The pace of change in Global Mobility is accelerating like never before. Companies today are in a seemingly perpetual state of review, refinement and development of new mobility policies to meet the rapidly changing demands of their businesses and transferees.
What is driving this transformation? It is already a modern cliché to say that the “new generation” of transferee is reshaping the mobility landscape through different needs and expectations. While this may be true in part, the accelerating trend towards multi-policies and flexibility is due to many factors not strictly generational, including:
- Continued alignment of global mobility to overall business and talent management strategies;
- Business units desire for maximum flexibility and customization, often driven by Talent Acquisition and Recruiting;
- Persistent demand for cost containment and reduction;
- Technological revolution and 24/7 accessibility giving rise to the ability to be more productive remotely and on a commuter basis;
- Rise of the gig economy;
- Barriers to relocation including family reluctance and assignments to difficult locations.
As a result, many companies are “tiering” or segmenting their policies to accommodate the diverse and evolving nature of their assignments. Common policy segments include duration (short-term/long term/indefinite), by region, by location, and/or by strategic purpose which may include filling skill gaps, knowledge transfer, training, talent development or employee-initiated, along with different approaches to compensation and relocation benefits for each.
As a result, we are seeing traditional 1-5 year “Expat”/ Long Term Assignment (LTA) policies recede as just one of several approaches. In fact, many companies now start with the idea of Local, Commuter and/or Short-Term arrangements, only utilizing a traditional LTA policy if the precise circumstances warrant.
TUNE IN SEPTEMBER 20TH FOR A SPECIAL WEBINAR!
To provide an overview of these trends, Bristol is proud to lead a webinar in cooperation with Worldwide ERC in which we will explore the applications of the classic LTA policy in its modern evolving form as well as the circumstances and structure of so-called “Alternative” policies including:
- Local-Plus, Local and Permanent
- Extended Business Traveler (EBT)
- Short-Term Assignment
- Developmental / Early Career
You will come away with a deeper understanding of global competitive practices and where your company stands in relation to them. Please join us by registering through the following link:
Talk to Bristol!
Bristol’s Consulting department routinely assists our clients in evaluating, benchmarking and improving their mobility policies to meet the specific requirements of their unique businesses. For a deeper dive into your own policies, please contact your Bristol account director to discuss how we may assist you or reach us at email@example.com.