The Growing Pains of Flexibility
Why Businesses are Bending Backwards
There is a persistent trend within the global mobility industry for long-term assignments to be replaced by a more agile and flexible approach. A recent survey showed that 80% of companies are using flexible programs, as opposed to traditional long-term assignments, and this is expected to continue. Traditionally, long-term assignment programs were designed with a one-fits-all approach. However, changes in working space, and business requirements for cost containment, have altered this approach to adhere to the desire for flexibility within the current workforce.
The combined reaction to the evolution of remote/hybrid work, employee expectations, and their desire for independence have all been major factors in this push for flexibility. As a global mobility leader, it is important that your policies reflect the desires of your employees.
Policies for Flexibility
There are several types of policies which offer an increase in flexibility. However, the approach to these policies must be able to satisfy the needs of both the employee and your business. At CapRelo, these are the policies which do just that:
The popularity of the permanent transfer is likely to remain along with the use of technology to drive down costs. However, it is important to avoid focusing only on simplification and lose sight of the benefits associated with the traditional long-term assignment.
Being Flexible Won’t Be A Stretch
Providing support to the relocating employee while still empowering them to take control over their relocation can help you avoid future frustrations. Such frustrations could include the need for further unplanned employee support, increasing future costs and a drop in employee retention/repeat assignments. With the increased willingness of employees to change careers more frequently, the role of the global mobility team remains vital to ensuring that the business is furnished with the relevant information to design and implement an appropriate policy.
As flexibility becomes increasingly important, remember to use the relocation policy that makes the most sense for your business and your employees long-term, not just the one that is most simple. Lump sum and core-flex models with permanent transfers are certainly viable options, but in many cases, so is the one-size-fits-all long-term assignment.
CapRelo is here to help your global mobility team build the policy that best fits your needs.
Contact us today for more information.