Tuesday, April 12, 2011

Talent Mobility 2020: The Next Generation of International Assignments

Hi Everyone, If you are interested in trends and predictions for global mobility, you might be interested in last year's Price Waterhouse Coopers (PWC) report entitled, Talent Mobility 2020: The Next Generation of International Assignments. If you missed it then (like we did), here are some of the highlights we just read about:

* Global assignments are expected to increase 50% by 2020. Compared to the last decade (1999-2009), which saw only a 25% increase.

* Many countries’ populations are aging, and as a result many of those economies face talent shortages.  Collaboration between businesses and government is inevitable in order to address the gaps - and people will likely continue working past today’s typical retirement age.

* Additionally, by 2025, the world’s 30 most highly populated cities will feature new cities not even listed in 2007, edging out cities such as London and Lima.  These newly listed locations can provide a new pool of talent, attracting companies to these places.  Company host locations are expected to increase 50% by 2020.

* Three main categories of employees will exist by 2020: Baby Boomers, Generation Xers and Millennials.  The demands and needs of each group vary widely, which will require organizations to adapt and become more creative with their mobility strategies.  A quick summary of these groups in 2020:

Baby Boomers: Many will put off retirement, despite having achieved their career goals, and continue working to ensure financial security through retirement.  Traditional expatriate assignment packages will likely continue to be the norm for this group.

Generation Xers: This group will have reached a peak point in their careers, particularly in terms of income, but also want to secure retirement and perhaps fund their children’s education.  Higher-profile positions will be most attractive to this generation.  In terms of international assignments, some may prefer a traditional path, while others will look for something more flexible, such as short-term or commuter-type assignments, to fit their personal lifestyle and priorities.

Millennials: They see international assignments as vital to personal growth and will likely make up the majority of expatriate employees.  They will pursue opportunities abroad if those opportunities are more attractive than what their home country might offer.  Personal interests and goals take importance over monetary rewards in choosing assignments, and most millennials seem to believe global assignment in their career is inevitable.

* Because of these changing dynamics, by 2020, very few international assignments and packages will look as most do today.

* Technology will be important for companies to utilize, but it will not ultimately remove the need for people “on the ground.”  Businesses that adapt with technology will attract young workers, versus organizations that do not.

* Social media will continue to influence and change work-life boundaries as employees use blogs, social networking sites such as Facebook, and other similar mediums in their everyday lives.  As a result, these blurred lines will cause employees’ personal privacy to become an issue.  Businesses will need to make clear distinctions to offset this and other potential issues of increased technology usage.

To read the full 36-page report, please click here: Talent Mobility 2020: The Next Generation of International Assignments. Happy reading! Andrea

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