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Three out of four companies do not effectively manage the mobility of their human resources

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However the demand for international work experience is increasing

Τρεις στισ τσσ εισεειεινδιχερ ζοταιαελεσματικκι&nu ;ητκτηταανθνουδυνα ;ικοy τους

►          Research by EY shows that 75% of employers have not fully developed mobility functions critical to meeting the modern demands of their business and people.

►          Companies appear to be missing out on a critical opportunity to retain key talent – ​​64% of employees say working overseas would encourage them to stay in their current job.

►          71% of businesses say that the risks and scope of mobility have increased in the past two years, yet many businesses have not put policies in place to manage them.

Companies around the world may be at risk of losing the battle to attract and retain people and build business resilience because they fail to increase the mobility of their people and create opportunities for flexible work experiences, according to EY Research 2024 Mobility Reimagined.

The survey captured the views of 1,059 mobility professionals in 21 countries about the benefits and challenges organizations can face when developing and building mobility strategies and operations.

It found that only one in four employers surveyed (25%) have a fully developed mobility function, with three-quarters (75%) unable to take advantage of a truly mobile and flexible workforce.

Mobility strategy central to attracting and retaining talent

This is despite the fact that nearly two-thirds (64%) of surveyed workers worldwide say they are more likely to stay with their current employer after a long-term stint abroad, while 92% believe such experiences can “change their lives”. At the same time, 89% of respondents, up from 74% last year, believe that international mobility is essential for business continuity and resilience.

Organizations unprepared to face cross-border risks

Despite the significant benefits that mobility programs bring to companies, many face a growing number of risks and challenges when establishing international mobility operations. Seven in ten respondents (71%) say cross-border mobility risks – including tax/regulatory and personal data risks – have increased over the past two years, largely due to the pandemic and ongoing geopolitical and economic challenges, which have led workers move around the world and work in different jurisdictions, increasing companies' exposure to tax and regulatory issues and different labor laws.

It is worrying that many organizations are not fully prepared to manage all the risks they face. For example, while 84% of employers surveyed recognize data privacy risks from hybrid mobility setups, only 55% have implemented policies to mitigate them — a modest improvement from 47% last year. Similarly, while 87% of employers surveyed are aware of cyber security risks, only 46%, down from 51% last year, have policies in place to address them.

Furthermore, 46% of companies surveyed they use a centralized mobility operating model, which often operates in isolation from the rest of the business, creating a number of communication, collaboration and technology challenges.

Τρεις στισ τρεισ εισεειεινδιχερ ζοταιαελεσματικκι&nu ;ητκτηταανθνουδυνα ;ικοy τους

Successful organizations accelerate mobility with five key moves

However, many companies take action where necessary. More than eight in 10 employers surveyed (82%), up from 76% in 2023, have developed a hybrid mobility policy or approach.

There is also clear recognition of the growing importance of mobility. Eight in 10 employers surveyed (80%) say they plan to increase investment in mobility technology over the next five years, up from 67% in 2023. Two-thirds (66%) of respondents believe the range of mobility functionality will increase over the next three years.

The research identifies five key factors critical to developing a successful mobility operation:

  1. Strategic alignment: Organizations must align their mobility strategy with the organization's broader strategy.
  2. Talent Connection: An organization's mobility strategy must be leveraged to acquire and develop talent.< /li>
  3. Digital Focus: Organizations must invest in maturing, automating and digitizing mobility processes.
  4. Flexibility: Organizations should ensure flexibility in the selection of program benefits.
  5. External expertise: For greater effectiveness, organizations should outsource, in part or in whole, outsource selected mobility processes.

Commenting on the survey, Panagiotis Thrasyvoulou, Partner and Head of Human Resources Advisory Services and Riginos Polydevkis, Director of Immigration Services at EY Cyprus, said: “Increasing human resource shortages, the economic downturn and geopolitical instability have drastically changed expectations employees. In this new work environment, international mobility can provide workers with life-changing opportunities and organizations the chance to attract and retain talent, while strengthening broader business resilience. To seize this opportunity and empower their workforce, companies must invest in their mobility functions and establish strong policies to address the complex challenges involved.”

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Source: www.kathimerini.com.cy

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