Talent mobility and the Healthcare industry
Globalization is prompting companies to consider more international assignments than ever before. Unfortunately, many companies are relying on workforce mobility programs that are outdated. The result is elaborate and expensive expatriate packages. With increasing administrative costs and rising regulatory and compliance risks, it becomes very difficult to put together a business strategy together that is tailored to providing insight and experience across the full spectrum of talent management, technology and tax.
As they continue to increase their global presence, Healthcare companies from around the world find themselves wrestling with a multitude of challenges – from deciding whether to find local talent versus transferring employees internationally, to understanding the nuances of foreign labour markets, to developing a strategic workforce plan.
In the Deloitte report, Strategic Moves, A New Direction for Global Mobility, 140 organisations (10% of which were from the Healthcare, Pharmaceuticals, and Biotechnology industries) locally and from around the globe, were interviewed to understand the challenges face in global mobility. The survey revealed that the greatest expectation and reliance of mobile talent comes from the largest multi-nationals with turnover of more than $10bn. The larger multinationals are also more strategic in their use of mobile employees and assignments than smaller companies. Moreover there is a correlation between turnover and strategic moves, with reducing turnover equating to reducing strategic focus. From this we can see the most successful companies are those that prioritise strategic deployment of resources.
Emerging geographical markets, globalization and competition were also stated as top strategic business issues. In order to thrive in an increasingly competitive global market place, businesses need to ensure that future leaders have experience outside their home market and develop.