In an ever-evolving corporate landscape, flexibility is and always has been key. This is even more appropriate for policies that stretch across borders and overseas. Flexibility is also key to remaining competitive, improving constantly, and achieving objectives across the business. Your global mobility policy is crucial for ensuring success, so reviewing this and additional elements of your international relocation programme should be a continuous priority.
Why are Policy Reviews Important?
Reviewing your policies is no mean feat, so you may be wondering why exactly this is so important. A global mobility policy review can take many forms, including discussions with current placements to ascertain where there is room for improvement, updates to adapt to renewed business objectives, and flexes to accommodate new regulations for overseas employees.n.
Attracting Talent
Attracting top talent that fits your business values is notoriously difficult in a post-Covid work landscape. As a result, appearing attractive to new talent should be an objective of your company at all times. Businesses should review their global mobility policies against competitors to shed light on any areas for improvement that potential employees could be noticing themselves.
Flexible approaches will ensure your programme and policies are as good as possible, and this is a huge draw for new talent. A company that is constantly reflecting and checking in with its employees is one that we all want to work for.
Employee Satisfaction
Similarly, improving your policies constantly will benefit your current employees rather than just attract new ones. Retaining valuable members of staff, especially when they are spread around the globe, is perhaps more key. This reflects your business as a whole – if employees are constantly in and out of the company’s doors, it’s evident that something needs to change. When sending employees abroad to sunnier shores, businesses need to ensure that they are dedicated to staying with the company rather than finding something better in their new destination.
Evolving Business Objectives
Businesses should never be static and rarely are. Pivots happen constantly, with focuses switching to different departments or values. What “success” means to the company may change as a result, and therefore the objectives of the global mobility programme will flex too. Policies should be constantly reviewed to ensure that they align with the priorities of stakeholders in the company. This is the only way that investment in such a programme can be guaranteed for the future.
Ensuring Compliance
Regulations, from visas to tax, are constantly changing to adapt to the conditions of the world. It’s essential to stay up-to-date and on top of legal compliance, even on short-term assignments, to stay within the guidelines of governments across the world. Any hiccups could severely impact the employee experience, no matter the scale, and this could have consequences for their well-being and the future of their time at the company. What’s more, this could jeopardize the future of the mobility programme in that destination. It’s always better to be safe than sorry.
What to Review?
The benefits of reviewing your global mobility policies should now be evident. But you may be wondering where to start. There are a number of basic principles to review in your international relocation documents and processes to go about making new implementations.
Value & ROI
Managing costs is, of course, one of the biggest priorities for companies with global mobility schemes. However, cutting costs cannot be as simple as cutting benefits for employees. Companies should investigate what they’re buying into and what the return is rather than reducing services immediately. Balancing business needs and costs is crucial, and business culture should always be considered a valuable asset.
Compliance & Regulations
As mentioned above, checking international legal and governance compliance regularly should be a priority. This will ensure that all internal processes follow the most up-to-date laws, removing any obstacles for current and future assignments. This also goes for tax compliance, ensuring that benefits for employees are delivered in the most cost-effective way for the business.
Competitor Benchmarking
Another powerful review stage is to compare the business’ global mobility policies with competitors. Your competitors are vying for the same talent that you are, so stay informed on the benefits that they’re offering their workforce. View the companies as though you are a current or potential employee, as this is the perspective you are fighting for.
Gerson Relocation is an expert in international relocation. We are specialists in providing global mobility advisory services, programme management assistance, and much more. Get in touch today to find out how we can help your business.
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