No More Procrastination. EX Now!

In 2020, we're expecting significant change -- from AI helping with the drudgery of administration to Brexit changing the way we think about global partnerships. There is one trend that is critically important to the increasing demands of Global Mobility.

The labor market is tightening -- and many factors drive this. The industry recognizes that to stay competitive, technology alone will not win the battle anymore: talent will. The trend is in.

We're seeing that the employee experience (EX) is rising to the top of most of our clients' concerns. Sure, managing expenses and meeting timelines are essential, however, those are givens today. Competing in those areas translates to commoditizing offerings, tightening budgets, and making sure schedules are slack-free. Talent acquisition and retention are the focus, and EX is how leading firms are reaching their talent goals.

EX is how people feel and what they learn when on the job -- about themselves as much as about their work. EX is an employee's sense of the quality of the relationship one has during one’s journey with the organization. The addition of experience to compensation is so substantial that we're even seeing the rise of experience roles and departments dedicated to employee experience. EX impacts everything from recruiting efforts to the bottom line.

In a study of over 250 global organizations, Jacob Morgan found low turnover demonstrates that an investment in employee experience does pay off. Writing for SHRM, he observed that companies that focused on EX saw 40 % lower turnover, higher profits, and better stock performance. The EX trend has been in play now for over five years.

It makes perfect sense. The research case grows stronger. Younger employees demand more job satisfaction, and experience has more value than simple compensation. According to DaVinci Payments, 79% of Gen-Z and Millennial employees said that something as simple as an increase in recognition rewards would make them more loyal to their employers. Turnover has never been more expensive and employee loyalty is low and continues to fall. Ajilon reports 88% of full-time workers who changed jobs in the past two years are willing to pursue a new job opportunity, while about one third said they were actively seeking a new role (an 8% increase over last year).

Sure, compensation will always be top-of-mind. However, given the transparency into pay afforded by the web and the value millennials are putting into non-tangibles, our consultants see company culture and educational opportunity becoming the strategic EX difference-makers. On-boarding, engagement, and policy action all drive the employee experience. We're finding that how companies manage employee relocation is a significant driver in how employees assess their value to the business and their management. Employee relocation is an open opportunity to build a culture of appreciation for your enterprise.