How will Brexit Impact Interim Executives? : “Leaving the European Union will be a process not an act”
Over the last week, the result of the referendum has been thoroughly discussed and we thought to pass on some insights that have been shared with us.
In the closing hours of voting on the EU referendum, the pound had risen as high as $1.50 as the market, government and bookmakers alike predicted a vote to remain.
The result on Friday morning shocked the market, causing slumps in stocks globally, the US$ went as low as $1.32 but recovered to $1.36. Although the general view is that this uncertainty will be bad for business there is an alternative, more positive view.
Some are saying the ‘Brexit’ outcome itself does not have to pre-determine our prospects. It may be that the decisions made in the coming months, provide a chance to rethink our economy, which will allow us to emerge stronger. It could be that by addressing policies that have impaired aspects of our economy for decades, we could rectify problems that may have been neglected in stronger times. If the world economy of the 19th century was driven by Europe, the 20th century by the US, the 21st will be driven by the East and we should set up ourselves to optimise on those emerging markets (Lord Digby Jones, 2016).
With respect to the interim market, our view is that although there will of course be an impact, but with it a huge opportunity:
- UK austerity measures may be relaxed by a new Chancellor
- A flight to quality is already underway and clients want to secure not just good talent but the best talent
- Companies may freeze permanent hiring in the short term and the interim solution provides the flexibility and deep expertise required to help navigate (optimise) these uncertain times
As Lord Simon Wolfson, Chief Executive of Next, said – “We must seize the opportunity to reform our economy and forge a healthy, outward-looking relationship with the rest of the world…If we can put the vitriol of the past few months behind us, and adopt the right policies, there will be few countries better placed to prosper.
We are here to seize the day and look forward to the opportunities ahead.