When leveraged successfully, workforce mobility can play a significant role in attracting new hires, building bench-strength and supporting succession planning protocols.
In fact, the importance of mobility is particularly strong in the APAC region, where the “perfect storm” for relocating talent exists: growth is fastest, the working population is getting older and the talent shortage is most pronounced. APAC is continuing to grow at more than 5% per annum, which is twice the average for any other region. Within the mobile workforce in APAC, the number of millennials has now overtaken baby boomers in most industries and companies
Quite surprisingly, recent interviews we conducted with mobility and HR professionals at multinational companies revealed that close to 50 percent had no formal “talent mobility” program, but all global mobility functions engage in some form of collaboration with the businesses they support.
Topping the list of mobility challenges in APAC are matters related to the family’s ability to adjust: housing, education, support of the spouse and ability for the family as a whole to adapt to the new language and culture of the host country.
Looking ahead to the future, more Asian nationals are expected to be returning to their home countries, which could certainly help to infuse these countries with a deeper resource of talent.
Our recent Whitepaper, “Talent Mobility Trends and Challenges in Asia Pacific” dives deeper into these challenges, and explores ways in which talent mobility can transform the APAC region, workforce demographics, the future of talent in the region and more. In a discussion on next steps to resolve these issues, our Consulting and Advisory Services Practice Leader, Laura Levenson, provides some best practices and next steps in addressing this talent shortage.