Three ways global mobility can help to attract and retain key talent in the midst of the "Great Resignation"

I know, I know, I know...there is a "Great Debate" on whether the "Great Resignation" is going to be a real thing. While there are numerous surveys sharing that seriously high percentages of employees are interested and willing to move on to a new position at a new company, even willing to completely change industries, there are others that are very skeptical about those numbers and predicting something dramatically different. What is your take from where you sit?

The combination of hiring back as we move out of "pandemic economy" mode along with the re-shuffling we are hearing about — especially for lower- and middle-level employees who may be feeling burnout or a lack of opportunity for moving up or who are currently caught at a wage level they they think they can improve upon — has us looking at a record level of job openings. Here in the U.S., job openings rose at the end of May to 9.2 million jobs, according to the Labor Department, which is a high water mark dating back to 2000. 

I'm not sure just how great the percentages will end up being, but without a doubt, this current environment has changed things for workers, and they have some new opportunities to consider. I think there will be quite a bit of movement and this article from HR Exchange is exactly how I see it. With regard to the data, the article points out:

"The fact is, while 4 million quit in April, more than 6 million were hired. According to Indeed.com’s Hiring Lab, job postings have been higher than pre-pandemic levels since March, leaving workers with a vast array of opportunity. It’s only natural that many will want to strike while the iron is hot, fearing the market may be different before the end of the year."

As companies continue to evaluate and consider how best to structure their work models, while also listening to the feedback from candidates and existing employees, global mobility teams have an opportunity to get creative in developing options that will help to attract and retain the talent they need to be successful. 

Here are three ways global mobility can help to attract and retain key talent in the midst of the Great Resignation, no matter how great that really is:

1. Increase your "flex quotient": Increased flexibility is possible for every program and can even be done without increasing costs! No matter where your program is at (lump sums, tiered, core-flex, etc.), it can get even more flexible by either adjusting the approach or adding in additional options for relocating employees to select. Design a program that adds increased choice and control and has candidates saying things like, "What? I never knew that could be a relocation benefit!" or "Really, I can choose from all of this? It's up to me?" For more details, check out this previous post: "Would "true flex" in your mobility program help to attract and retain talent?" The solution could also support the program in ridding itself of time-consuming and expensive exceptions.  
2. Consider supporting hand-raisers: For new or existing employees who will work remotely, or even for those working in hybrid situations, many are looking for "new digs" that provide better home office space or are in less costly locations. The company may not need them to relocate, but they want to move. Maybe you gain an advantage by offering some level of support for them to move, even if the distance is short, rather than losing them and starting over? This is bound to appeal to remote work candidates or for existing employees in high cost locations that just want to move a little further away to a less expensive community and gain a larger accommodation. Some refer to it as a "de-location policy" while others just reference it as a "self-initiated policy." Either way, here is some further food for thought on how it could provide an advantage in this new war for talent.
3. Add developmental assignments to the mix: Employees, especially younger employees (Gen Z and Millennials), want more "learning and development." LinkedIn’s research found that roughly a quarter of Gen Z and Millennials say learning is the number one thing that makes them happy at work, and over a quarter (27 percent) of Gen Z and Millennials say the number one reason they’d leave their job is because they did not have the opportunity to learn and grow. Virtual and short-term assignments, leadership or high potential development programs, job trade programs and commuter assignments can all be tapped to support developmental opportunities for employees that will engage and retain them.

There is much to consider. The environment is ripe for innovation. Looking for more food for thought? Try browsing our Trending Topics page and consider checking out these recent posts:

• You can make mobility work for you in a hybrid world 
• Here’s where you should start your DE&I journey
• What are the key global mobility trends halfway through 2021?