Global Mobility can actually be used as a tool for developing top talent in your organization. Read how MOVE Guides can support your investment in your employees and increase your ROI.
Despite being the talk of the town in global mobility at the moment, relocation as a tool for talent management appears to be a challenging concept for many companies to implement. There are two key dangers which can spoil the benefits of sending budding talent abroad – watch out for these pitfalls:
The potential for great ROI can be dampened if relocation costs are not controlled properly. Lavish support and endless exceptions do not necessarily equal a more successful relocation – especially for young professionals. Gen-Y talent values experience which is a great virtue that businesses should harness. By allowing millennial talent to have a hands-on relocation, you can not only keep your costs down but it will also give your employees invaluable insight into the workings of local life – knowledge that will serve them well in supporting your company in the host location.
Many times relocatees return to their former roles when they return home or are slotted into poorly fitting roles as an afterthought. Having invested in cultivating new skills and cultural experiences, it is key that companies utilize their employees' new skills to experience the benefits of the investment. Likewise, the repatriation process should be managed thoughtfully – employees who report feeling “forgotten about” when returning home are highly likely to move to a new company in less than 6 months. Likewise, happy relocatees tend to become "lifers" in the company (and successful ones too).
How can relocation support talent management?
People & Timing
Young professionals who are hungry for experience and enjoy culturally fluid lifestyles are extremely well-suited for international assignments – in fact, they expect and request international assignments more than any other demographic. Developing your talent earlier promotes more years of return on investment and more opportunities for that to grow exponentially in the future.
Studies show that individuals who have positive relocation experiences are much more likely to remain with the company in the long run. That means it is critical to your investment to move your employees not only cost-effectively but also in a way that fits with their expectations and preferences to protect your investment.
How does a lump sum policy support talent?
Young professionals with notably different behaviors and preferences than their predecessors respond positively to a lump sum policy because it enables them to have autonomy, choice and hands-on experience.
Millennials want to be empowered to make decisions for themselves and enabled by great technology – a fundamental component of their lifestyles. With MOVE Guides, your young talent can plan autonomously, engage with content and book services without suffering the productivity loss associated with endless hours of Googling in search of information and services.
In fact, while a typical relocation eats up 130 hours of productive work time, with MOVE Guides, employees typically spend 10 - 20 hours planning their relocation. This equals a large reduction in cost for the business as well as a much more positive experience for the employee - illustrated by the fact that 99% MOVE Guides customers say they would recommend MOVE Guides to a friend or colleague who is moving.
The future of talent management through relocation has three main pillars for success: cost-containment, policy alignment and engaging technology to support an easy, user-friendly process.
Interested in finding out more? Get in touch to setup a demo and learn more about relocating your talent.