“Employers will have been making emergency plans for weeks and months; employees will no doubt feel less prepared for the impact a Brexit might have on their jobs and that reality is about to hit home.” 

Employers need to be swift in reassuring staff who could feel destabilised and may be looking outside Britain for a more secure role – triggering a talent drain at a time when many companies need their core capacity the most.  “The contingency plans of some businesses may well include restructuring exercises, which could also mean redundancies – not least in the financial services sector. But this is a time for calm while everyone takes stock. The worst thing employees can do is make rushed decisions which they may later regret. 

“This could be a time of opportunity for businesses built on a sound foundation that are able to take advantage of the space left behind where others may retreat. I suspect we’ll see investment in foreign offices which could offer employees exciting new opportunities to work abroad. Employees in the sectors that will be affected immediately might want to dig out their employment contracts this weekend and update themselves with the most relevant paragraphs such as restrictive covenants and redundancy terms. 

Businesses that find themselves needing to shed liabilities quickly may be keen to negotiate settlement agreements, and it is crucial that employees take legal advice to know where they stand before entering into such negotiations. Employees who find themselves in a precarious situation – for example, having recently handed in their notice to join a business that could now be getting cold feet – should take urgent legal advice about the terms of their new job offer.”