In a globalized and inter-connected world, where companies increasingly expand into new markets and extend their international reach, employee relocation is gaining momentum. However, many employers continue to struggle with failed foreign assignments.
To prevent assignment failures and early returns, companies should adopt holistic relocation programs, looking beyond the practical needs of expat employees such as moving assistance, lump-sum payments, and visa support. More personal and social aspects of relocation also need to be taken into consideration by employers to guarantee successful foreign assignments. Having access to social networking, events, and individuals that can provide support and information, can help expat employees to settle in abroad in a significant way. This is not only true for foreign assignees, but also relocating spouses as they also need social integration support.
A greater focus on the personal aspects of life than career aspects is especially relevant for younger generations. For millennials, who are forecast to make up 35% of the global workforce in 2020, good work-life balance, as well as a healthy personal and social life outside of work play a crucial role.
Keeping up with new trends, needs, and best practices in a fast-changing work environment can be challenging for HR and global mobility teams. However, relocation management shouldn´t be overlooked as it represents an important duty that allows companies to remain competitive. Foreign assignments not only respond to the business needs of companies, but also represent an opportunity to reward talented employees with career and personal development. Also, providing global employees with authentic experiences abroad helps them to escape the expat bubble and to feel at home.
The challenges associated with global assignments can be mitigated with smart planning and innovative solutions. Adopting self-service solutions, such as peer-to-peer support, can help employers to lower administration, reduce costs, as well as boost productivity.