The best corporate relocation programs reflect not only the company’s culture, budget and recruiting priorities but also changes in the external environment. Here are a few of the external trends that you should consider in developing or refining your global mobility program.
Millennial Challenges and Opportunities
It’s no secret that the Millennials have surpassed the Baby Boomers as America’s largest generational group. The distinct preferences and needs of this group is already reshaping mobility programs—particularly in those industries that employ a large number of younger people. There are many words used to describe the millennial generation, but one thing that directly impacts business is the total integration of technology into their lives. With their practice of blending professional and personal time, they are more willing to answer business calls after hours from their personal mobile devices, and enjoy having access to their work 24/7 even if they are not always on the clock. Given this, they won’t automatically see the need to relocate to do their job. On the other hand, Millennials are typically more connected globally, and more cognizant of cultural differences. They might have an easier time adapting to international moves than previous generations.
We now have more collaboration tools readily available than ever before. This means that your talent and mobility specialists can work more closely together to create relocation packages that meet the needs of the organization and the candidates. This helps to advance the company’s recruiting goals and significantly reduces the down time between the initial interview and the physical relocation.
In the last few years, we have seen major changes in the way we define family. To retain their edge in recruiting and retaining talent, companies continue to update relocation policies to reflect their employees’ lives and needs. Married same-sex couples are treated the same as heterosexual couples for relocation purposes. There is more variation in policies for unmarried couples, whether same- or opposite-sex. Companies are considering the needs of single-parent households, who may have more childcare concerns, and multi-generational families where elder care is an important factor.
These are just a few of the corporate relocation trends that we are seeing. In general, candidates are reprioritizing the things that matter most in their work environment and placing health and happiness at the top of their list. To attract the best talent, companies will need to be flexible enough to tailor their relocation benefits to meet the needs of a more diverse range of candidates.