Mobility programs like any key business functions have always been susceptible to the economic shifts that can pressure teams to pivot with little notice. For program managers, the perennial challenge is balancing the day-to-day logistics of executing excellent move experiences with keeping an eye on emerging trends in order to move the course of the program toward future success.
For the remainder of 2023, we offer the following trends to watch. Begin to think about how your program might pivot in ways big or small to meet the challenges and reap the opportunities of these trends as the year unfolds.
Broadening scope and reach of sustainability goals.
Mobility program managers are increasingly charged with quantifying and optimizing the impacts of relocation activities on corporate sustainability goals. Today, these are no longer just focused on environmental impacts but also on the well-being of employees, corporate DEI&B, social and governance targets. If you sense that these efforts have gained recent momentum within your company, you are not alone. According to the Worldwide ERC’s 2022 sustainability survey report, nearly all participating senior HR leaders (90.5%) report having a sustainability strategy approved by top leadership and most respondents (80.9%) confirm that management had committed sufficient resources and funding to support sustainability efforts.
Embracing remote and hybrid work arrangements.
This remains a very dynamic trend but common practices are emerging. Vialto Partners released a comprehensive remote work survey in October of 2022 and of the 800 participating companies, 54% reported that remote work is key for attracting talent, 62% shared that it is key for retaining talent and 60% reported that it is a significant feature of the employee experience. Even as we emerge from the unique conditions of the pandemic, all indications are that efforts to accommodate remote work will continue to lean on the unique competencies of mobility teams this year and beyond.
Cracking the code of mobility ROI.
According to recent editions of Mercer’s International Assignment Policies and Practices survey, half of companies do not define assignment failure, many have a narrow definition of success and others have only limited information about the performance of assignees. This seems to highlight the need among many companies for some foundational work to truly quantify the return on their mobility investments. Benivo is committed to working with our clients to aggregate and share best practices and leverage program efficiencies to achieve optimized mobility ROI.
Understanding and overcoming emerging drivers of mobility reluctance.
There are many issues that can hinder acceptance of mobility offers but as a recent example, the increases in mortgage interest rates coupled with resilient, albeit tempering, home values in the U.S. could negatively impact the willingness of homeowners to accept relocation offers without some benefits intervention. The Worldwide ERC’s 2022 Volume and Cost Survey forecasts that the average cost of a domestic homeowner move within the US in 2023 will increase another 9% to almost $94,000, so the stakes are significant, especially for program managers facing mounting pressures to manage program costs in light of broad economic uncertainty.
Contact Benivo’s Client Advisory team today to request a free consultation. Our experienced advisors stand ready to offer insights into effective strategies for optimizing the performance of your mobility program.