Advantages of Moving to a New Location (Unspoken)
In the dynamic world of business, the concept of relocation has evolved beyond just a physical shift. The intangible benefits of relocation, such as cultural intelligence, growth of international mindset, and experience of diversity, are increasingly becoming key drivers for success.
These benefits, subjective in nature, determine the impact of an assignment and whether it can be considered a success. A successful assignee is one who demonstrates flexibility and emotional agility, and building personal networks and increasing visibility is crucial for creating effective, multicultural teams.
However, mobility teams face a challenge in measuring the full range of benefits that relocation offers their business. Companies, however, value soft skills like flexibility, resilience, and cultural awareness for their impact on productivity. Access to global talent pools, cultural awareness, and innovation are business areas that may significantly benefit from these intangible advantages.
A 'human-centric' approach to mobility is being advocated, emphasizing the importance of considering both tangible and intangible benefits. Measuring the financial benefits, impact, and return on investment (ROI) of assignments is important for mobility teams. Digital tools, such as mobility management platforms, can help gather tangible inputs and measure intangible benefits like employee satisfaction and cultural integration.
One such platform is Crown Engage, which features pulse surveys and feedback collection on cross-cultural integration and team dynamics. Caitlin Pyett, the Director of Account Management, Asia and Consulting Lead at Crown World Mobility, highlights the importance of tracking intangible goals through customizable widgets and configurable dashboards.
The ROI of global mobility can be measured by whether assignment goals are met, including goals related to employee performance, cultural understanding, and global mindset. Notable companies using digital tools to measure the intangible benefits of mobility include DACHSER, Vector, ETAS, and DeepRoute.ai.
The 2023 Mobility Matters report provides evidence of the positive impact of relocation on business performance. Offering relocation to employees can improve productivity, retention, and engagement. The benefits of relocation contribute to the overall success of assignments, making it a valuable offering for businesses in today's globalised world.
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