Two-way talent flow projects to become a staple of the modern workplace in 2020
Millennials are often on the receiving end of blame for ending long-standing trends. According to countless listicle articles, millennials ended traditions such as casual dining chains, cereal, homeownership and many more.
But if millennials are cited for ending trends, they should be credited for increasing the demand for international experiences. According to a 2012 study from PwC, 71% of millennial workers believed working on an international assignment would help them in their future careers. In fact, talent mobility is expected to grow even more this decade.
This mindset has led more and more companies to set up mobility and immigration programs and it further indicates global talent is a two-way flow.
Here is what you need to know about two-way talent flow
What is two-way flow?
According to a new report from Envoy INSIGHTS, two-way flow is the idea that global talent consists of both inbound and outbound global mobility. This means companies aren’t simply bringing high-skilled talent into the U.S. Companies are also sending U.S. employees on overseas assignments.
Millennials often get credit for fueling this change, but every working demographic has requested more overseas assignments. Even late-career professionals want the opportunity to work outside the U.S.
5 reasons driving the desire for global opportunities
According to a 2015 Mercer report, there are five common reasons workers desire global opportunities.
- Career development/opportunities
- Discovering new countries and cultures
- Higher compensation long-term
Retention is also key
Human resources teams recognize that international assignments help employees gain experience in their daily work. There’s an ever greater benefit for HR teams in today’s competitive talent landscape.
Global mobility programs will be important tools for both talent acquisition and retention. HR teams know that today’s young workforce are job hoppers, meaning they’ll leave their job within a short amount of time. According to the 2018 Deloitte Millennial Survey, young workers do not hold strong loyalty to employers. In fact, 43% expect to leave their jobs within two years. The numbers are higher for Gen Z, as 61% expect to leave their job within two years.
This is where a global mobility program can help increase retention. Companies that utilize these programs are showing that they want to invest in career development, and younger workers are more inclined to stay with an employer offering these types of opportunities.
Some companies may see rotation programs as a complex and expensive perk. However, there is ample opportunity for innovation. Large companies can take a page from small- and medium-sized companies that are leveraging global mobility programs in a cost-efficient and scalable way.
Learn more about the concept of two-way talent and how companies are leveraging global assignments in The Global Talent Imperative, the latest report from Envoy INSIGHTS.
About The Global Talent Imperative
The Global Talent Imperative is the latest report from Envoy INSIGHTS and draws on data and research to examine the evolution of the talent function and the methods in which companies are leveraging global talent. The report not only highlights key trends driving high-skilled migration and innovations in talent mobility, but presents best practices for talent engagement and retention for your own organization.
About the AuthorMore Content by Erik Prado