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:
New Bill Aims to Slash U.S. Emissions by 40%
Video: Data Security and Privacy in Global Mobility
Sustainable Business Practices Benefit Employees’ Mental Health
July Jobs Report Shows Sign of Strength for Labor Market
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New Bill Aims to Slash U.S. Emissions by 40%
On Tuesday, President Joe Biden signed the Inflation Reduction Act (IRA) into law. The IRA includes hundreds of billions of dollars to combat climate change and will invest more than $370 billion in climate and energy-related initiatives.
Why is this important?
Reducing the environmental footprint of relocations is a priority for our industry. The Inflation Reduction Act signals to the rest of the world that the United States is dedicated to combating climate change and provides incentives for individuals and companies to adopt green technology
Data Security and Privacy Is at the Forefront of Technological Innovation in Global Mobility
Worldwide ERC® president and CEO Lynn Shotwell recently sat down with Weichert Workforce Mobility Senior Vice President of Technology Stewart McCardle to discuss the ways that Weichert is seeking to revolutionize how global workforce mobility companies handle digital engagement while also protecting user privacy.
Sustainable Business Practices Benefit Employees’ Mental Health
Sustainable enterprises and dealing with workplace stress, anxiety, and other mental health concerns are frequently thought of as two separate issues. However, many initiatives that are valuable for the environment often appear to positively impact employees’ well-being and mental health. Although eco-anxiety may not appear to be a workplace problem, it is becoming one.
Why is this important?
Evidence has shown that businesses that embrace sustainability may also contribute to a reduction in employee stress and tension. As global mobility firms compete for talent, those most dedicated to sustainability may find they have a competitive edge with both employees and clients.
July Jobs Report Shows Sign of Strength for Labor Market
The labor market in the United States remained hot in July, with employment unexpectedly increasing last month. The Labor Department reported that employers added 528,000 new jobs in July, which is a significant acceleration from the previous month. Despite other indications of economic distress, the labor market continues to be robust, as evidenced by the Bureau of Labor Statistics’ most recent employment report, which stated that the economy remains healthy despite several indicators suggesting otherwise.
Why is this important?
As relocations have ticked back to pre-COVID-19 levels, many global mobility companies have struggled to find enough workers to meet demand. The strong labor market has allowed employees to seek higher pay and better working conditions, especially in the leisure and hospitality industries. However, high demand has not been able to induce additional individuals off the sidelines of the labor market, largely due to a shortage of qualified employees.
What do you think about the July jobs report? We’d love to hear from those in the workforce mobility industry about your experiences with recruiting and hiring new talent this summer.Email us your summer hiring stories.
If you have news about Worldwide ERC® members and our industry, send your updates to mobility@worldwideerc.org.
Global Economic Snapshot
Against all expectations, the People’s Bank of China has cut interest rates. The ease was only by 10 basis points, but it was still in the exact opposite direction to the monetary route being taken in the West and in the rest of the emerging markets. For the rest of the world, arguably the most critical Chinese data point is the volume of its imports. For years, it has been the world’s spender of last resort. But imports, measured in dollars, have tailed off, while exports are surging as the economy tries to get underway after COVID-19. — Bloomberg
Flow—the brand-new company from WeWork founder Adam Neumann that's meant to upend the residential experience—has designs on some of America's most competitive real estate markets. In its early days, Flow has already acquired thousands of residential units in Atlanta, Nashville, and Miami—cities where residents are already having a tough time finding a reasonably priced place to rent or own. Markets in those locations have been roiled by corporate investment. — Axios
The cumulative effects of rising temperatures over time are already hampering economic growth in nearly a quarter of the world’s economies, according to new research from the University of California at Davis published this week in the journal Environmental Research Letters. And it’s also getting harder and harder for countries to rebound economically after a climate disaster strikes. — Fortune
When Russia invaded Ukraine last spring, energy experts were predicting that oil prices could reach $200 a barrel, a price that would send the costs of shipping and transportation into the stratosphere and bring the global economy to its knees. Now oil prices are lower than they were when the war began, having dropped more than 30% in barely two months. News of a slowing Chinese economy and a cut in Chinese interest rates sent prices down further, to less than $90 a barrel for the American benchmark. — The New York Times
On Tap
2022 Global Workforce Symposium, 25–28 October 2022 — GWS2022 will be the largest mobility industry gathering, attracting over 1,000 attendees seeking connections and expert knowledge focused on domestic and international moves, immigration policies, tax issues, cutting-edge technology trends, hot topics, and much more. Join us this fall as we build the game plan for how mobility responds. Learn more about the 2022 Global Workforce Symposium.
American Airlines became the second major U.S. carrier to put in an order for high-speed Overture aircraft with Denver-based aerospace company Boom Supersonic. Boom Supersonic’s Overture jets promise speeds of Mach 1.7, or 1,300 miles per hour, which is twice the speed of today’s fastest commercial planes.
How fast do airplanes fly?
Overture jets will greatly reduce flying times—San Francisco to Tokyo in less than six hours (versus the current average of 10), New York City to London in only three (compared to the approximately six hours it takes now), or three hours from Los Angeles to Honolulu (versus up to six hours now).
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