Despite some global economic headwinds and pockets of geo-political uncertainty, we’re seeing more global companies embrace strategic growth opportunities by exploring new markets, opening or expanding offices and, of course, relocating their talent.
That’s why, in the first half of 2019, Graebel experienced our strongest start in more than 30 years. In my travels and conversations, our clients and colleagues in markets worldwide also seem generally positive about their year-to-date talent mobility strategies, while they smartly navigate near-term opportunities and challenges, and plan for the long-term.
What’s driving the recent growth? We identified three mobility trends that you might also be experiencing or benefit from in the coming months:
- Increase in cross-border relocations. Companies – especially those based in more developed markets – are seizing growth opportunities in emerging markets and sending top talent to those locations or setting up new talent centers. There also seems to be a high relocation volume from markets with skilled talent pools to those with larger economies. Both scenarios drive an increased need for immigration services and international payroll and tax support, among others. As Brexit unfolds, we are certainly paying attention to the cross-border impact.
- More robust home sale volumes and benefits. Helping employees sell their home is an expensive part of relocation benefits. Different companies and industries have different policies. This year, more companies are enhancing their mobility benefits, including relocation options related to home sales, as important tools to recruit, retain and deploy top talent. We believe this has helped fuel the additional home sale volumes we’re seeing.
- Group moves that align corporate and talent strategies. More companies are moving their headquarters from expensive markets or simply expanding to more affordable markets where talent also want to live and work. This has boosted demand for group moves and related services. What’s also at the heart of this trend is that companies are better pairing their talent strategy with their corporate strategy, and this is increasingly important in a tighter labor market.
All in all, we remain bullish about what’s ahead, especially the strategic role mobility is playing in today’s companies and in our interconnected world. In fact, our clients view a mobile workforce as an important component of their thriving businesses and success. Let us know what you’re seeing and anticipating into the second half of the year and 2020!