Global relocation on the increase.
Finance employees are relocating more than ever before in order to advance their careers.
A new report--"2012 Trends in Global Relocation"--says that expansion into emerging markets and a shortage of locally available talent are driving the increase.
The report, published by Cartus, reveals that mobility managers who responded to the survey have witnessed a 74 per cent increase in relocations since 2010, compared with a predicted increase of 47 per cent.
The respondents name 41 separate countries as frequent relocation destinations, with the United States, China and Singapore as the top three. Over the past two years, new destinations have emerged, most notably Brazil, China and the UAE.
Despite these findings, global relocation continues to be affected by budget constraints. While those reporting an increased focus on managing relocation costs have decreased from 76 per cent in 2010, to 61 per cent, the report says this remains a significant figure. Cost considerations have led to fewer benefits for relocated employees, as well as an increase in permanent relocations.
Other obstacles include governmental regulations and the issue of attracting employees to relocate. Sixty-three per cent of the managers surveyed report that spouses or partners of relocated employees struggle to find employment. Despite the challenges of relocation, 90 per cent say career advancement is a significant motivation for employees to accept overseas assignments.
"Companies face a now familiar but no less daunting list of challenges in the accelerating rush to gain competitive advantage in an as yet unclear global economic setting," the report states. However, companies are finding ways to overcome these obstacles, and as a result global relocation remains on the increase.
The report also reveals that there has been a change in the profile of employees choosing to relocate. In 2010, young single males were more likely to transfer abroad, but this has shifted to older, more experienced employees, accompanied by a partner. The number of women relocating is also on the increase.
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|Publication:||Financial Management (UK)|
|Date:||Oct 1, 2012|
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