It’s a fact: digital transformation has made the world more connected. Physical barriers are no longer obstacles to collaboration and expansion.
Today, the business landscape is in a so-called “modern renaissance.” As we bounce back from the recent pandemic, companies are ready to start setting up for their next growth stage. This includes exploring new markets outside their home base.
Whether it’s by testing the waters first by hiring a few local contractors or starting their own entity in a different country and hiring expats, one thing’s for sure: global mobility is on the rise.
What’s in the future for global mobility and where do expats come in?
In the Asia Pacific (APAC) region specifically, the future of global mobility looks brighter than ever.
Companies that want to start their own entities in other countries will need to transition some of their leaders into expats. They may also opt to hire existing expats in the new location who already have the expertise and experience necessary to succeed in new markets. On the other hand, they can also hire highly-skilled and qualified individuals from other countries and bring them over to the main office to work as expats.
At the same time, the rise of remote work and the increasing relevance of tech and digital skills has opened the doors for individuals who may be interested in expat life. With nearly three in five employees planning to work abroad this 2023, we could be looking at huge changes in the expat industry.
Here’s the key takeaway. As global mobility continues to wedge itself into becoming a norm, the expat experience will also evolve and become more competitive. More expats = more top-tier talent up for grabs globally = more global expansions
How will the business landscape change due to increasing global mobility and evolving expat experience?
There will be more opportunities for professional and personal growth
As companies aim to establish their presence in different countries, there will be a higher demand for talent. This gives individuals all over the world more opportunities to flourish in foreign countries.
For example, a marketing company in Singapore wants to build an entity in Indonesia. They can go any of these routes:
- send a couple of their local team members to be expats in Indonesia before hiring local employees
- hire remote workers in Indonesia first before establishing an entity
- hire individuals to work in Indonesia no matter where they are from.
These options clearly show that due to global mobility, companies are now more open to hiring talent regardless of their location. As a result, more individuals can be expats and they can start a new adventure exploring new careers and new cultures
Working abroad is easier than ever before
Easier simply means that working as an expat is more possible. Since more companies have adapted to global mobility, an individual can get hired abroad if he or she has the right set of skills.
When it comes to legal documents needed to work in foreign countries, information like these is easily available. Some companies even partner with a global HR outsourcing organization like CXC Global to help them work on these requirements. We even provide support services to help expats navigate the logistics of moving and adjusting to life abroad.
Companies will need to be more competitive in terms of expat compensation packages
With more businesses looking beyond their physical borders, hiring expats just became more competitive. Aside from salary, companies may need to offer additional benefits like housing allowances, healthcare or insurance coverage, and other miscellaneous benefits to make the expat experience even more attractive.
As global mobility becomes more widespread, individuals will have more options to choose from, and companies need to step up to get the cream of the crop.
Companies will need to be more agile in terms of managing expat relocation requirements
The logistics of relocating employees across borders can be complicated and time-consuming. At the same time, employers need to be able to provide a smooth and seamless process for the expats.
Companies will need to be prepared to adapt to changing requirements and regulations—this can be overwhelming and confusing. This usually includes developing relocation policies that can accommodate different employee needs and preferences, as well as staying up-to-date with changing immigration laws and visa requirements.
Partnering with experts like CXC Global lightens the load so companies can focus on scaling while we do the leg work of securing your global workforce.
Ready to leverage global mobility?
In conclusion, global mobility and expat experience are indeed a match made in heaven, with Asia becoming an increasingly popular destination for both individuals and businesses.
As companies seek to expand their reach and explore new markets, CXC Global is here to help simplify the process of securing expats and visas, managing payroll and tax compliance, and providing support to ensure a smooth experience for both companies and expats.
With over 30 local offices with services extending to over 50 countries, CXC Global is more than ready to help your company achieve international growth. Contact us today to learn more about how we can help your business achieve success in the global marketplace.