The traditional workforce has seen a massive transformation after the COVID-19 pandemic. Fuelled by technological advancements, better connectivity and digital revolution, the modern workforce is more inclined towards remote or hybrid work models. An Upwork study finds that by 2025, 36.2 million Americans will be remote, an increase of 16.8 million people from pre-pandemic rates.
With employers' ability to hire high-quality remote talent and expand across borders, global mobility is becoming an integral part of today’s work culture. To thrive in an interconnected world, companies should be mindful of two things:
- Being informed about recent global mobility trends
- Drafting a global mobility program that promises an upward trajectory for growth
This article will dive into the current global workforce mobility trends, giving you insights when planning to expand across borders.
What Does Global Mobility Mean?
Global mobility is an HR function that enables an organisation to transfer employees from one location to another, across international borders, while taking care of all the tactical and logistical issues with relocation. This includes legal and tax compliance, localised benefits, setting up employees in a foreign state and providing support for their dependents.
The move can be temporary, permanent or on an assignment basis. For example, a US-based tech company identifies a highly-skilled software developer from India and hires them to join their team in the US or at a branch office in Singapore.
Global mobility provides significant benefits such as talent accessibility, building of inclusive teams, increasing competitiveness and establishing a presence in other regions.
5 Global Mobility Trends for 2024
Global mobility provides organisations with an opportunity to reap the benefits of digital transformation by seamless hiring across borders and remaining connected to one another. Let us look at the dominant global mobility trends of 2023 that can cater to these expectations and pave the way for the future workplace.
- The Shift Towards Remote/Hybrid Working Will Continue
Fuelled by the pandemic, employees have since preferred remote and hybrid (a mix of work-from-home and office) working styles to in-office arrangements. Robert Half’s Demand for Tech Talent report highlights complete remote working affecting retention rates. Almost 73% of businesses agree that remote working is limiting junior employees’ opportunities to develop new skills. Another 69% report that identifying employee issues is harder with remote working. This points to an inclination for hybrid working policies.
Companies planning to hire remote workers should consider these evolving preferences for a successful global mobility program.
- Bridging The Skills Gap
Compensation has always been considered the biggest motivator for job seekers, but there is another factor that is equally valuable—career development. McKinsey's research finds that 54% of workers aged 18 to 34 rank career development and advancement potential as a top reason for staying in their current workplace.
With continuous technological advancements, the skill sets required of employees will keep changing. As a result, organisations must find ways to reskill their workforce and stay ahead of the curve.
As per the World Economic Forum’s Future of Jobs 2023 report, investing in learning and on-the-job training is one of the most common workforce strategies that organisations will adopt to achieve their business goals.
- Build Inclusive Workplaces
In the current talent environment, fostering inclusivity fuels a culture of engagement, collaboration and innovation, enabling organisations to attain their business objectives. A distributed workforce offers the advantage of building inclusive teams, where individuals from different backgrounds can share their specific skill sets with one another. A Deloitte study proposes aligning and increasing collaboration between diversity & inclusion (D&I) and global mobility (GM) offers an opportunity to mobilise diverse talent. It helps drive individual and organisational performance on a global scale.
Companies with diverse groups have more chances to exchange regional expertise, market reviews and personal observations, which drive important business marketing decisions. Global mobility teams can help their companies realise and act upon these goals.
Research shows that organisations with inclusive executive teams are 33% more likely to achieve above-average profitability. Inclusive workplaces should also consider the representation of more women in the workforce. The same report also notes a substantial performance difference of 48% between the most and least gender-diverse companies.
- Customised employee well-being packages
Companies should consider improving the overall employee experience of global mobility. With conversations around mental health, work stress and burnout becoming more prominent, many employers wish to facilitate a healthy work environment.
In a global workforce, offering localised benefits for diverse individuals is valuable. For example, if you hire a remote software engineer from India, you must also recognise the importance of granting time off during significant local events or festivals like Diwali.
During relocation, the global mobility program's rewards and benefits package should help with housing, transportation, workspace and health insurance.
This can attract immigration implications and increase costs. 50% of employees in the Asia Pacific region feel the employee benefits are below market standards.
A global mobility program's rewards and benefits package should address immigration implications that increase costs for the employee. This can be through housing, transportation, workspace and health insurance perks.
It is ideal to partner with local vendors or employers of record to handle these concerns.
- Local and Global Compliance
Global mobility must be done in a compliant manner. While there are government-led initiatives in every country to attract more foreign investments, visa and working regulations have become more complex. Non-compliance with local rules and regulations attracts penalties and lawsuits causing reputational damage.
As the global workforce seeks greater flexibility in their work locations, the task of crafting tax-efficient, appealing and legally compliant contracts becomes challenging. To tackle this, 71% of global mobility teams offer an immigration program to ensure the compliance of business travellers. They have extensive options to design competitive packages tailored to their professionals in different regions.
From employment law to compliance, your organisation will need legal counsel while planning for expansion. These rules may further differ when employees become expats. Thus, local and global compliance is one of the key global mobility trends to follow.
How Can Rapid Assist in the Global Mobility Program
With over two decades of experience in India's evolving socio-economic landscape, we, at Rapid, possess the expertise to assist companies aspiring to penetrate India's robust economy.
Recognising the intricacies and nuances of the Indian market, we offer tailored benefits that align perfectly with your corporate vision and ensure your competitive edge. Navigating India's complex regulatory environment can be daunting, but our experts promise compliant hiring processes that mitigate risks and safeguard your company's interests.
Moreover, our platform allows engagement with trusted partners for immigration services thus simplifying the challenging task of moving talent across borders. We can help your employers with a dedicated workspace, IT support and more to make them feel comfortable even if they are away from your head office. Simultaneously, you can implement your own organisational culture and policies, such as holiday calendar, leave policy, and salary structures.
You can bank on us to seamlessly integrate your global mobility program into India's vibrant ecosystem. To know more about our services, book a demo today.