“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