24 Dec More Companies Need to Capitalize on 60% Growth of Globally Mobile Employees 

How happy are global companies with their current global mobility structures? The need for globally mobile employees has certainly risen by over 60 percent in recent years. However,  only 18 percent of global firms are entirely happy, with 40 percent of global firms saying they do not even have a global mobility strategy. 

Faced with the reality of a global economy, where countries are connected by the internet and transcend traditional borders, companies know the crucial role global mobility management or GMM plays in their organization — how hiring the right talents from different marketplaces can add value to any company. What’s needed is a business application that manages the complete set of processes and data required to identify, justify, and manage the movement of an existing employee or the hiring of an employee who requires relocation. 

The benefit of deploying a GMM platform automates the overall business process of people movement. GMM uses advanced analytics and big data to lower the cost and friction of managing mobile employees, which allows enterprises to enter and grow markets by leveraging their people more effectively. 

Aragon Research identified and has been covering this market since 2017 and it recognizes that HR and talent management leaders need solutions that provide support for the changing needs of the global workplace. 

The decision to move an employee or to hire an employee who requires mobility can challenge even the most advanced global firms. However, talent follows opportunities, and competing for talent with scarce skills or developing internal talent by providing challenging international assignments or rotational programs will continue to be a priority for firms who desire a global presence and a multi-location strategy.

Firms often take an ad hoc approach when it comes to global mobility management. But this approach is no longer enough. The need to keep high performing employees engaged and productive while leveraging new opportunities is what’s driving the demand for GMM.

Aragon estimates that companies are spending $211 billion annually on GMM, with $11B-$15B spent on outsourced relocation management companies. 

The growth of the GMM market will be accompanied by spending shifts away from natively built technologies not fit for purpose for GMM, internal personnel, and by a large reduction in spending on outsourcing services whose functions will be automated by the GMM platform.

Therefore, while the global GMM market will experience dramatic growth, the actual costs for firms using GMM platforms will be reduced.

Here are five key trends that are creating ideal market conditions for rapid adoption of GMM solutions to overcome the traditional constraints: 

1. Increasing uncertainty in global markets, which adds additional cost and risk to mobility management.

2. Availability of emerging technologies that support relocation services augmentation or automation. 

3. Acceptance of new business models based on these technologies. 

4.  Borderless requirements for top talent tied to business strategies in selected industries. 

5. Mobility experiences closely correlated to leadership development and compensation. 

4. Borderless requirements for top talent tied to business strategies in selected industries. 

5. Mobility experiences closely correlated to leadership development and compensation. 

Companies need to evaluate its current approach to workforce management and look toward global mobility management as a replacement for expensive service contracts with accounting and audit firms. If an enterprise does not have a GMM strategy in place, it needs to take the necessary steps towards implementing one.