The world is transitioning to post-pandemic life, and both leisure and corporate travel are forecasted to make a steady recovery amid significant pent-up demand. Similarly, in the realm of global talent mobility, international moves are likewise expected to gradually regain momentum. Nevertheless, the ongoing challenges posed by the pandemic have presented a new set of complications for talent mobility teams around the world.
Markets across the world are experiencing the worst inflation in decades, prompting fears of an upcoming recession. Regional governments have begun to implement policies aimed at prioritizing local workforces, leaving the stability of some expatriate positions unsettled. At the same time, major shifts in employee priorities have presented new considerations around talent retention, particularly for companies looking to kick start overseas assignments once again.
In the face of these challenges, how then may employers better prepare themselves for the challenges of cross-border mobility and talent retention that will impact the future of work?
Manage macroeconomic challenges through regular compensation package reviews
While global travel continues to pick up around the world, it remains hard to say if we are truly on the path towards an economic recovery. Headlines in recent times have largely been dominated by warnings of rising inflation rates driven by supply chain imbalances, which have threatened to set the global financial market into a major recession. This has been corroborated by ECA International's latest Cost of Living research, which saw a global year-on-year median rate of inflation of 5.8%, up from 1% a year ago. This has driven up the cost of living for expatriates around the world, particularly across factors like rental costs, utilities, and petrol.
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