Today marks World Population Day, an annual event recognized around the world to bring awareness to the most important global issues. As a global mobility company, MOVE Guides prides itself on creating a global market that allows talent from around the world to move between borders in a more efficient manner and helps companies to expand their global mobility programs through technology. Our office also reflects the importance of this cause with a team of expats from around the world working together to make mobility easy for all.
Global mobility will undergo a seismic change over the next five to seven years. According to PwC, global assignee levels have increased by 25% over the past decade and there will be 50% growth in mobile employees by 2020. As these trends take root and as the workforce continues to see great value in global opportunities, immigration policy must also follow to ensure that businesses can grow and succeed with their global talent.
Another trend to watch for is the next wave of global workers—Millennials. This demographic was born amid rapid globalization and have a strong appetite for working abroad. According to PwC, when asked, 71% of Millennials said they wanted and expected an overseas assignment during their career. As they become the new majority of the global workforce, it is imperative for immigration policies to reflect the economic needs of multinational corporations and to create a platform for companies to remain competitive in the global talent war.
To participate in World Population Day, the World Economic Forum published a powerful and honest article by Ian Goldin, director of the Oxford Martin School on “What if rich countries shut the door on immigration?” He notes the serious impact that closing borders and decreasing migration flow would have on the global economy. He warns against the damage it would cause to a wide range of industries that depend on open immigration such as hospitals, agriculture, transportation and most notably high tech.
“If you look at the US, more than half of the start-ups in Silicon Valley are founded by migrants, as well as many of the most iconic firms – Apple, Google, Yahoo, PayPal. Migrants account for more than three times as many Nobel laureates and Academy Award film directors as native-born Americans. Developed countries cannot afford to lose them,” noted Goldin.
Globalization is changing the world, creating opportunities to drive economic growth and the workforce is eager to follow trend. Modern careers are no longer drawn by national boundaries. Success and competition in today’s globally interconnected world depends on building large global capabilities and networks, most often acquired across borders.
Another point made by Goldin is “… if rich countries were to admit enough migrants from poor countries to expand their own labour forces by just 3%, the world would be richer, according to one estimate, by $356 billion a year. Toronto is made up of over 50% immigrants and it is consistently ranked as one of the world’s best cities to live in. We need more data, and less hearsay.”
Global mobility trends and new workplace demographics are dramatically changing workplace expectations and goals for success. Opening the door to a much larger talent pool is what drives global economic growth, and companies, big and small, can attract and retrain the best and brightest talent from around the world. This is a win-win solution for all parties involved and has the power to promote economic expansion, strengthen businesses and create a pipeline for the next generation of global leaders