“Connect versus Control “
Evolving Relocation Policies
How changing demographics may lead to future policy changes
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PRESENTER: Colleen Nelson, CRP, GMS
Bristol Global Mobility
“Connect versus Control “
Traditionalists Born before 1945
Baby Boomers Born 1946-1964
Generation X Born 1965-1980
Millennial Born 1981-2001
Work force Demographics
It’s the first time in history that four generations are sharing the workplace. With four generations come four sets of ideas, behaviors, attitudes, expectations and motivators.
“Connect versus Control “
Who is the Millennial?
What policy elements are important to them?
More policy flexibility
Short Term Assignments
Home leave flexibility
Dual-career support
Housing location options
Real time communication
“Connect versus Control “
Impact on Technology
Internet Users 1995 – 16 million ( 0.4% of the world’s population) 2012 – 2.4 billion (34.3% of the world’s population)
Millennials - 1st generation to grow up globally connected Accustomed to autonomy, transparency, and choice Prefer Self Service By 2025, Gen Y will make up 75% of the Global Workforce
-Forbes-
“Connect versus Control “
Impact on Technology
Mobility App Features Destination content Access to relocation documents Expense voucher submission Service provider contact information Important dates and reminders
“Connect versus Control “
Challenges & Opportunities
Challenges
Benefit packages that reflect the priorities of all generation Emerging markets will create a shift in mobility patterns Attracting & retaining key talent Demonstrating a positive financial return Enhanced technology can create privacy concerns
“Connect versus Control “
Challenges & Opportunities
Opportunities
Increase flexibility - work/life boundaries will become blurred Innovative package options will reduce cost & administration Improve tax and immigration compliance Technology will enhance HR’s ability to track activity Technology is “key” to success
“Connect versus Control “
The Next Generation of Relocation Services
Millennial Talent Types Skill set Project based Developmental Employee Initiated
Millennial Policy Types Short Term & Rotational Assignments (Intern / Co-Op) Lump Sum vs. Managed Lump Sum Core / Flex Transfer
“Connect versus Control “
The Next Generation of Relocation Services
Short Term & Rotational Assignments A building block to enhance experience High potential internal candidates and college hires Often project based Typically anywhere from 6 months to 2 years Provide short-term housing options, en route & return trips home, tiered HHG shipment optionsAccompaniment provisions in some cases
“Connect versus Control “
The Next Generation of Relocation Services
Lump Sum A common New Hire or Domestic policy component Ease of administration Millennial has control and flexibility
Managed Lump Sum Return on investment Eligible benefits include
Destination Services (Home finding & Settling-In) Temporary living Household goods shipment En Route Trip
“Connect versus Control “
The Next Generation of Relocation Services
Core – Flex Transfer Policies A level of visibility, flexibility and control Employee not burdened with budgetary constraints
Core Benefits: Temporary Living & Rental Car Destination Services Household Goods Shipment En Route Trip
Flex Benefits: Miscellaneous Allowance Home Search Trip Language Lessons Intercultural Training Home Country Loss on Auto
“Connect versus Control “
Be Mindful of Millennials
Connected 24/7/365 - make tools accessible Give them variety and structure Work-life balance is important They value peer recommendations Be purposeful & honest