surveyors, engineers and architects), life sciences, technology
MADRID
Cartus 2016 Global Mobility Policy and Practices Survey: Spain No 10 in list of new countries to which employers have been sending assignees over the past two years. Immigration a challenge.
Beatriz Carro de Prada, BRS Relocation Services: “Challenges for employees include bureaucracy and obtaining places in international schools. Planning ahead and assistance from relocation experts with local knowledge are vital.”
14 | Re:locate | Spring 2017
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