Minimizing Your Global Mobility Risks

Global mobility plays a crucial role in minimizing risks for companies and their employees worldwide. Back in November 2023, we addressed the concept of "How do the risks in a "super VUCA" world impact global mobility programs?" where we discussed how mobility teams and their partners work to protect international business operations from the inherent risks of global travel, tax compliance, immigration, physical safety, and other areas of uncertainty. 

And the world is only becoming more precarious. According to the BlackRock Investment Institute's latest "Geopolitical risk dashboard," a series of cascading crises has brought significant uncertainty, volatility, and fragmentation to geopolitics and markets. The report highlights the war in the Middle East, Russia's invasion of Ukraine, and U.S.-China tensions as key drivers of this heightened risk environment.

Furthermore, the 10th edition of the AXA Future Risks Report, produced in partnership with the IPSOS polling institute, sheds light on the growing perception of evolving and rising risks. This study surveyed more than 3,500 experts in 50 countries, plus a sample of 20,000 members of the general population in 15 countries. The report introduces a term that aptly captures the current climate: "polycrisis." The report underscores how geopolitical tensions, the exponential emergence of new technologies (such as generative AI), and the acceleration of global warming are no longer sequential but rather concurrent challenges.

Mercer has shared their own 2024 People Risk Report, which provides perspectives and data-based insights from the US People Risk Survey. This data is part of a larger Global People Risk study conducted in twenty-six markets across eight regions. You can explore it to see the current top 25 people risks, as ranked by over 1,024 HR and risk management professionals. They break the 25 key threats into five pillars of people risks, which include:

1. Technological change and disruption
2. Talent, leadership, and workforce practices
3. Health, well-being, and safety
4. Governance, compliance, and financial
5. Environment, sustainability, and protection

These benchmark reports provide valuable insights and reinforce the critical importance of global mobility in navigating the treacherous terrain of today's business landscape. By staying informed and proactively addressing the multifaceted risks, mobility teams can better protect their organizations and the employees they serve.

Finally, to share one last “hot off the press” resource for you, here is an article from WERC, “Crisis Management: Best Practices for When the Unexpected Becomes Reality”. It shares best practices for mobility crisis management! One of the big take-aways:

It's imperative for company leadership to conduct a comprehensive evaluation of its crisis response! Transparent conversations will help ensure future crises are responded to quickly and effectively. The response must be reviewed immediately, and also continuously, as the company grows, enters new markets, hires in and from areas not previously supported, or even adds additional product or service lines.