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:
Public Policy and Sustainability to Be Highlighted at GWS 2022
Factors to Consider When Relocating With a Pet
Job Market Remains Strong Despite Labor Shortage
Post-Pandemic Housing Market Begins to Cool
Upward Mobility Intern Appreciates the Mobility Industry’s Diversity Initiative
Mobility Professional Perspectives Requested
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Video: Public Policy Forums at GWS 2022
Worldwide ERC® President and CEO Lynn Shotwell sat down with Worldwide ERC Government Affairs Adviser Tristan North for a One Take conversation to get the inside scoop on what to expect from the public policy forums at GWS 2022 and the issues we are working on today.
Leading on Global Sustainability Initiatives
This week, Worldwide ERC® joined forces with five leading employee mobility associations from around the world and signed a joint agreement that provides the global mobility industry with a roadmap and common actions toward achieving greater environmental sustainability.
Relocating can be a complicated process, made even more complicated when you’re moving overseas with a pet. If you’re traveling internationally with your pet or attempting to return one from another country, you’ll need to prepare months in advance, spend money, and adhere to frequently changing Centers for Disease Control and Prevention (CDC) rules.
Why is this important?
If you’re moving abroad—or even to a U.S. state like Hawaii—start researching local animal importing regulations as soon as you consider bringing your pet. Countries have different laws when it comes to vaccinations, types of animals allowed, and quarantine rules upon arrival. If you’re concerned about transporting your pets across international borders alone, there are pet shipping and relocation companies to assist.
Last week, the Bureau of Labor Statistics released its August jobs report, which revealed that employers hired fewer people, more individuals sought employment, and wages increased at a slower rate. Job creation slipped to just 315,000 in April; nonetheless, job creation continued to exceed pre-pandemic levels.
Why is this important?
The unemployment rate rose to 3.7% in August, up from 3.5% in July, according to the Labor Department. The uptick in the unemployment rate was caused by more people joining the workforce. Some experts doubt that the labor pool will continue to expand, emphasizing that August's rise was influenced by seasonal as well as growing participation among prime-age individuals.
Home sellers are becoming concerned as the once-booming housing market is rapidly cooling down. In less than two years, residential property prices in the United States rose by an astounding 43%. However, that's over now: Rising mortgage rates have caused the U.S. housing market to abruptly decelerate, which could possibly erase some of those gains.
Why is this important?
Lower house prices and less competition will make it easier for relocating employees to find and buy a new home at their ultimate destination, but it is also important to consider the employee’s home at their starting point. The cooling real estate market means that homes are sitting on the market for longer and sellers are making less from their sales. These factors might delay relocation or even force employees to reconsider relocating altogether.
Upward Mobility Intern Appreciates the Mobility Industry’s Diversity Initiative
Ayush Kumar and his family have moved both internationally and domestically over the last 20 years. While each move was supported by a corporate relocation, it wasn’t until Kumar’s involvement in the Upward Mobility Program did he realize the extent and intricacies of a corporate relocation.
Dale Collins, a PhD candidate at the University of Denver, is authoring his dissertation on the topic of international expatriate success, focusing on key assignment stakeholder perspectives of the assignee, home managers, host managers, and global human resources and mobility professionals. He is researching whether contrasts exist for multinational firms whose internationalization can be characterized by either “stages of growth” theory or “born-global” theory.
The project will require interviews with assignment stakeholders. Complete anonymity applies for all interviewees and companies, and confidentiality will be fully respected.
If you're interested in participating, email Dale.
If you have news about Worldwide ERC® members and our industry, send your updates to mobility@worldwideerc.org.
Global Economic Snapshot
The U.S. crypto real estate market is still in its infancy. Features of the American system, such as the requirement for a period of “escrow,” in which dollar-denominated funds from both parties must be held by a neutral third party, mean transactions carried out entirely in cryptocurrency are, for now, impossible. — The Financial Times
An Israeli start-up company, SafeMode, touts a means to limit the notoriously high turnover plaguing the trucking industry. The company has developed an app that monitors the actions of drivers—their speed, the abruptness of their braking, their fuel efficiency—while rewarding those who perform better than their peers. — The New York Times
While the economy is slowing and certain industries such as housing are showing softening amid a series of hefty rate hikes, the labor market has remained strong—a little too strong for the Fed's liking. Fed Chairman Jerome Powell said last week the labor market is "clearly out of balance, with demand for workers substantially exceeding the supply of available workers." — CNN
The U.S. dollar strengthened to a 20-year high against a collection of foreign currencies this week, spelling more trouble for heavily indebted smaller nations around the world. The stronger dollar makes payments on loans owed in U.S. currency more expensive. This comes as some lower-income countries face mounting economic problems and others—including Sri Lanka, Lebanon and Zambia—have already defaulted on their international debts. — NPR
Are you already dreaming of your next summer vacation? CNN recently published a list of 22 U.S. travel destinations that fly under the radar. The list includes cities, national parks, and even entire states.
Is Oklahoma on Your Travel Bucket List?
A state that many people fly over and drive right through, Oklahoma is one of those underrated places that CNN recommends you visit. Oklahoma's long stretch of Historic Route 66 is strewn with old-fashioned diners, museums, and roadside oddities.
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