What does Brexit mean for the HR and payroll industry?

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Posted:
Jun 29 2016

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It’s the question on everyone’s lips, in varied industries, not just HR and payroll.

“What next?”

Following the much debated ‘stay or go’ campaigns, 72% of the public have had their say with the majority (51.9%), deciding that the UK should leave the European Union.

With new announcements being made on virtually a minute-by-minute basis, the topic will undoubtedly dominate the headlines for months to come. But whilst the Government makes plans to negotiate Britain’s exit, many are now left feeling a little uncertain as to what will happen from here.

Brexit image

Of course nobody can say for sure how events will unfold, but the overarching message from business leaders – political persuasions aside – is not to panic.

There has been much conversation surrounding the impact on UK GDP and the value of pound sterling, for instance, but Mark Carney, Governor of the Bank of England, will undoubtedly focus on steadying the financial market so that any short term instability is replaced by longer term fiscal robustness.

As businesses, we have also survived periods of change before. We certainly emerged from the crash of 2008 stronger, smarter and more dynamic – something that can be said of a lot of organisations who now operate with more efficiency and agility than ever.

Change has also become the norm for the majority of HR and payroll professionals. The employment landscape is constantly evolving, whether as a result of EU legislation, case law, UK business trends or employees’ varying lifestyles. But with modern, intuitive, cloud-based technology, this needn’t pose a problem. Our HR and payroll software, for example, has long supported clients during periods of change, empowering them to manage any new processes and procedures that arise, so that employee engagement, retention and bottom line performance doesn’t just remain constant – it improves.

So, this might be one of the biggest developments in modern British history. However, as a nation, we’re equipped to move forward and leverage the opportunities that the exit will bring. As a profession, you have the knowledge to protect your human capital. And as a technology specialist, we have the tools to help you grow, however uncertain the wider economic environment.

There’s perhaps never been a better time to invest in flexible, configurable, cloud-based HR and payroll software. Why not book a demo?


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