Today, deploying talent easily and efficiently across borders is a key competitive differentiator.
Not only does employee mobility enable companies to expand into new markets, it also creates a unique opportunity to attract, develop and retain a company’s most critical asset – its people.
This summer, the RES Forum and MOVE Guides ran a joint survey with 80 multinational market leaders to uncover the most important talent mobility trends facing the 21st century organization. The survey also examined the latest technology trends that are helping companies align their talent and business objectives.
The results were shocking. When asked how effective their talent mobility program was, 0 percent of respondents said it exceeds expectations, and only 18 percent said it meets expectations.
Additionally, 25 percent of companies stated that talent mobility was the most time consuming and complex of HR functions. It scored higher than learning and development, recruitment, reward and performance management, combined.
Despite the huge investment in moving talent across borders – estimated at $150 billion annually, companies aren't equipping their talent mobility teams and employees with the tools and resources necessary to deliver a great mobility experience and position their global talent for success.
When asked about the three biggest challenges with their current talent mobility program, 64 percent of the respondents stated high costs, 62 percent compliance risks and 51 percent too many points of contact. This is no surprise considering that most companies still use email and excel as their core program management tools, which are far too manual, prone to error and fragmented for the increasing complexities of modern mobility.
In an era where technology is helping companies improve efficiencies, lower costs and drive global success, almost 72 percent of companies participating in the survey stated that they don't use cloud technology for talent mobility management and 43 percent don't use any type of technology solution at all.
Those that have shifted their legacy processes into the cloud are already reaping the benefits. Societe Generale, one of the oldest and largest European financial services organizations, recently partnered with MOVE Guides to leverage their international experience and innovative technology to manage their full mobility program more efficiently.
Before using MOVE Guides, there was no visibility of total costs per move, HR and financial processes were manual and decentralized, resulting in complicated internal recharging, invoicing and expenses. Today, Societe Generale's transition to modern mobility has enabled their teams to streamline time-consuming processes, consolidate reporting, simplify payments and, most important, enhance the employee experience.
The survey validates this case study. Of those companies that use technology, 76 percent agreed that they can better manage compliance risks, 69 percent stated that they can better optimize programs costs, and 76 percent confirmed that administrative tasks have been greatly reduced.
Companies are expanding internationally at momentous rates, and being able to easily deploy talent across borders is no longer an option.