Top 5 Global Mobility Priorities for 2024

In the four years since the pandemic began, talent mobility programs have seen relocation come to a standstill, then record move volumes, then another crash in mobility which has slowly crawled back to where we are today. If you're looking for a trip down memory lane, try looking back at some of our ICYMI posts to see the volatility. 

But today, let's look at talent trends in 2024. Here are a few interesting statements and stats from different resources:

• Mercer: In their Global Talent Trends 2024, they shared that business leaders predict a 15% growth on average. However, only 1 in 3 executives feels that their company has the talent model to capture growth this year. Additionally, 85% of investors view “people issues" as a big priority for companies to address. The “biggest challenge” in 2024 is solving for talent agility and driving sustainable people practices. Watch their recent Talent Mobility Trends webinar.
• Robert Half: Their latest research shares that only 36% of workers are planning to look for a new role in the first six months of 2024. For comparison, in mid-2023 that figure was 49%.  Many say that the “Great Resignation” is making way for the “Big Stay,” as the percentage of workers willing to remain in their current positions has reached its highest point in several years. At the same time, 55% of the professionals who said they aren’t likely to pursue a new job in the first half of 2024 would consider making a move for a higher salary. And 36% said that better benefits and perks would lead them to consider a new position. Read more: Demand for Skilled Talent report.
• Korn Ferry: The #1 talent acquisition trend they call out is the huge impact they expect AI to have on recruiting. AI will save money and time. Or in other words, AI will improve efficiencies. The focus will be on increasing accuracy and properly integrating a human touch. 
• PWC: According to some recent data from PWC, 87% of CHROs are evaluating new ways to deliver HR value at lower cost. Cutting costs is nothing new, but the modern CHRO is looking to manage costs and reinvest savings to improve the employee experience. 

And that's a great segue into what we have discovered through our 2024 Global Mobility Trends Survey. When asked to select the top 5 key priorities for their global mobility program in 2024, survey participants shared:

1. Streamlining processes and creating more efficiencies (tied for #1)
2. Improving the employee experience (tied for #1)
3. Cost Containment/reduction (tied for #3)
4. Policy work: adding, removing, or revising policies (tied for #3)
5. Aligning with talent strategy (attracting/retaining employees)

It’s the same top 5 as last year, just in a different order. Technically last year was deemed the “year of efficiencies” but looks like 2024 will continue this trend. 64% of participants agreed that they will be focusing on program efficiencies by analyzing time-consuming aspects of the function and looking at streamlining processes and creating more efficient practices. 

At the same time, they are concerned about employee reluctance to move. High mortgage rates, high rents, global volatility, dual careers, family concerns, cost of living, and the ability to work outside the office are all having an impact on reluctance. Companies will be looking for ways to entice and enhance mobility...without increasing costs! Expect to see technology play a greater role in improving employee and stakeholder experiences.

54% of mobility programs will be looking to improve cost containment and/or seeking to reduce program costs. Cost management concerns remain a top focus for companies and global mobility programs will feel the ongoing impact of high prices and economic stress. The big question will be how to balance cost and experience in 2024.