New research underscores the importance of global mobility, not as a mere workplace perk but as a vital catalyst for growth among UK businesses. A recent report from Localyze, a leading online global mobility platform, has highlighted the considerable positive influence that promoting employee mobility across international borders has on both business expansion and productivity.
The report titled ‘The ROI of Global Mobility’ suggests that initiatives such as relocations and workcations are not just advantageous but are essential business investments. These initiatives can notably amplify productivity, enhance employee retention, and subsequently, elevate profits.
A significant 39% of business owners and senior leaders have recognised a direct link between encouraging employee mobility worldwide and a surge in company profitability. Notably, Localyze’s findings reveal that relocated employees, backed by 78% of the businesses surveyed, exhibit superior performance and a heightened dedication to their respective businesses. This enhanced commitment stems largely from the manifold benefits that global mobility brings to employees. It nurtures trust and loyalty, with 66% indicating that such employees have witnessed personal growth. Additionally, 70% have verified that relocation opens up avenues for career advancement. This becomes pivotal for companies striving to retain the crème de la crème of talent in an intensely competitive marketplace.
Expanding Talent Pools Through Global Mobility
A noteworthy 51% of businesses have also expressed that global mobility significantly broadens their talent acquisition scope on an international scale. While venturing into employee mobility beyond borders might seem like a strategy only feasible during thriving periods, especially considering the average UK relocation cost stands at £18,493, Localyze’s research suggests otherwise. The anticipated financial advantage of recruiting an international employee for UK companies is approximately £39,646 annually. This translates to businesses witnessing over a 2X return on their investment in the inaugural year of the employee’s tenure. If the employee remains for a subsequent year, this return exceeds 4X.
Hanna Asmussen, co-founder and CEO of Localyze, articulated, “Relocations and workcations are indispensable business tools that fortify the financial foundation, enrich organisational culture, and elevate business efficacy.”
Scott Leishman, Raft’s Chief People Officer and erstwhile talent leader at renowned companies like Skype and Google, commented, “Investing in cross-border mobility is synonymous with investing in human resources – the cornerstone of every enterprise aiming to evolve and innovate. This research substantiates the fact that the talent pool is adopting an increasingly global mindset. To be the preferred employer, adapting to this evolving paradigm is imperative.”
A Glimpse into the Future of Work
In wrapping up, Hanna emphasised, “The upcoming work landscape transcends the confines of offices, homes, or even national boundaries. It is characterised by global, mobile, and boundary-less features. This is the direction in which the workforce is gravitating. More importantly, it is a requisite for businesses aiming to expand, ensure robustness, and onboard top-tier talent. This becomes all the more pivotal as corporate leaders reflect on the bygone challenging year and set their sights on 2024.”
To read Localyze’s report, ‘The ROI of Global Mobility’, visit https://get.localyze.com/roi-global-mobility