Welcome to Mobility Minute, a newsletter published every Friday byWorldwide ERC®for the benefit of members and the global mobility and relocation industry. Here’s a quick glimpse of what you’ll find in this week’s issue:
Exploring the Benefits: How the Four-Day Workweek Boosts Employee Experience
The Rise of the Contingent Worker
Regulatory Amendments to the Canadian Real Estate Ban - Impacts on Workforce Mobility?
Coalition for Greener Mobility Celebrates Progress on Sustainability Goals
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Exploring the Benefits: How the Four-Day Workweek Boosts Employee Experience
The largest-ever trial of a four-day workweek revealed that a shorter workweek led to improved job satisfaction, better work-life balance, and reduced worker stress. The results also showed enhanced product quality and customer service, as well as a significant drop in absenteeism and sick leave. As a result, more companies may consider this option as a way to improve the employee experience while managing costs.
Why is this important?
Employers are increasingly offering a four-day workweek to attract and retain staff, as concerns over mental health and burnout in the post-pandemic labor market rise. Although the four-day workweek is not prevalent, there is growing momentum to continue experimenting with it.
The COVID-19 pandemic led to the growth of the contingent workforce, with companies tapping into flexible labor and utilizing remote workers, as permanent workers face layoffs in tech and finance; the global contingent workforce industry generated $171.5 trillion in 2021 and is projected to reach $465.2 trillion by 2031.
Why is this important?
The popularity of contingent workers has realigned company talent priorities, making it easier to hire workers globally for both contingent and full-time roles, and as remote work continues, talent strategies have changed to incorporate more flexible and versatile options. The reliance on contingent workers is expected to continue, and the workforce mobility industry will be key in shaping and deploying these new talent strategies.
Regulatory Amendments to the Canadian Real Estate Ban - Impacts on Workforce Mobility?
On 27 March 2023, Canadian Minister of Housing and Diversity and Inclusion Ahmed Hussen announced amendments to the accompanying regulations for the Prohibition on the Purchase of Residential Property by Non-Canadians Act, which was passed by the Canadian Parliament in June 2022 and went into effect on 1 January 2023.
The announcement follows months of engagement by Worldwide ERC, its partner the Canadian Employee Relocation Council (CERC), and other constituencies advocating for revisions to the Act to address negative and unintended repercussions of the regulations.
Coalition for Greener Mobility Celebrates Progress on Sustainability Goals
As we celebrate Earth Day this week, I want to share some of the exciting progress that we have made on our sustainability goals — both here at Worldwide ERC® and alongside our global partners through the Coalition for Greener Mobility.
I am immensely proud of all the great work that our member-led Sustainability Advisory Council has done over the past year. We released two research reports — one on the views of CHROs and Senior HR leaders on their organizations’ commitments to sustainability and the other is an overview of the sustainability landscape.
Foundation for Workforce Mobility Regional Group Scholarship Partnership Program — Applications are due to the Foundation on 30 April. View full scholarship program details.
Corporate Relocation Council of Chicago (CRC) CRP Exam Review Class — On 9 May, from 8:30 a.m. to 5 p.m. CT in Chicago, learn from and study with mobility experts. Learn more and register.
Altair Global announced that George Powdar, Senior Vice President of Global Reporting and Compliance, is retiring at the end of this month after nearly 40 years in the workforce mobility industry. A respected leader within our community, George has been recognized by Worldwide ERC with a Meritorious Service Award and has also served as a member and past chair of the Global Compliance policy forum. Worldwide ERC thanks George for his service and wishes him a wonderful retirement!
Comment Period for Appraisal USPAP Revisions: Public comments are being accepted by the Appraisal Foundation on draft revisions to the Uniform Standards of Professional Appraisal Practice (USPAP). The USPAP supports the operations and practices of the appraisal industry, and the fifth exposure draft includes several significant changes, including the addition of a new nondiscrimination component to the ethics section and revisions to numerous industry definitions used in the industry. Members are encouraged to submit commentsprior to the deadline of 29 April. Learn more here.
Global Economic Snapshot
Latin America and the Caribbean will experience only modest growth this year as the region’s economies suffer from high-interest rates and falling commodity prices, the World Bank said in a report released Tuesday. —Bloomberg
China's population is declining at a steady pace, making India the world's most populous nation soon, and this significant shift will have broad impacts domestically and globally, aging and shrinking on a similar path as many of its Asian neighbors but with greater effects on the regional and global economy. —The New York Times
The jobless rate of 3.5% is near the lowest in half a century. By most measures, the job market is stronger today than it was in February 2020, before the Covid pandemic crashed the global economy. More Americans are working, and they are making more money. —CNN
Companies say a key driver of rising investment levels in supplier risk detection is the levels of threat to their reputations, according to a study from the financial intelligence firm Moody’s Analytics. — Supply Chain Quarterly
Thesignificant shift to trains between European hubsis driven by higher airfares and lower carbon emissions, and the trend is expected to continue for the rest of the year as more rail operators begin cross-border competition.
More businesses in Europe are choosing rail travel due to higher airfares, and the lower carbon emissions align with sustainability targets, leading to a rise in trips of longer than three hours.
The shift towards trains in Europe is not due to the French government's decision to ban flights on routes with alternative train journeys of 2.5 hours or less, which only impacts a few routes. Rather, some travel experts believe that the opening of the market is allowing more rail operators to compete, and customers are seeking access to new fares, which can be lower as new players aim to gain market share.
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