Global Talent Strategies

Evolving geopolitical and immigration landscapes require high levels of agility to stay competitive

With at least 64 countries holding elections this year, possible changes in leadership may also bring changes to immigration policy.

To position your company for change:

• • Conduct Case-by-Case Analyses

Assess the election status of each country individually. Stay in close touch with your immigration providers with on-the-ground local expertise to help you understand nuanced legislative changes, timelines for implementation and what they mean in practice.

• • Adapt Mobility Strategy to Policy Changes

In locations where immigration policy is tightened, you may need to be ready to put more focus on domestic labor markets or restructure operations.

In locations moving to relax immigration policy, you might consider shifting to prioritize recruiting foreign talent.

• • Prepare for Political Instability

Develop interim mobility solutions if elections cause instability. This might involve relocating staff, who may need to work remotely or as digital nomads. Consider how to handle all the jurisdiction-specific compliance and best practice issues like tax, social security, healthcare, and employment laws.

• • Anticipate Processing Delays

Expect visa and permit processing delays around election periods in certain countries. Consider submitting applications and renewals earlier than usual to avoid disruption, and have contingency plans if timelines are significantly extended.

Expatriate Pay Approaches

As the global workforce continues to evolve, so should compensation strategies. Effective, adaptable and competitive approaches are crucial for securing international talent, particularly in those locations where high costs can deter ideal candidates. As you assess any changes in your talent strategy to meet new immigration laws, it’s a good time to review your global pay strategy as well.

Traditionally, the "balance sheet" approach was the solution of choice for expats, where a series of balancing payments help the employee retain home-country level purchasing and saving power. While it can neutralize the financial impact of international assignments by equalizing salaries and benefits to match home country levels, it can be costly and highly complex to administer.

Many multinationals are now turning to host-based and global compensation strategies. These approaches simplify the process by aligning compensation plans with local conditions or standardizing them globally. It should be noted, though, that they also come with certain challenges, like managing cost-of-living variations.

The evolving geopolitical landscape presents both challenges and opportunities for global mobility professionals. Adopting a strategic approach to shifting immigration landscapes and building competitive compensation packages are essential for meeting your organizational talent goals and fostering a globally connected workforce.

Key things to consider include:

• Making Employees Stakeholders in Their Assignments: Engage employees in the decision-making process, ensuring they feel valued and invested.

• Providing Necessary Support During Transitions: Offer comprehensive support to ease the transition and help employees adapt to new environments.

• Ensuring Compliance: Maintain strict adherence to governance standards to avoid legal complications and ensure fair treatment.