UK Banks Scrambling to find EU School Places
for Relocating Staff
But London employees will need some persuasion to move to the Continent
In readiness for Brexit, banks, insurance companies and wealth managers are making contingency plans to relocate staff so they can continue to serve customers in the European Union. But the staff members that they are trying to persuade to move are struggling to find school places for their children in the city they might be moved to – such as Dublin and Frankfurt.
Since the EU referendum house prices in Frankfurt have risen sharply, although they had been on a rising trend before.
Prices in Dublin, Paris and Amsterdam have also outperformed those in London since June, according to an analysis by Bloomberg.
What we’re hearing from Saunders 1865 clients is this. 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. I think the fake news about mass moves away from London is largely calculated to put pressure on the UK government to soften their negotiating stance towards the EU leaders.
However, there’s no doubt that companies must move some key talent into the EU zone in preparation for an adverse Brexit. And to persuade key talent to move out of London, they need to provide the right relocation benefits and support. Our job is to help them do that.
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!
One of the primary components is great schooling for their children – and one of our roles is to help them find places in the right schools for their children. At the same time, we have to find them a rental home that’s conveniently located for work and for the school of their choice.
It’s vital that employers provide first class, VIP-level relocation support to make the transition as smooth and easy as possible for them. This makes the assignee feel highly valued by their employer and enhances their loyalty and productivity.
If you are a business relocating employees internationally, or if you yourself are being moved, be sure to talk to us.
To arrange a free consultation with me or one of my team of international relocation experts use this contact form