The firm has declared the move “a vote of confidence for the UK,” amid concerns that some companies would look to relocate to continental Europe once Britain leaves the European Union.
TMF provides business services such as human resources support and payroll processing to companies that want to expand into new areas, in order to help them navigate unfamiliar employment legislation. It counts Netflix, Toshiba and Volvo among its around 15,000 clients.
The firm said: “Brexit has not been a barrier to the company choosing London, in fact, the UK’s exit from the EU could actually present an opportunity to TMF Group, given that business complexity and companies moving across borders are key drivers of its business growth.”
Despite warnings after the referendum result last June that many firms would be forced to leave London, there have yet to be any signs of a mass exodus.
In August, Deutsche Bank has signed a 25-year commitment for a new London headquarters, and other financial institutions have spoken of their desire to stay in the UK, particularly while negotiations around the terms of Brexit are ongoing.
Other overseas firms have also recently committed to new premises in the capital: earlier this year, US consultancy group McKinsey & Co agreed a deal to take a new central London office, moving from its current base.
What we’re hearing from Saunders 1865 clients is that they expect the bulk of their staff to remain in London but they are moving a few people to EU locations in case the Brexit negotiations don’t work out too well. I think the fake news is largely calculated to put pressure on the UK government to negotiate a sweetheart deal with the EU or perhaps forget Brexiting all together!
London is a fabulous place to live so it’s little wonder that people are reluctant to move out. Equally, there’s no doubt that companies must move some key talent into the EU zone in preparation for an adverse Brexit.
A daily reality for my international relocation team is persuading people on our clients’ behalf that the international move could well enhance their lifestyles as well as their careers. We show them the positive aspects of living in the destination city whilst preparing them for any potential negatives. People don’t like unwelcome surprises!
When it comes to moving people for business purposes, it’s also important for companies to provide them with first class, VIP-level relocation support to make the transition as smooth and easy as possible for them. This makes them feel valued by their employer and enhances loyalty and productivity.
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