As our fast-paced world grows smaller and smaller through increased connectivity, the future of global mobility becomes more important for businesses seeking a competitive edge. More than ever, employees seek to broaden their horizons by moving and working in new countries.
Thus, companies need to adapt to globalization by expanding overseas. It's quickly becoming a necessity versus an option. When you take your company global, you’ll instantly attract new, skilled talent and position your company for greater growth in the future.
Future of Global Mobility & Technology
Technology is easily one of the fastest moving, innovative aspects of our modern society. It’s no surprise that technology has a huge impact on global mobility. In fact, technology has switched gears from a supplemental benefit to a driving factor in successful mobility programs.
As more and more people become reliant on their smart devices and contribute to the growth of big data collection, businesses can start to gather important information. Workforce data analytics can assist with cost estimates, demographic analysis and contribute to relocation decisions for employees.
In addition, technology leads to greater mobility overall for expatriates. Apps and web-based communication services allow employees to access information on web-based servers and communicate from virtually anywhere. As time moves forward, this mobility is only expected to increase.
Managing Compliance
Sending foreign nationals into new territories is a great way to manage your overseas teams. Hiring these seasoned travelers is also a common practice when building your international business. There’s no denying the benefits of working with diverse teams, but managing compliance can become a burden.
Don’t let compliance get you down and ruin the innovation and growth potential associated with your overseas expansion. Use a partner to help you navigate your move into a new market. A global expansion 2.0 solution such as international PEO (professional employer organization) is one of the best ways to ensure you’re managing a compliant operation.
When you stop worrying about the regulatory details, you can continue focusing on your growth strategies.
Attracting Millennials
Many employees are eagerly awaiting the opportunity to gather more stamps on their passport. Especially travel-friendly millennials. They not only want to visit new countries, they also want to work overseas. The steady increase in study abroad program popularity is a contributing proof point to this fact.
By creating international opportunities through global expansion, you can increase your chances of attracting great talent. Also, it gives you a unique competitive advantage.
If you decide to pursue international growth, make sure you’re developing a strategic global mobility program that balances employee engagement and sustainable revenue. As mentioned earlier, an employer of record (EOR) service like International PEO can help you develop a great plan of action.
Other global mobility trends to keep an eye on include:
- Risk management
- Family & supplemental benefits
- Mobility assistance programs
To learn more about the future of global mobility and how to take advantage of its benefits in your overseas expansion, give us a call today!
