Policy Development

It’s the Year of Adaptability. Are Your Global Mobility Policies Ready for 2024?

Back in 2021, Benefits magazine wanted to know the trends our team expected that year in global mobility policies. Our answer back then, in the height of the pandemic, was what we dubbed the Year of the Pivot. Our crystal ball indeed played out as our own clients and companies around the world shifted their global mobility programs to adapt in a new world.

In the years since the pivot, we’ve seen an ushering in of what we call the Era of Flexibility. Our own studies, and those of other industry leaders like HRO Today, continue to point out what mobility HR leaders have come to accept: Recruiting and retaining top talent in global mobility assignments increasingly hinges on meeting potential assignees where they are.

So here we are at the start of another year. What do we expect global mobility policies to prioritize in 2024? In a word: Adaptability. We expect 2024 to be a Year of Adaptability for global mobility in three important areas – Artificial Intelligence AI, DEI&B, and Flexibility. Here’s what to expect.

Embracing the Broader Value of AI

Sure, many human resource departments are using artificial intelligence to review resumes and screen candidates. Some are exploring Chatbots to field Q-and-A with recruits and potential global assignees.

Embracing more fully AI’s role in global mobility policies is not long in coming. HR expert Josh Bersin predicts that, “AI (and generative AI in particular) is going to radically change the HR Tech landscape.” Gartner recently reported that more than three-fourths (76%) of HR leaders it interviewed believe that if their organization does not adopt and implement AI solutions soon, they will fall behind others who do.

What AI brings to global mobility leaders is an efficient and cost-effective way to generate a flexible relocation and assignment solution custom made for each transferee. What assignment and relocation offerings, for example, would be most useful to Bob Smith, versus those Susie Jones would value most?   With an established menu of potential offerings (and budgets), AI can propel forward-thinking mobility leaders into a progressive use of AI technology that meets individual needs while remaining equitable.  HR and Global Mobility professionals can also look forward to an age when AI analyzes the immigration, legal, tax and compliance considerations for individual employees like Bob and Susie.

By leveraging AI, customized policies can be generated more quickly, cost-efficiently, and provide an individual essential support for a successful relocation or assignment.

Adapting to a Renewed DEI&B Commitment

The headlines are ominous. “Why Business Leaders are Pulling the Plug on DEI” in a recent Forbes article. “Diversity Policies Face Full-Out Attack” writes The Guardian. “How Corporate America is Slashing DEI Workers” from a recent ABC News story.

The headlines might lead one to believe that diversity and inclusion were merely corporate social buzzwords that have met their demise. We would argue this is not the case, and the headlines are creating a buzz. From our CapRelo vantage point gleaned from working with business leaders worldwide, we see 2024 as the year Global Mobility programs fully integrate DEI&B initiatives.

Rather than pulling back on DEI&B efforts, we have seen mobility leaders exhibit a maturing in how they approach the goals of workplace diversity and inclusivity. Evidence of this is found in updated Global Mobility policy offerings that are flexible and multi-pronged in such a way that individual diversity is supported during one of the most exciting times of their career. In fact, our research found that most (63%) respondents have updated their relocation policies with the goal of improving DEI&B, with a goal of greater flexibility.

A Platform that Enables Flexibility

And lastly, in 2024, we expect to see HR teams continually adapt their global mobility policies to address their candidate’s most significant success factor: flexibility. Companies that can give their employees the flexibility they demand, while still meeting business cost and operational parameters, will be the winners in global mobility talent retention.

“Companies want to ensure that their employees are getting mobility services the way they want to receive them,” says CapRelo CEO Barry Morris. “We know that different people want different services in different ways, and it is important to have a flexible mobility program that will meet their needs.”

Flexibility spans many aspects of a global mobility policy.  However, at the core of a flexible global mobility program is that it meets the employee’s expectations. Just as there is no one-size-fits-all relocation these days, there’s also no single set of benefits that will meet the needs of all employees. Flexibility must factor individual differences into all aspects of mobility, from housing to family support to travel policies.

One of the biggest challenges HR leaders face in implementing flexible benefits packages, however, is the lack of technology infrastructure to support it. Just as employees demand flexibility, so too do HR teams demand the technology to manage it. Those who turn to CapRelo’s CompanionFlex platform find a user-friendly tool that structures a flexible global mobility program that not only provides an individual experience. CompanionFlex also provides reportable usage data that can be analyzed to identify areas for improvement.

If you are looking for more best practices to improve your mobility global mobility policies this year, contact us. CapRelo’s seasoned global mobility experts work with companies around the world as they navigate the complexities of global mobility.