Finance and banking sectors feature heavily in anticipated post-Brexit relocations

With Brexit approaching, the media is continuously covering news stories that focus on the finance and banking sectors, often listing desirable cities to lure organisations away from a post-Brexit Britain.

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However, the possibility of organisations leaving the UK is unlikely to dilute London’s prestige as a global business centre, which means businesses are going to continue to have a presence in the UK.

In global mobility trends, there will be a relocation of some businesses, teams and personnel in the years to come, while some sectors of businesses stay within the UK. Administrating these global moves will require plans and strategies in change management.

How can change management plans be successfully designed and implemented in group situations? This is where an employee relocation company and dedicated Essex Removals Companies or those near to your business premises will become invaluable.

Employee Concerns

There is uncertainty around Brexit and Britain’s trade links to other countries. Outcomes of trade agreements are so unclear right now that any announcements for moving employees will likely be met with suspicion. Could economic climates change? Is there job security?

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According to Harvard Business Review, employees resist change because they are afraid they couldn’t grow the skills needed, such as different languages and culture adaptation.

Management and Policy

Organisational decisions are made at senior levels but consideration for employee involvement at relevant times can reduce change resistance and create a positive atmosphere.
Although it is expensive and time-consuming, incentives and negotiation can be useful. Professionals in global mobility can advise a benefits and compensation policy. A good policy takes views from top and line management, HR and the employees affected. However, affordability and the needs of the business will drive the changes.

Stalling

Employees that decide not to relocate should be supported and concerns must be addressed. Support in finding new employment could be given if they are unable to relocate. Is there job security for those who remain, and will they be required to move eventually? Is it better to move to a company that does not have relocation plans?

Timescales and Application

Specialists in global mobility need to consider the type and level of resistance, the governing power of stakeholders and their attitude to change, the information needed, and what is at stake.

Planning can happen incrementally with the participation and involvement of employees, minimising obstacles.

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