Companies are at risk of losing talent because of failures to mobilise their workforce effectively according to research by EY.
The firm’s 2024 Mobility Reimagined survey canvassed the views of more than 1,000 global mobility professionals across 21 countries on the benefits and challenges organisations face when developing mobility strategies.
It found that only 25% of employers have a fully developed mobility function, even though 64% of employee respondents around the world say they’re more likely to stay with their current employer after a long-term global assignment.
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Nearly all (92%) employees believe such experiences can be “life-changing” and 89% say international mobility is essential for business continuity and resilience, edging up from 74% last year.
Gerard Osei-Bonsu, EY global people advisory services tax leader, said: “From economic volatility and geopolitical crises to talent shortages and rapidly changing employee demands, companies are having to navigate an unprecedented number of complex challenges.
“If organisations want to survive and thrive in this new working environment, they need to attract and retain top talent. Having an effective international mobility function and program in place is critical to creating a dynamic and empowered workforce.”
Despite the significant benefits that mobility programmes bring to companies, many are facing a growing number of risks and challenges when establishing global mobility functions.
Seven in ten respondents (71%) say cross-border risks – including tax/regulatory and data privacy risks – have increased over the past two years, mostly due to the pandemic and ongoing geopolitical and economic challenges.
Many organisations are not fully prepared to manage all the risks they face. For example, while 84% of employer respondents recognise data privacy risks from hybrid mobility arrangements, only 55% have policies in place to mitigate them.
In addition, 46% of companies responding use a centralised mobility operating model, which is often siloed from the rest of the business, creating a raft of communication, collaboration, and technology-related challenges.
Maureen Flood, EY Global Mobility Reimagined leader, said: “It’s clear that businesses do understand the value of international mobility, not least for the impact it can have on the workforce and wider business resilience.
“With robust policies in place to address risks, the right level of investment, and by ensuring that the function isn’t siloed, mobility can propel businesses forward and help them face the many challenges that the future surely holds. When organisations adopt an evolved mobility approach, they reap much greater rewards.”
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