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Companies invest a significant amount of money and time recruiting and onboarding top talent for key positions. Therefore, it makes sense to invest in retaining valuable employees, particularly during a time when the job market is in the hands of the employee versus the employer. With the onset of remote work and an increase in international job opportunities, professionals’ job searches are no longer limited to the local area — borders are no longer boundaries to finding work. This means companies are more likely to lose their top talent if they fail to meet evolving employee expectations; among the most prominent of these expectations in today’s remote work era is flexibility and the freedom to relocate.
Companies must facilitate global mobility for both their existing talent and future employees. In fact, a lack of flexibility and the inability to relocate are two top reasons for employee turnover.
Has your company considered implementing a global mobility policy? Use these best practices to get started.
Benefits of implementing a global mobility policy
- The cost of replacing an individual employee can range from half to two times the employee’s annual salary. Replacing relocating talent with new hires who agree to remain permanently in one location may seem like the smart move financially, but supporting your existing talent through the relocation process instead could end up saving you millions.
- Allowing global mobility increases employee engagement and enhances employer branding, which in turn helps attract talent. It also works to create happy and loyal employees — the best brand ambassadors.
- Implementing a policy ensures employees know the rules involved in the relocation process. They must be aware of the timeframes, if your company will support them with the costs, and any other important information that eliminates the risk of any potential misunderstandings.
How to implement a talent relocation policy
Develop a policy that functions as a step-by-step guide to the relocation process
Include specific details about the legal implications of relocation and your role as a company in the process.
How to get this right:
- The policy should outline initial rules around receiving permission for relocation, such as how long in advance the employee must let the company know and what paperwork is required, if any.
- Define exactly how long they can spend in another location if planning to relocate temporarily.
- Clarify if there will be changes to their salary and benefits.
- It would also be useful to list specific locations where you would not recommend employees move due to complex labor or tax laws, or any other important considerations.
Support the relocation process with resources and expertise
Clearly defining the ways in which you will support your talent during their relocation facilitates the process and makes the transition easier.
How to get this right:
- Define a timeline a road map that specifies what each phase of the process looks like so that both parties know exactly what to expect.
- Clarify whether you will help the employee with necessary visas, provide expenses for travel, or assist in navigating local tax laws.
- If you have in-house experts, put them in touch with your relocating employees so they have local support as needed.
- Provide access to external experts who may be able to provide support that your in-house experts cannot.
Encourage open communication
Regularly and thoroughly communicating with employees helps companies maintain an inspired and motivated workforce, especially those relocating.
How to get this right
- Ensure your company and your relocating employees share the same expectations and goals throughout the process. Be open to receiving ongoing feedback from your team, and then integrate that feedback into your process the next time one of your employees relocates.
- Provide the right tools to support communication: Use video conferencing platforms, chat apps, and project management software to stay connected.
Offer flexible scheduling
As flexibility plays a key role in talent retention, ensure your employees know they have the freedom to organize their working hours according to what works best for them in their new location, as long as they remain productive.
How to get this right:
- Encourage managers to implement regular check-ins where performance is measured and discussed to ensure employees are using this flexibility to remain productive and engaged during their working hours.
- If your employees have relocated to a different time zone from the rest of their team, work with them to ensure they feel supported and involved in the company culture and ongoing projects.}
All the legal and tax implications involved in relocating employees can be daunting. Globalization Partners’ AI-driven Global Growth Platform™ can help you maximize your capacity to retain relocating employees. Our platform automates key functions like international entity access and payroll setup, as well as employee status changes — all while maintaining compliance with country-specific labor and tax laws, so you can focus on scaling your company.
Related content:
Up Your Retention Game: Ways to Reduce Employee Turnover in 2022 and Beyond
5 Strategies for Retaining Your Top Tech Talent
