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.