Our 2014 Workforce Mobility Survey polled approximately 200 North American companies on the ways they deploy key talent.
In an effort to shed light how trends cascade across specific industries, we have created a series of infographics showcasing key findings filtered by sector. We believe this data provides good insight to how different industries use workforce mobility to achieve their business goals.
The first of these infographics focuses on an industry long-defined by heightened competition for the most highly-prized talent: the pharmaceutical industry.
Give this infographic a look. As always, for more information and further breakdown, feel free to contact us.
In a Boston Globe article discussing methods companies are using to convince employees to accept moves into Massachusetts, Ellie noted the continued critical role of relocation in driving success.
“Relocating is so vital to the growth and vitality of businesses, especially today where you see a huge talent gap,” said Sullivan. “There’s also the impact of the millennials and their appetite to experience relocation and to use relocation as a developmental tool, not only for their personal enjoyment, but to advance their careers.” According to the Worldwide Employee Relocation Council, a relocation services trade group, today’s typical transferee is 36 to 40 years old.
As companies strive for greater flexibility to respond to the increasing speed of business and broader range of opportunities, temporary domestic assignments have grown in popularity. In fact, according to the results of our 2014 Workforce Mobility Survey, more than half of companies now offer such assignments.
With their usage becoming more widespread, a number of myths have emerged concerning temporary domestic assignments. In this post, I’ll address and debunk them.
Myth: Temporary assignments only help us complete project work.
While the majority of organizations use domestic temporary assignments for project work-based needs, our survey revealed that a growing number of companies in the U.S. and Canada use them to develop future leaders and high potentials. In fact, high growth companies (companies with revenue growth of more than 5% over the past year) tend to use fewer short term assignments for “project work” and instead rely on these programs for career development purposes. Continue Reading →
– In Houston, our team partnered with Weichert Realtors Wayne Murray Properties and Weichert Corporate Housing to participate in the 2014 Candlelighters Fun Walk. This walk benefits Candlelighters Childhood Cancer Family Alliance, which provides emotional and educational support to families of children with cancer and is the charity of choice for our Houston office. Weichert companies had one of the largest groups of supporters participating in this year’s walk, and the team exceeded its $12k fundraising goal.
– In Boston, colleagues partnered with Boston Scientific to participate in and support the American Heart Association’s Heart Walk, which is the organization’s premiere event for raising funds to save lives from heart disease and stroke. Collectively, the team helped raise over $5k for this cause.
– Also in Boston, colleagues rallied to participate in a Red Cross blood drive. From our drive, the Red Cross was able to collect 14 units of blood, which will be used to save up to 42 lives.
The leading indicators weigh heavy on the positive side as summer ends and the (normal) seasonal slowdown commences. Unemployment is improved at 6.1%, 30-year fixed mortgage rates are up but still reasonable at around 4.1%, gasoline prices are at a four-year low, consumer confidence and consumer spending is up slightly and in September, the Federal Reserve committed to keeping the short-term interest rate untouched in the near term.
For employers, this indicates a generally favorable landscape for relocating homeowners and renters and the business climate in the coming months.
More good news was heard when it was reported that FHA would eliminate a prepayment penalty — the interest rate charge — starting next year. For FHA borrowers who pay off their mortgage before the end of the month, the lender is allowed to charge to the borrower the interest rate costs on the loan from the day the loan is retired until the last day of the month. So, if a borrower paid off the loan on Sept. 10, the penalty would be 20 days of interest payments. That can be hundreds of dollars. Once the change takes effect, on Jan. 21, 2015, lenders will no longer be able to apply that interest charge to the borrower. Given the track record of financing challenges presented post-recession, employers should be aware of this positive news for home buyers.
David Fennell, who is acting Chair of the CERC member board, delivered the opening and closing addresses; he also received the Distinguished Service Award (in photo), which is the second highest award one can receive from CERC.
Also, our VP of Consulting, Ellie Sullivan, presented a well-received panel on aligning workforce mobility with talent management — a topic of increasing concern to our clients.
Last but not least, Cordell Collins, Counselor in our Toronto office, was lauded by attendees for achieving the highest score in the highest level of CERC’s professional designation training program. Congrats to Cordell on this accomplishment!
On September 25, I participated in a panel discussion on workforce mobility in Brazil at a meeting of the Boston chapter of the Forum for Expatriate Management. Fellow panelists included representatives from AIRINC, Cultural Awareness International, Fragomen, Radius and KPMG.
Topics discussed included tax and compensation issues, cultural awareness and business practices in Brazil, housing, cost of living, and a firsthand account from an assignee who spent time in Brazil. In my segment, I presented the results of Weichert’s Latin America Mobility survey and discussed trends that we are seeing in this area.
The top concerns voiced by both the panelists and audience when it comes to moving employees into Brazil were:
– the lengthy immigration process
– lack of available/adequate housing for assignees, and
– overcoming cultural differences (particularly those felt by American employees taking on assignments in Brazil)
We are happy to report that Weichert Workforce Mobility was named Relocation Management Company of the Year at the 2014 EMMA Awards for the Americas region. Presented by the Forum for Expatriate Management, the EMMAs recognize excellence in workforce mobility, and are are independently judged by some of the most highly esteemed professionals in the industry.
The win was announced last night at a formal ceremony closing out FEM’s 2014 Americas Global Summit. Competitors nominated in the RMC of the Year category (for companies that manage over 10,000 moves per year) included Brookfield, Crown, Graebel, SIRVA and UniGroup Relocation.