08 Sep Companies Set up Home Workspaces — and Other Talent Mobility Trends
The Covid-19 pandemic has drastically changed the business world, but what hasn’t changed is the importance of talent management. In fact, the pandemic has only amplified talent management’s contribution in countering the effects it has caused, especially with regard to a company’s workforce.
What has changed, though, is how HR and global mobility managers strategize in effectively recruiting potential hires and retaining exceptional talent. It can be quite a challenge to plan sustainable strategies when uncertainty is magnified by a pandemic. So many understand the need to apply a more forward-looking approach.
Here are some trends and predictions companies should look out for:
Global talent is equalized
Taking a part in the largest work-from-home experiment in history, companies are beginning to realize that location isn’t a major issue when considering new recruits. A report mentioned in HR Daily Advisor, highlights that 80 percent of its respondents still consider expanding their search for talents across borders.
Remote workforces are here to stay
Many companies that adopted a virtual workforce in response to the pandemic were surprised with the results. They now plan to execute a remote and in-office hybrid workforce for the long haul. A Gartner, Inc. survey reveals that 82 percent of 127 company leaders are expected to permit their employees to work remotely, sometimes even when they start to reopen their offices.
Gig economy is growing
Many sources have noted the gig economy’s growth over the past few years, and many individuals are more attracted to its flexible nature than the conventional 9-to-5 work. An article by Fortunly states that a third of US workers is categorized as gig workers – that’s around 57 million Americans. It does, however, have its downsides. It actually further complicates mobility packages and policies since gig workers present unpredictable circumstances. However, with high unemployment rates due to the pandemic, people are now considering taking this route.
De-location is an option
With telecommuting becoming the norm, companies have begun to consider encouraging employees to work from home. The reality that jobs are moving to the employees, and not the other way around anymore, gives companies the impression that they can reap the financial advantages of a “de-location” package. De-location doesn’t mean relocation as California Corporate Housing has learned. Many companies in the Bay Area set up work areas for their assignees in their corporate apartments.
Global mobility has a seat at the table
Many professionals admit that the silver lining from the health crisis is its push to identify global mobility’s larger role in business decision-making. Plus Relocation echoes its sentiments by further explaining that executives can take valuable insights from global mobility managers who deal with a wide range of expertise such as tax compliances, immigration issues, relocation strategies, and more.
A more inclusive workforce
With global talent becoming more equalized, talent pools have become larger and larger. If companies continue to recognize female and minority candidates for assignments, the slow progress of gender parity and minority inclusion in workforces can pace up. The entry of many millennials in the workplace is also thought to accelerate this progress. Back in 2015, Deloitte defined millennials as the more traditionally diverse generation than their older counterparts. So millennials comprising a significant portion in the work population steers companies to move a step further in creating a more inclusive workforce.
Virtual assignments on the rise
The reality of numerous expats on assignments returning home due to the pandemic has prompted the question if an international assignment would still be an attractive offer in the future. Companies who used to offer lavish relocation packages are now modifying them to cut relocation costs. Others have leveraged the viable and agile option of virtual assignments. Aligned with the current popularity of digitization, virtual assignments is considered a sustainable alternative to physical relocations.
Digitization is inevitable
Many companies knew digitization and technological advancement would become a “must-have” for many companies. They argued that without implementing automation and technologically-induced changes, a company wouldn’t remain competitive in its industry. However, many were not ready to face the anticipated disruptions it would entail. Proving their argument, companies who had integrated these changes before the pandemic now have a head start, showing other companies its value.
Relocation programs for dual career expats are increasingly relevant
According to Crown World Mobility, dual-career trends have become more relevant. Increased cost of living has pushed the two heads of many families to work to make ends meet. So when one partner decides to quit his or her job to support an assignee, greater economic consequences are felt. Global mobility leaders have pointed this issue for quite some time now, and are pushing for a more supportive relocation program to cover the needs of a dual career family.