2024 global mobility mid-year trends and insights

Not long ago, we shared the Regional Global Mobility Trends in EMEA. It's always interesting to see the perspectives of various service partners across the global mobility industry. Today, we're looking at trends shared by Intermark Relocation. In their 2024 Relocation Trends and Insights, they offer us 5 interesting points to consider as we look around the world and our industry. Here are their mid-year trends along with a few thoughts:

1. Addressing Demographic Shifts: There's a talent shortage in many industries, driven by Baby Boomer retirements and declining college enrollments. This compelling businesses to offer increasingly generous relocation packages and mobility benefits to help with recruiting, attracting, and retaining employees. We talked about this in a previous post: Can mobility help solve the skills shortage and talent crisis? Needless to say, we definitely think that mobility can make a difference in the “talent crunch”.
2. The Rise of Voluntary Relocations: Flexible work arrangements have prompted employees to voluntarily relocate to locations with lower living costs, proximity to loved ones, or better work-life balance. Companies are adapting by offering mobility policies that accommodate these moves. Plus's experience is similar, and we've had many clients respond to an increase in “handraisers” and those wanting to “de-locate”. A while back, we published this article: Remote work options motivating employee relocation. It's worth a re-read, especially if you have questions about salaries and taxes!
3. Evolving Accommodation Preferences: The demand for flexible accommodations with dedicated work areas is rising due to remote and hybrid work. There's also a growing trend of "bleisure" travel, blending business and leisure. However, this is also causing a shift in housing needs and preferences, something that we've been seeing since before 2022. Home buyers want places that mix work and play
4. The Shift Towards Personalization: This year, personalized relocation solutions are the most important element of mobility. Experiences tailored to the specific needs and preferences of individual employees are becoming a necessity to land key talent. This means personalizing relocation support for everyone from interns to remote workers, digital nomads, and especially executives. The one-size-fits-all approach has become increasingly outdated, and what employees want today is support that actually considers their individual situations and family structures. We couldn't agree more! The data we're seeing from our Point C technology, which allows everyone to choose their own move benefits, is showing overwhelmingly positive satisfaction results from employees who get flexible support. We also talked about this trend just a few weeks ago, asking: What Do You Have to Offer to Get People to Relocate?
5. Expats’ Favorite Destinations: The 2024 Expat Insider report by InterNations ranks the top 10 countries worldwide for expatriates. Scoring takes into account quality of life, ease of settling in, personal finance, and more. This year, the top 10 list included Panama, Mexico, Indonesia, Spain, Colombia, Thailand, Brazil, Vietnam, Philippines, and the United Arab Emirates. If you want more details about the survey, check out Insights Into the Expat Experience

Let us know if these trends mesh with your own mobility experiences this year. What else are you seeing as we push through the second half of 2024?