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:
EU Sustainability Regulations Will Affect Foreign Companies
The EU Moves Forward With Digital Visas
New Cohort of Interns Joins Upward Mobility
How Are We Doing? Take Our Survey!
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EU Sustainability Regulations Will Affect Foreign Companies
The European Union is developing new guidelines for businesses to report sustainability practices as part of an effort to regulate environmental, social, and governance (ESG) factors. In the coming years, EU regulations will require thousands of foreign companies to increase their sustainability reporting to enhance transparency on issues like greenhouse gas emissions and gender pay disparities. Research estimates that the Corporate Sustainability Reporting Directive (CSRD) will affect at least 10,000 non-EU companies, with a third based in the United States.
Why is this important?
U.S. companies should be aware of the EU’s stringent sustainability regulations, which are expected to be more rigorous than those being developed by the SEC and the International Sustainability Standards Board. While EU companies are familiar with mandatory ESG disclosure regulations, most U.S. companies are not, resulting in a steeper learning curve. Monitoring EU reporting standards can provide insight into potential SEC regulations and may become a requirement for American companies operating in the EU.
The European Union Council is close to digitizing the Schengen visa process, which would consolidate all aspects of the application onto a single website, including submission, document uploads, and fee payment. The online process would eliminate the need for appointments at embassies and consulates, except for first-time applicants or those with expired documents. This change would particularly benefit citizens of African, South Asian, and Middle Eastern nations with fewer visa-free travel options, as they would no longer need to schedule in-person appointments months in advance.
Why is this important?
A June 2022 Worldwide ERC® poll revealed that automation and process efficiencies are a top priority for global mobility organizations. Investment in advanced technology is crucial for the global mobility industry’s future, benefiting case managers, transferees, and professionals alike. The expansion of digital visa programs could lead to significant improvements in global travel and mobility.
In response to global labor shortages and a competitive hiring environment, the employee relocation industry is launching the second cohort of the Upward Mobility intern program to build a skilled and diverse talent pipeline. The program offers 20 paid internships through 13 different companies, and thanks to partnerships with Eleven+, Cleveland State University, and the University of Colorado at Denver, 10 student participants have already accepted their offers to join this year’s cohort.
Worldwide ERC® publishes content on multiple channels: quarterly in Mobility magazine, weekly in the Mobility Minute e-newsletter, and regularly on the Mobility News blog. But we want to know: Are we hitting the mark? What do mobility professionals want and need from us, and how can we do better?
Research is at the heart of Worldwide ERC, so we’ve put together a seven-minute survey to help us understand how to better serve you. Your answers will be completely anonymous. Please respond by Wednesday, 17 May.
Certain nationalities, including U.S., Icelandic, and Norwegian citizens, are exempt from Singapore’s recent foreigner tax hike due to free trade agreements signed about a decade ago. These nationals receive the same stamp duty treatment as Singaporean citizens. — Bloomberg
Japan’s hospitality and tourism sector is rebounding as borders reopen and mask rules lift, with March visitor numbers reaching nearly 2 million, about two-thirds of the 2019 figures. Japan must address 'over-tourism' and post-pandemic labor shortages in both sectors. — The World Economic Forum
Recent research by Harvard Business School associate professor Prithwiraj Choudhury suggests that nonstop flights can lead to innovation. The study found that a 10% increase in nonstop flights between two locations resulted in a 1.4% increase in new patents between firms in those areas. — Harvard Business School
The Roundup
Vialto Partners recently announced a strategic partnership with Velocity Global. By collaborating, both Vialto and Velocity Global aim to assist their joint clients in navigating the complexities of cross-border movements more effectively. Read more about the partnership.
Looking for an open position or hiring for a mobility-related role? Visit Worldwide ERC's Career Center to view or promote current openings.
The Breakroom
London is experiencing a surge in popularity that is expected to last throughout the summer. According to Delta Air Lines’ data, travelers have searched for summer vacations in the British capital more than any other international destination this year. Apart from London, Cancun ranked as the second most-searched international destination for summer travel, followed by Paris, Rome, and Tokyo.
This summer is gearing up for a bustling travel season. Delta reported last month that 75% of its international flights are already booked for the summer. Additionally, international airfare is anticipated to hit a five-year peak due to a mix of limited supply, elevated fuel costs, and strong demand.
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