From a mobility perspective, what are the challenges and opportunities for clients in the next 12 months?
One of the challenges faced by clients is in successfully managing their internationally mobile employees (particularly those who wish to work remotely overseas). Those employers who manage this ineffectively are more at risk of failing to comply with tax compliance regulations. Compiling an analysis of how companies can stay within their tax and social security obligations in respect of these employees enables companies to further understand where their capacity for mobility is, and therefore know their tolerance to mobility risk. This analysis starts with knowing where each employee is working from and being able to document this effectively. Through the establishment of effective mobility policies (and implementing tracking technology to track tax and social security risks), companies can better manage their movement of people and align these policies to continue attracting key talent and retain them.
Mobility plays a strong role in the success of recruitment and retention. As technology develops, and since the rise of hybrid working, more and more companies are offering opportunities to employees to work overseas. Companies may look to use their mobility data and policies to benchmark against competitors. It’s important to use this data – not necessarily to offer what competitors are offering – but to balance offerings between what they are being offered elsewhere, to what you’re able to provide within the company’s risk tolerances.