How to Prepare for Current and Future Workforces Global Mobility Wants and Needs
They say, “The future belongs to those who prepare for it today”, and we can’t help but agree when it comes to preparing for the wants and needs of our future workforce. According to a 2021 Deloitte study: By 2025, 75% of our workforce will be Millennials, of which 59% say they want to live and work overseas to explore new cultures. It comes as no surprise that given the movement into remote work, hybrid work and even digital “nomad-ing”, Millennials are now interested in how they can blend their professional obligations with their personal wants. To be honest, who can blame them?!
While some employers want to go back to the way things were pre-pandemic, many employees and hirable talent have been inspired by newfound flexibility they are seeing in their peers’ work life, or the offerings they find while looking at job postings. Prioritizing an employer that supports their career goals and takes into consideration work-life balance, Millennials are prepared to ditch a stuck-in-the-past work environment for new opportunities that include the ability to work and live globally.
What is Global Mobility and why is it important?
So, what does that mean if you’re an employer, and where do you start? How can a company prioritize its employees’ needs while ensuring that they remain compliant, efficient, and see an ROI from their mobile workforce?
If you haven’t already, one way to sync up to employee needs without jeopardizing your organization’s ability to succeed and thrive is development of a Global Mobility policy built on current best practices. If you’re new here, Global Mobility is the ability for an organization and its employees to relocate and operate across the world with efficiency. As we’ve touched on already, Global Mobility offers unique benefits to the employee, but it also benefits the employer. Your talent will have the ability to transfer and experience living in other countries, enabling them to grow both professionally and personally. All the while, organizations have the opportunity to expand into global markets, grow efficiently and quickly, increase profit, and see growth in employee acquisition and retention.
All the tools that your Global Mobility strategy needs
An employer who offers a Global Mobility policy needs to have a strategy to prepare for the logistics involved, there is a significant amount of work to be done based on what you plan to offer your talent: well-rounded benefits packages, relocation support and, of course, your gross-up methodology! While you may want to offer a competitive Global Mobility policy to your employees in order to ensure their happiness as well as to retain new talent, you need to come to the table prepared. Lucky for you, Ineo is an expert in all aspects of Global Mobility, and we’ve created tools to help you ensure compliance, efficiency, and engagement for your employees and yourself.
Ineo’s Global Mobility Platform
While your employees will enjoy some of the best parts of The Ineo Platform in the mobile app version, we know that there are larger scale scenarios that many HR, Payroll, and Global Mobility practitioners needs to address. Ineo provides solutions that will help you save time, streamline Global Mobility management, and enhance the experience of mobile employees — all in one integrated platform.
Ineo’s Global Mobility software offers full lifecycle assignment management and integrates every aspect of the mobility workflow – from supplier partner management to global compensation. Leveraging Ineo’s global tax knowledge, the platform integrates data entry and reporting with logic to support the complexities of your Global Mobility program. Stay in touch, on track, and in budget with the Ineo Platform.
There’s a lot that goes into a comprehensive Global Mobility solution and we’d love to tell you more about Ineo’s Global Mobility Platform. Reach out to our team of mobility experts today!
Ineo’s Mobile App: Voyager Assistant
Give transferees & assignees 24/7 access to their data on-the-go! With Ineo’s Mobile App, Voyager Assistant, you give your employees the power to submit expenses and receipts while tracking the status of reimbursements, whenever they incur, wherever their move takes them. Our mobile solution keeps employees compliant with company policies and boosts the timeliness of expense tracking so you can ensure your program stays within its parameters.
With so many moving parts to a relocation and so much crucial information to keep track of, find peace of mind by utilizing the to-dos and calendar functionality on Voyager Assistant, Ineo’s global mobility app. From needing to know when an employee’s international tax return is due to ensuring that the sale of their home has officially closed, everything you need to know is at your fingertips.
And don’t worry about international factors like currency or language: the app is able to convert to any currency and translate to any language supported by Azure Translation Service.
Ineo Tax Services
We’re not naïve to the fact that creating a Global Mobility policy is arduous, so if you’re starting from the ground up, reach out to the Ineo Mobility Tax Professionals:
Line-By-Line or Policy-By-Policy Review
Our tax professionals will look at each individual component from a tax compliance perspective and offer guidance on necessary revisions.
Accurate Tax Coding According to Policy
We ensure that each and every expense category an assignee or transferee might incur is tax coded correctly within the policy.
Gross-Up Policy Review & Revisions
Our experts will review and revise your gross-up policies, for while these policies may seem similar to payroll withholding practices, there can be significant differences.
Tax Support is for everyone!
Many progressive companies include tax support services as part of their permanent move and assignment packages. With Ineo’s industry-leading tax support, you can help your mobile workforce avoid the common pitfalls of global tax preparation—before they happen.
Our experienced mobility tax experts can support mobile employees wherever they live and work—from pre-move to on-assignment to repatriation tax considerations. We have a unique understanding of the factors that cause unforeseen tax liability, and therefore can mitigate financial risks and eliminate surprises before they arise, while always ensuring compliance. Our mobility tax experts provide comprehensive, accurate, and reliable support for all your tax needs.
Send us a request to learn more about our pre-move Global Mobility tax consulting, Global Mobility tax return preparation, gross-up audits and tax review, mobility program tax policy consulting, tax Q&A subscription, and annual tax guides!
Ineo Financial Services
Managing the financial transactional aspects of your Global Mobility program can be a real administrative burden on your HR and finance team. With Ineo Financial Solutions, it doesn’t have to be!
Let our experts handle your assignee, expat, and supplier partner payments in remote locations and foreign currencies while your HR and finance teams focus on their day-to-day, mission-critical tasks. We will ensure that all financial transactions are audited to approved company policy, have the proper tax coding, are reimbursed timely, and are reported to the appropriate tax jurisdictions.
Reach out to learn more about our CPA-led, CPA-designed, and CPA-built controls and procedures for Global Mobility financial transactions.
Global Mobility Management Tools for your unique needs
It’s never too early to start anticipating and planning for the inevitable trends in workforce mobility. Whether you’re an HR, Talent, Payroll or Compensation Manager, Ineo’s solutions are key to having the right tools and insights into the complex world of Global Mobility. If you want to be in the best competitive shape to attract and retain quality talent, call or email us today to get a leg up on your workforce’s Global Mobility journey.
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Global Mobility Resources
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How to Prepare for Current and Future Workforces Global Mobility Wants and Needs
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