Dive Brief:
- While the world waits to see the full impact of Brexit, the British Pound has dropped, giving US companies a chance to grab top UK talent at a 20% discount, says Tom Foremski at ZDNet. This 'silver lining' also means that companies with operations in the UK can reap the benefits of this temporary cost savings.
- Formeski talked with Stephen Chipman, CEO of the Boston-based Radius, a company that assists organizations with international expansion. Chipman says there's no need to worry yet, because it may take years for Brexit to create any real movement in talent as things are sorted out.
- Chipman also told Formeski that he expects UK companies to become acquisition targets by US companies due to the cost savings of using British talent, especially at a time when talent shortages are rampant.
Dive Insight:
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.
The question is, "Do UK companies have the types of talent available that US companies need, such as those in STEM markets?" If this is the case, then there is a true gold mine to be had. The other thing to consider is that there will be additional talent available as expats return home from EU terminated contracts. Will there also be restrictions placed on where UK talent can work, as Brexit is formalized? The 'wait and see' approach may be why many companies are still not taking any real action.
