How Brexit is making businesses think globally

Filed under Blog

Wednesday, 19 September 2018

 

Whatever side of the Brexit debate you sit on, an uncertain market is never good for long term business plans – though it is during these challenging times that good business leaders find new opportunities. 


It’s been more than two years since Britain voted to leave, but the business community continues to feel in the dark about the type of relationship we’ll have with the EU post-29th March 2019. This is driving more business leaders to consider the possibilities of global expansion beyond European waters. 

The uncertainty surrounding Brexit may be ongoing, but the UK Government has indicated plans to strengthen relationships with traditional allies, most notably the United States. Whilst a free trade agreement is high on the government’s agenda, even without one, the US is a very attractive market for a recruitment agency to look to expand into new and lucrative markets. 

According to Staffing Industry Analysts research data, there are over 26,000 staffing firms in the UK verses 19,000 in the US, keeping in mind that the population of the US is five times larger. These statistics compared to the size of the temp staffing market in the US at $134b, verses $48b in the UK, show the potential for growth in this sector. 

There are many advantages to expanding into the US, including less market saturation, opportunities for specialisation and often greater margins. Though, to balance the equation, compliance and regulations are far more complex to navigate in the US. With 50 states all varying in taxation, employment laws and other regulations, not to mention the more litigious culture of doing business in the US, remaining compliant and avoiding mistakes is difficult and time-consuming.

These challenges can be navigated by partnering with the right Workforce Management company, such as Precision Global Consulting (PGC). We help to make the complex simple by taking on the legal responsibility and day-to-day admin of workers on your behalf, letting you focus on your core business needs. If you’re interested in expanding into the US and would like to find out more about how we can help, please feel free to discuss with our team at sales@pgcgroup.com.


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