Lovewell’s Logic: What will Brexit mean for effective global reward strategies?

Debbie Lovewell-Tuck

Over the past few months, one topic has dominated numerous conversations: the result of the EU referendum. Whichever way you voted and whatever you think of the Brexit result, there can be no denying that the UK’s decision to leave the European Union (EU) will have widespread ramifications.

The true reach of the decision will only really become apparent once Article 50 is invoked and the UK begins its preparations to leave the EU. However, there has already been much speculation about the impact this will have on myriad employment-related policies and legislation. Although much will depend on the exit strategy ultimately agreed between the UK and EU, in the long term, employers may have to take into account possible changes to equality legislation and data protection regulations, which have their roots in EU law and may impact various benefits schemes, such as pensions and insurances.

For employers that operate a global benefits strategy, Brexit adds yet another layer of complexity to an already challenging task. Key issues that must be taken into consideration include differing cultural concerns and tax structures, as well as changing legislative requirements.

Employers that invest the time, effort and resources necessary to achieve a global benefits strategy will inevitably want to ensure that the end result is market leading, giving them a competitive edge.

As the summer begins to draw to a close (where has this year gone?) thoughts will soon inevitably start to turn towards Christmas and the winter holiday season. Reward and benefits professionals tasked with implementing a Christmas motivation and incentive strategy, however, must begin to get into the festive spirit now if their organisation is to be prepared come December.

The autumn also means the return of Employee Benefits Live, which, this year, will take place on 11-12 October at Olympia National, London. Find the full conference programme and register to attend.

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Debbie Lovewell-Tuck
Tweet: @DebbieLovewell