Working abroad: Letter from America

When basketball hero Michael Jordan of the Chicago Bulls slam dunks for a two-pointer the whole city roars with passion – from the Sears Tower (the tallest building in the world) and the Magnificent Mile of Michigan Avenue to the blues and jazz clubs downtown and on to the sandy beaches of Lake Michigan. Chicago is the hidden jewel of the Mid-West and a great place to live.

I’ve been working here for two years now on assignment from Coopers & Lybrand to the British Consulate-General. My role as a vice-consul is to promote the UK as a European business location and to advise US corporations looking to invest there.

In March 1994, I’d been working for Coopers’ middle market tax group in London for over six years. It was time for a change. I wanted to develop my understanding of business from a broader and different perspective, and at the same time polish some of my personal skills.

I had also always fancied spending some time abroad. Coopers regularly assigns its people to external organisations and when the opportunity to work for the consulate in Chicago came to my attention it immediately appealed. It was also a somewhat unique opportunity and in an attractive foreign city. The secondment would simultaneously take me outside the firm and profession, and from the private to the public sector.

There were initially a whole range of issues to consider on both a business and a personal front. Would the assignment be a good career move and would it really address my development needs? How would I use my new experience and skills in the future? Would Coopers release and support me? What would it be like living in Chicago? How much would I miss the UK? There were two other major issues too. Would Coopers put me forward as its preferred candidate and would the Foreign and Commonwealth Office select me from the other people they were interviewing?

The firm was ultimately very supportive of my interest and recognised my desire for external development. It was also invaluable to have a single individual supporting my case and helping me take it forward. I was interviewed jointly by the FCO and the Department of Trade & Industry which decided that my age (28), current grade, Big Six background and also my ACA and ATII expertise would be ideal for the job. Once all the decisions were made, the FCO was keen to get me out to post as soon as possible and in September 1994 I walked into my new office in the Windy City.

Promoting inward investment is the key role of the consulate, working in conjunction with the DTI’s Invest In Britain Bureau. From Chicago, it covers the whole of the Mid-West. My objectives are to identify European-bound manufacturing and service sector investment and direct it to the UK.

Direct investment for the UK

The DTI is proud of its record in attracting foreign money and the many economic benefits that come with it. Direct investment, for example, has played a significant role in turning around some key British industries such as automotive and consumer electronics and in building others like telecoms and semi-conductor.

It has contributed to the regeneration of Wales, the North East and Scotland.

Some of the important economic benefits include job creation, increased output, the introduction of new technologies and management techniques, improved balance of payments, supply chain opportunities, increased tax revenues and new labour practices.

The UK is often targeted by US corporations as their EU base location but rivalry within Europe for mobile investment is getting stronger.

That said, the IBB and FCO have done an excellent job in promoting the competitiveness of the UK business environment and this is reflected by the fact that the UK is now the second largest recipient of worldwide foreign direct investment and the most popular location within Europe.

Overall, the job has far exceeded my expectations and the knowledge and experience I’m developing is much greater than I originally expected.

For example, an important function of the role is to meet regularly with senior US executives to discuss their businesses, markets and operations.

So I’ve gained great insights into both their global decision-making and their international strategies.

As well as meeting companies directly, I also market the UK by networking within local business communities, by presenting regularly at international business seminars and attending trade shows and other events. By nature the work is long-term and I’m involved in around 40 separate projects at any one time.

There are many challenges. An important part of the job is handling the numerous and varied questions raised by US corporations. These might include, for example, the implications of our Social Chapter opt-out and other policy issues like the Working Time Directive and minimum wage; the effect of the single currency and the UK Government’s stance on it; the UK’s European and worldwide distribution capabilities and so on.

Dealing with rival European locations and managing the regional competition within the UK for inward investment presents other challenges. So does the size of the territory run from Chicago. The consulate covers 18 states – an area several times larger than the whole of the UK – which means regular air travel. I now have a great appreciation for the film Planes, Trains and Automobiles, especially since the winters in the Mid-West can be long and unpredictable.

Another important role of the consulate is to develop good relationships with local politicians, public officials, senior businessmen and other key figures. This often involves bringing them together to meet with the many VIPs who come over from the UK. So far, I’ve met Ian Lang, Eddie George, Douglas Hurd and Princess Diana, to name but a few. It’s a privileged position to be in, witnessing the internal processes involved and the excellent job the FCO does in promoting Anglo-American relations.

Global outlook on life

A successful overseas assignment has to be a win-win-win situation: benefits must flow to the individual, the home firm and also to the third-party organisation. The win for me has been significant. Every aspect of living and working in a different country and commercial environment has given me a more global outlook on life. It has matured me both as a businessman and as an individual.

The win for the government is also important. I’ve brought to the consulate my accountancy training and experience, adding to the mix of skills the foreign service can offer potential US investors. Companies are both surprised and impressed with the FCO when I’m able to discuss tax, financial and legal matters in some detail.

There is also a win for Coopers. The Big Six are increasingly having to serve their clients on a globally integrated basis and it’s vital to develop staff understanding of international market issues and the whole range of business sectors. Only in this way can they bring competitive advantage to clients’ activities. Overseas secondments are key to this process since they enhance not only personal skills, knowledge and experience but also the quality and range of the firms’ services.

I’m often asked how I found the process of relocating and, to be honest, it was relatively stress-free for a number of reasons. Coopers itself has an experienced human resources team which was able to advise and assist with many of the issues. I also sought advice from others within the firm who either were working in the US or had done so before. Finding the consulate made up mostly of Brits was also a great help as there were plenty of people there to turn to. Language was obviously not an issue and both the similarity of culture and the fact that Americans are so friendly made settling in very easy.

The main thing I miss is the obvious – family and friends. But regular trips home and a steady stream of visitors has helped. I do also miss British sport, though I’m now a full supporter of all of Chicago’s main teams, the Bulls (basketball), Blackhawks (ice hockey), Bears (American football), and the White Sox and Cubs (baseball).

What’s great about living in the States is the abundance of activities out of work and the many great cities and other places to visit. It’s impossible to do it all but being in Chicago helps – in the middle of the United States, it’s an excellent travel hub. As for the city itself, one of the most convenient things is that it’s fully geared towards living downtown. Your home can be only a few blocks away from the office and at the same time close to a beautiful lake front with parks, beaches and golf courses.

One issue I was advised to pay particular attention to was keeping in regular contact with Coopers. You can be quickly forgotten and it’s amazing how much changes even over a relatively short period. It’s important to stay abreast of developments within the home division, as well as across the firm and the broader profession as a whole.

Having now met several ex-pats in the US, one of the main difficulties with overseas assignments seems to be the repatriation process. Many find it hard going back home to the UK and indeed a lot of people decide to stay overseas.

I’ve never regretted coming to Chicago. My assignment has met all my pre-set objectives and more. I’ve also had a great time and made many new friends. I would strongly encourage others who are thinking of working overseas to take the plunge. You’ll embark on an adventure that will be truly rewarding.

A word of caution, though: it’s important to establish your objectives early on and to select the right assignment. Once you’ve identified a good opportunity, go for it. It’s like Michael Jordan playing basketball: he carefully considers his move, skillfully weaves through any obstacles and then slam dunks for the prize.

Michael Economou is on secondment from Coopers & Lybrand to the British Consulate-General in Chicago.