Will banks have to offer financial inducements to encourage people to relocate to European offices after Brexit? HSBC’s experience in Birmingham suggests it’s a possibility.
The British bank is reportedly offering cash inducements of £2.5k to any of its employees who can persuade someone to relocate from London to its office in Birmingham, where it’s reportedly struggling to fill 500 “specialist” roles in its retail bank due to a shortage of skilled staff locally.
HSBC’s Birmingham move predates Brexit. – When Britain parts from the European Union, HSBC intends to move 1,000 traders and related staff to Paris. However, HSBC chairman Douglas Flint has previously used the bank’s experience of shifting staff and operations to Birmingham to illustrate the issues likely to arise as a result of Brexit. Earlier this year, Flint said it took the bank three years to move a thousand people from Birmingham to London, suggesting it would take even longer to move businesses to Europe.
One way for banks to smooth the Brexit relocation process could be to offer direct financial inducements to staff who relocate out of London. There’s no sign of this happening yet, but with talent already tight in popular post-Brexit locations like Dublin, paying London-based staff to emigrate would seem to make sense.
If £2.5k is the going rate for persuading someone to move to Birmingham, how much would be required to induce you move to Dublin, Frankfurt or Paris? Let us know in the polls below (we’re assuming you’d get the money yourself rather than as a reward for persuading a colleague).
Photo credit: Frankfurt by barnyz is licensed under CC BY 2.0.
Photo credit: La Défense by Arslan is licensed under CC BY 2.0.
Photo credit: amsterdam by Maurizio Mori is licensed under CC BY 2.0.
Photo credit: Dublin by Roberto Taddeo is licensed under CC BY 2.0.