In an ever-changing talent mobility ecosystem, understanding the challenges and pain points is important for companies to make lasting improvements to their mobility programs.
MOVE Guides recently surveyed mobility and HR professionals to learn the current state of play of talent mobility at multinational companies. In our latest infographic, we have summarized some of the key industry trends impacting mobility and HR executives today. Themes like cost efficiency, transparency, technology adoption are on top of the agenda, and they are consistent with my learnings from advising companies on their mobility programs at PwC.
Mobility is growing
Over half of our respondents are moving more than 100 individuals a year and 15% are moving more than one thousand people a year. At the same time, the majority of respondents are actively reviewing their mobility program and policies. We see that the traditional mix of relocation policies are still in existence, but companies are examining how and when they use a different policy (lump sum, traditional assignment, relocation, etc.) in order to better support a greater number of moves a year.
Mobility is expensive and ineffective
The biggest challenge for mobility teams today is cost containment, while at the same time 59% of respondents believe that their mobility administration and delivery could be improved. This tells us that traditional methods of moving employees leave much to be improved in terms of employee experience and process. Over 60% of respondents have indicated that it is difficult to not only estimate the actual cost of a move, but also get reports and information about a move once it is in progress.
Technology use is the future of mobility
Nearly all of the respondents recognize the importance of modern technology to improve their mobility program. Almost 60% of respondents admitted that the use of technology to manage and administer their mobility program could be improved. The top areas where they see technology use delivering program improvements, include, administration and workflow efficiencies, compliance and reporting, and employee experience. With greater insight into each move, managers can better refine their policies and programs.
In the next two years, 89% of companies expect to increase the amount of employees they are relocating (PwC), which makes it more important than ever before to address the key barriers inhibiting successful mobility programs.
The role of technology, such as MOVE Guides’ Talent Mobility Cloud, will play an increasingly important role in helping companies relocate talent successfully, while improving inefficiencies, reducing costs and increasing the ROI of each move.