Global mobility in the US: current trends
With the presidential election fast approaching and ripples from the UK vote to leave the European Union being felt around the world, these are exciting times for global mobility in the US.
See more features about global mobility in the Autumn 2016 issue of Relocate magazine on our Digital Issues page.
FM: As the final leg of the US presidential election approaches, what are the implications for global mobility and relocation of a change of leadership and, perhaps, the country’s first woman president?LB-S: According to the Pew Research Center, the US voters this year will be the country’s most racially and ethnically diverse ever. Nearly one in three of those eligible to vote will be Hispanic, black, Asian, or from another racial or ethnic minority, up from 29 per cent in 2012.Much of this change is due to strong growth among Hispanic eligible voters, in particular US-born youth.The US is accustomed to diversity, as currently most expatriate assignments globally are to the US. If a president is elected who embraces less diversity, we may perhaps see a decline of interested expat talent wanting to take on US assignments.Even with the potential for the first woman president and the voter population being more diverse, there is an ever-growing need to better understand our own lens of culture – how we view each other and the world – in order to live and work together effectively.
For the next question, Laurette Bennhold-Samaan handed over to Aperian Global’s president, David Everhart, who is based in London.FM: We know that the US is the single largest investor in the UK, and that many US companies regard the UK as the gateway to trading with other EU member states. How will the UK’s planned exit from the EU affect US businesses and the wider US economy? Are there signs from your clients that US companies will move their European operations from the UK to other EU member states?DE: It is still unclear what the full impact of Brexit will be on US companies invested in the UK. Some US-based firms, mostly financial services companies, announced very quickly in the wake of the vote that they planned to move jobs from London to Europe, but few have yet taken much action.Because the British pound has fallen in value, international tourism remains very strong. The overriding sentiment seems to be ‘let’s wait and see’. The disaster scenarios predicted before the vote have not yet happened, and the FTSE and other stock markets have fully recovered or are above their pre- Brexit levels.There is a growing feeling of confidence in London that, at least in the short term, the Brexit vote will have less of a negative impact than originally feared.For US companies in the UK, the best advice is pay very close attention to trends going forward, but don’t panic.