Looking for the essential data to guide you through the intricate world of global mobility? Every quarter, AIRINC publishes Data Points, offering detailed insights from our global cost-of-living research.
Stay Informed
As a professional in the field of mobility, staying abreast of global developments that impact mobility is crucial, given the rapid pace at which the world changes. Depending on certain situations, companies may decide to approach mobility in a different way and implement policy changes. Think about COVID for example. Suddenly, domestic and international remote work became the primary focus as a value proposition to attract and retain talent, along with more business flexibility, and greater emphasis on the employee’s choice. A well-informed mobility expert is the best partner for the business and all stakeholders, plus will ensure a great employee experience for assignees!
Adjust Compensation Packages
Align expatriate compensation with current inflation rates and currency fluctuations to maintain purchasing power and financial stability. Expat allowances are affected by inflation and exchange rate changes. Regular data updates are key to ensure assignees are not losing out. Please consult with your data provider to discuss the frequency of your data updates and determine the best approach. It is also important to make sure your assignees and business partners understand what the allowances, such as the COLA, are intended to do. And how home and host inflation may impact these allowances along with exchange rates. Exchange rate can be a counter-balancing factor to inflation when you think about COLA.
Leverage Technology
Utilize tools like AIRINC’s allowance calculators and Assignment Cost Estimator to manage and predict mobility expenses effectively. Cost predictability continues to be the top request from business. With the help of advanced calculators, enhancing cost predictability becomes achievable. Mobility is challenging the external market to deliver technology that meets its demands. More and more companies are implementing an Assignment Management System (AMS) to create operational efficiency. It is also important to learn about AI and how it can be used alongside human interaction. The 2024 AIRINC Mobility Outlook Survey revealed the two biggest areas of opportunity for AI are more efficient operations — which would allow mobility to have a more strategic focus — and easier access to more information for mobility experts.
Consult Experts
Work with global mobility consultants to navigate tax changes, social security reforms, and other regulatory shifts impacting expatriates. They are here to help you! With mobility becoming more complex, you are often asked to provide input on many different types of assignment including immigration-only cases, remote work, business travelers, and to solve complex cross-border issues. As a true advisor, you are involved in more strategic discussions and need to be able to rely on internal and/or external experts and outsource where possible.
Plan for Contingencies
Develop flexible mobility strategies that can adapt to sudden economic or political changes, ensuring the wellbeing of expatriates. Think about emergency leave when the war between Ukraine and Russia started. Lots of assignees needed urgent evacuation. It is important to be prepared and to have a policy in place that covers emergency situations to ensure no time gets lost. Being an excellent mobility expert is not an easy task due to the complexity of mobilities responsibilities. Delivering an exceptional experience for all customers is key!
Stay tuned to our blog. Data Points quarter three will be released in October.
