Today’s global workforce is rapidly evolving into a talent pool without borders. Companies are attracting talent from around the world and are expected to increase their levels of mobile talent by 89% in the next two years (PwC). As the Customer Success Director at MOVE Guides, I increasingly see best in class companies reviewing their legacy global mobility processes in order to adapt to a dramatically changing workforce.
Below, I have highlighted some of the top global mobility trends that we have witnessed amongst our customers that are re-shaping the industry and redefining the global movement of talent.
Cost Control / Compliance Risks
Recent studies found that 75% of HR teams say cost control is the top mobility challenge (Cartus) and 64% of companies have paid avoidable compliance fees for mobility (EY). These figures are only expected to increase as mobility rates continue to skyrocket and as businesses begin to expand into emerging markets with even higher compliance risk.
Global mobility teams can manage these trends by leveraging technology to track spend, estimate costs, account for tax implications precisely. Additionally, ensuring a great employee experience is not only great for engaging employees, it is also cost effective. According to Canadian Employee Relocation Council, 5% of assignment fail, up to $10mm in lost cost for a large mobility programs. Therefore, provide employees with the resources and tools to engage with their new company and that make them excited about moving to a new city.
Agility in Talent Mobility programs
One size fits all no longer works for mobile talent policies. As global mobility increases, employers must recognize that different groups of workers require difference needs and benefits for a successful relocation. Assignees crave the opportunity to define their preferences and choose from a wide range of benefits and options. This helps employees meet their personal and professional needs while companies ensure equitability without overcomplicating their suite of policies.
Cloud-based systems like MOVE Guides’ Talent Mobility Cloud have helped our customers provide flexibility to employees with configurable technology for shaping unique policy and access to information from any device, anywhere and anytime.
Align business objectives with global mobility goals
A recent Deloitte study found that 88% of respondents said it was important or critically important to align their global mobility strategy with the organization’s business objectives. That said, the same study found that only 2% reported that their global mobility is currently aligned with their organisation’s strategic business objectives (Deloitte).
Employee experience should also be viewed as an asset to your company and key tool for developing senior management. Companies should seek to optimize their mobility processes and ensure that this translates to a great employee experience. For example, some companies are already leveraging mobility as a competitive advantage in the war for talent, turning it into a key component of a great talent acquisition and retention strategy.
Organizations are dealing with more and more internal platforms that co-exist and share data automatically to create seamless and homogenous processes. These systems cut the need for countless spreadsheets and email chains that spread key data all over the place, so that all stakeholders can access information from one central hub.
Companies can use APIs to share information, streamline processes and avoid having to export data to Excel to move between platforms. Leveraging this type of technology across functions will fundamentally change the way global mobility teams perform their jobs and allocate their resources.
Talent mobility is becoming more and more important to attract the right talent for the right location. This helps companies match supply and demand, and develops a generation of future leaders with global competencies and networks.
For example, a recent WSJ article highlighted that “nearly 40% of CFOs at the largest 1,000 public and private companies in the U.S. have worked abroad.” The experience of submersing oneself in a new environment can help people become more adaptable to new situations, educated on different markets and open-minded about viewing the world through a different lens.
If you would like to learn more about how we are helping organizations like Adobe and Societe Generale to set their global talent for success, get in touch here.