“There is still anxiety about certain locations in continental Europe,” said Stephen M. Chipman, chief executive of Radius, a Boston-based consulting firm that advises countries exploring global expansions. “Companies worry about German law. They hear nightmare stories about hiring people in France, and not being able to get rid of people. These worries weigh pretty heavily.”
In following the Brexit decision over the last several months, this is the first real positive news that someone has mentioned in a while. The ability to either take advantage of a decent cost savings in labor appeals to most companies, even if the future is uncertain.
Stephen Chipman and his teams at Boston-based Radius have helped a lot of US companies set up their European headquarters in the United Kingdom especially London, and they are understandably concerned about what to do in the wake of the country’s referendum to leave the European common market.
CEO Stephen Chipman and his teams at Boston-based Radius, have helped a lot of US companies set up European headquarters in the United Kingdom, especially in London, and their clients are understandably concerned about what to do following the country's vote to leave the European common market.
A recent survey conducted by the Economist Intelligence Unit on behalf of American Express found that countries around the world are looking to increase trade with the U.S. According to these U.S. business owners, international business is on the rise, too.
Barry Armstrong conducted this live interview with Radius CEO Stephen Chipman on his popular radio show The Financial Exchange.
For companies that want to export their goods or services to the Middle East, the situation may quickly become complicated for those that establish a sales office and want to open a bank account for purposes such as cutting payroll checks.
The United Kingdom's recent vote to leave the European Union (EU) could have implications for global organizations and their HR teams and could potentially affect recruiting, hiring and employer branding for those organizations.
Britain's vote to leave the European Union is already taking a toll on some small U.S. businesses, with canceled tour bookings in New York and U.K. retailers cutting back their orders from American suppliers.
David Reichert is Director of Product Management at Radius. His focus is on human capital management, including global human resources, global payroll, and advisory solutions. Radius manages global payroll in countries worldwide for companies of all sizes and in all industries and has developed a cloud-based software platform for delivering global payroll to its clients in a user-friendly way. Reichert has 20 years of experience in startup ventures creating and launching consumer and business web applications.
The vote for Britain to leave the EU sent shockwaves through global markets and the value of the pound fell to a 31-year low against the dollar this week. But Katie Davies, senior director of advisory services at global growth expert Radius, said that American companies should avoid “knee-jerk reactions” to the ongoing uncertainty.
The Brexit, once almost unthinkable, is here. From personnel to taxes to currency allocations, multinationals are scrambling to realign their corporate policies to the new reality of a post-European Union Britain. The turmoil spells opportunity. “There will be a whole heap of work related to policy and treaties that need to be rehashed,” says Katie Davies, senior director in the advisory group at consulting firm Radius.