As always, the Forum for Expatriate Management put on a great Summit last week in Las Vegas. This year we saw three important themes discussed:
- Crafting a mobility program for young talent to develop global skills
- New mobility support and preferences for Gen Y and Millennial talent
- An emerging culture of shared ownership between employees and employers
Developing Young Talent – We discussed how mobility programs can serve, not only experienced managers, but emerging leaders. Companies highlighted their goal to move younger talent more regularly, developing a pipeline of future leaders with global networks and capabilities. Both Johnson and Johnson and American Express discussed that they found that many of their moves were senior staff in recent program reviews. MOVE Guides’ CEO Brynne Herbert shared insights on how companies are using lump sum policies to move the ‘bottom of the pyramid’ (large numbers of junior staff) for developmental assignments and new hires, citing professionals services firms as good examples of this.
New Employee Preferences – Cartus presented data that 96% of all young professionals are interested in taking an international opportunity. This is similar to MOVE Guides data in our 2013 White Paper “Gen Y and Global Mobility”, where we found that 93% of Gen Y employees expect to live and work abroad in their career. We discussed the need to increasingly consider young professionals in global talent management --- tying global mobility to development plans, succession planning and retention --- and the fact that certain locations will be more popular than others. Another unique feature of this demographic is the prevalence of dual career couples. Net Expat presented data that 85% of spouses want a relocation policy that would support them establishing a career while abroad – begging questions about new types of relocation support.
Shared Ownership – An interesting theme emerged this year around shared ownership of career and mobility. Cartus spoke of the need to develop global talent pools and create proactive ways for employees to indicate interest in moving abroad, helping employer invest in the right people. Brynne Herbert discussed the shared responsibility between employer and employee that comes with a lump sum policy, as budgets are capped so employees must manage funds wisely. Juniper Networks discussed policies around frequent business travel in the US, which places responsibility on the employee for any increased tax liability. This is part of a wider shift in talent management around 360 feedback, shared goal setting and joint responsibility for benefit management, particularly prevalent for young professionals.
Get in touch today to learn how you can support your globally mobile employees to develop their careers efficiently and effectively!