Jennifer Connell, Director of our Americas Consulting practice, discusses the survey’s key findings, the importance of flexibility and agility to successful workforce mobility and the lesson we can all learn from high-growth companies when it comes to employee relocation.
It’s ten minutes packed with mobility news and statistics you can use.
More qualified home buyers are being left on the sidelines simply due to their credit scores. That was the big takeaway from the recent Mortgage Bankers Association (MBA) Expo and Conference, where David H. Stevens, President & CEO of the MBA, warned that the secondary market is negatively impacting mortgage affordability and availability, increasing costs for borrowers and even preventing many from obtaining homes, and stifling a full-blown market recovery.
The current average credit score in America today is about 700, while the average credit score of a borrower with a loan backed by Fannie Mae in Q1 2014 is 741. On top of these strict credit criteria, there are loan level price adjusters, overlays and ever-increasing guarantee fees. In this system, according to Stevens, only those with the most pristine credit can afford a home. This clearly indicates that while credit availability for mortgages may have improved since the recession, homebuyers still face “credit challenges.”
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With recession in the rearview mirror and real estate markets performing at pre-recession levels, companies are preparing for a new wave of expansion. Needless to say, workforce mobility is playing an increasingly important role in this growth.
But there are new challenges to be faced in managing mobile workforces, requiring a broader range of flexible mobility strategies to address faster-shifting business goals, widening employee demographics and the need to deploy talent faster and more cost-effectively.
Our recently-released 2014 Workforce Mobility Survey shines a light on some of the strategies companies are using to increase flexibility, keep employees mobile, and prove agile enough to seize opportunities wherever they arise. The following infographic, which draws from our survey results, gives a concise overview of how companies are dealing with the changing pace of workforce mobility.
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Our Consulting Services group has been getting a lot of questions regarding lump sum programs and, in particular, the amounts provided to employees and what types of employees are best suited for lump sums.
While lump sums can be easy to administer and allow companies to be flexible to the needs of the employee, they are not the right approach for everyone. For the most part, they are best suited for employees with fewer relocation needs—think interns, millennials and new hire graduates, three groups which we see a lot more of in today’s mobile workforce. However, it’s important to know whether a lump sum program is tailor-made for your organization’s needs and budget.
Because companies define lump sums so differently and the components that are offered vary so significantly — something that was reinforced by the responses to our 2014 Workforce Mobility Survey — there is limited data on exact amounts and the benefits that the allowance is intended to cover.
With that in mind, here is my playbook for determining the appropriate lump sum allowance for your company: Continue Reading →
Our annual Workforce Mobility Survey provides a comprehensive snapshot of the state of workforce mobility across North America. It’s designed to shed light on how organizations are leveraging workforce mobility to support talent management initiatives. It also gives organizations critical insight into emerging trends, best practices and demographic shifts that they can leverage to maximize the value and efficiency of their mobile workforce.
Our 2014 edition has recently been conducted and the results are being analyzed. In the meantime, I wanted to share some of the key findings from my initial read through the data:
Talent remains at a premium. “Talent Shortage” was ranked among the highest external (78%) and internal (60%) factors driving the need for a more agile workforce.
I was recently interviewed for an article on the topic of divorce for Mobility Magazine, and it occurred to me that in 20+ years working in the global mobility industry, I have never been asked to approach this question from a strategic viewpoint.
Sure, there have been the one-off situations that needed a customized resolution, but from a policy perspective, discussions of divorce and death are typically taboo or an after-thought. No one really wants to think about these possibilities when considering an assignment.
Nonetheless, it is a subject that needs to be addressed when one considers that the number of marriages ending in divorce in the USA still hovers around 50%. Certainly the stats alone validate the need to address the issue formally.
There are many complications to divorce in general, and especially when a relocation or international assignment is in process. Here are some important factors to consider:
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We were very proud to learn that Weichert Workforce Mobility has made the shortlist for the Re:locate Awards 2013/2014. Presented by Re:locate Magazine, these awards are recognized as a benchmark of excellence across all aspects of relocation, both in the UK and internationally.
What makes this nomination so rewarding is that we are sharing it with one of our clients. Weichert Workforce Mobility and Reckitt Benckiser have been shortlisted in the “Best HR/Supplier Partnership” category, which speaks to the successful, synergistic relationship that has been forged between our companies.
In the highly competitive global consumer products industry, “speed over perfection” is Reckitt Benckiser’s philosophy. The company uses a 70-20-10 development model and considers global assignments critical to building the talent they need to grow their business. As Reckitt’s trusted partner, Weichert provides the seasoned expertise and agility that not only accommodates the company’s 70-20-10 model but enables them to deploy global talent at the speed their business demands. Working together and learning from each other’s cultures, Reckitt and Weichert have built a strong successful partnership that has advanced the client’s growth strategy.
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2013 was a year of amazing growth and achievement for Weichert Workforce Mobility. Perhaps the most notable highlight was the rebranding of our company, the first step in a global business transformation designed to position Weichert as the industry leader in workforce mobility management. This transformation will also give us the bandwidth to ensure that we can help our clients’ mobility programs advance their overarching talent management strategies and business goals.
Our latest publication, 2013: A Year in Review, provides greater insight to how we continue to embrace and celebrate the attributes that make us unique among our competitors, and how we leverage those distinctions to deliver real value to our clients and their mobile employees, maximize stakeholder experiences and create more Great Days at Work for our global colleagues.
You can download a copy of 2013: A Year in Review here.
Latin America has become a hotbed of talent deployment activity. But with great opportunities come equally great challenges. In this podcast, we’ll examine what the majority of respondents to our recent Latin America Mobility survey indicated as their greatest challenge: managing payroll and tax compliance for employees being relocated into this region.
Our subject matter experts include Andrés López-Llamozas, Manager of International Tax & Compensation, and Laura Levenson, Director of our global consulting practice.
You can listen using the audio player below, or by downloading the episode here.