According to Airwallex, U.S. businesses are setting their sights on growth despite (or maybe because of) economic uncertainty. Management Today reports that businesses are eyeing global expansion to escape the recession. In fact 70% of companies are looking to expand globally in 2023, with most of those businesses wanting to invest and grow their operations in Europe and North America (64%). Approximately one-third of those surveyed are preparing to expand into APAC, LATAM, Africa, and the Middle East. This trend seems to be driven by slowing domestic growth, with companies increasingly looking internationally for new sources of revenue.
For international growth to happen, companies must add infrastructure, licenses, and expertise, which is where global mobility teams come into play. While it may seem counterintuitive in an era of layoffs, hiring freezes, and forecasting changes, some experts say that economic downturns can present the best opportunities for growing a business. There are an increased number of qualified individuals seeking work, making it easier to get a talented pool of employees that matches the direction, vision, and needs to support company initiatives.
While there is no doubt the pandemic has irrevocably changed the world of work, corporations have largely viewed restrictions as temporary, with most (86%) global mobility leaders noting that they were only postponing – and not cancelling – new international assignments. In fact, only 20% of mobility managers predicted that the pandemic would result in a decrease in future international moves (PwC Mobility, 2020). Now, with international growth as a major goal, companies are trying to reap the rewards of international assignments and moves (#opportunity, #growth, #improved culture, #leadership development, #talent retention). In this recent article from HR Executive, "Why talent mobility must be at the heart of your 2023 people strategies", the author emphasizes that "more tech-fueled internal mobility programs could be a boon for employers seeking to beef up retention. According to iCIMS’ study, 70% of workers do not know how to progress in their careers, and more than half think it’s difficult to find and apply to open jobs internally." Internal opportunities to transfer or take an assignment are expected to be win-win situations for everyone heading into 2023. It's a theme that keeps coming up these days – see our post on global mobility that supports internal mobility...and ultimately greater retention.
Having a variety of options for supporting the deployment of talent is a key ingredient in the stew of success. Is your mobility program ready? Do you have an existing batch of policies to support cross-border movement? Short-term assignments (STAs)? Long-term assignments (LTAs)? Permanent international moves? Rotational assignments? The right person for the job may come from almost anywhere these days, so don't miss out on growth opportunities because you aren't using mobility to its full potential.
In the fall-out from the Covid-19 health crisis, national lockdowns and war in Russia, Britain’s economy is looking bleak. It’s the only G7 country with a smaller economy than pre-pandemic, meanwhile, a shrinking economy points to the start of a lengthy recession, Feeling the hit of rising costs and low consumer confidence, businesses are hoping the grass is greener in pastures new with 70% looking to expand globally in 2023. According to the research by Airwallex, most of those businesses want to invest and grow their operations in Europe and North America (64%). Meanwhile, a third of those surveyed are preparing to expand into APAC, LATAM, Africa and the Middle East.