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:
Low Availability, High Rents Squeeze Corporate Housing Market
Worldwide ERC Continues to Help Mobility and Relocation Professionals up Their Game
EU Again Postpones Implementation of ETIAS
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Low Availability, High Rents Squeeze Corporate Housing Market
The demand for rentals has increased dramatically, with many would-be homeowners quitting the market since mortgage rates rose this year. A tight rental market can cause issues for workers and companies that rely on corporate housing models for short- and mid-term stays. Fortunately, alternative housing solutions are available to bridge the gap. Extended-stay hotels have risen in popularity with business travelers, and tech companies have raised millions of dollars in the hopes of disrupting the traditional corporate housing market.
Why is this important?
Lower house prices and less competition will make it easier for relocating employees to find and buy a new home. But relocating employees who wish to rent may struggle to find available units and affordable rental fees.
Worldwide ERC Continues to Help Mobility and Relocation Professionals up Their Game
Lynn Shotwell recently announced that the 2022 Worldwide ERC® Broker’s Market Analysis (BMA) and Strategy Report is now available for member access. This year’s revision responds to the changing needs within the workforce mobility industry since the last report was released in 2008. Driven in part by the global pandemic, dramatic shifts have emerged in the housing market and broader economy, forcing changes to corporate policy and practice. This has resulted in an urgent need to expand and enhance the BMA form to address user requirements.
Why is this important?
Through the modernized BMA form and its new online formats, along with the reopened CRP exam window, Worldwide ERC has demonstrated its commitment to delivering the tools and resources our industry needs to forge the future on workforce mobility.
The European Travel Information and Authorization System (ETIAS) is a new travel registration system for travelers to Europe who possess a passport of a country for which a visa is not required to enter a Schengen country. The system was scheduled to be in place in 2021 but has been delayed several times primarily due to the COVID-19 pandemic.
Why is this important?
The establishment of ETIAS will have a direct but likely minimal impact on workforce mobility. For most business travelers, the registration process will be a formality. ETIAS does not change the need for transferees to obtain a work visa, and they should not need to register under ETIAS, as it applies only to individuals waived from needing a visa. However, the consequences for business travelers who fail to register will be significant, as they will be prevented from boarding transportation to a country within the Schengen zone or will be turned back at the point of entry.
DHS has announced a final rule on the public charge ground of inadmissibility that will help reduce fear and confusion among immigrants and U.S. citizens and ensure fair and consistent adjudications for those seeking admission at ports of entry or adjustment of status to lawful permanent resident inside the United States.
Benivo announced a $12 million funding round led by Updata Partners. With this new capital, Benivo will grow its teams in the U.S., U.K., Armenia, and India, and continue to expand its unified mobility solution to address the industry's key pain points.
If you have news about Worldwide ERC® members and our industry, send your updates to mobility@worldwideerc.org.
Global Economic Snapshot
Home sales could continue to slow down as buyers back away due to recession fears or get spooked by higher mortgage rates. But to be clear, one big reason home sales have declined is that there hasn't been a lot of inventory to go around. So sellers don't need to panic too much about a housing market recession. — The Motley Fool
The Consumer Price Index report for August showed that inflation had not cooled as White House economists and other forecasters had hoped, and that workers had lost buying power over the last year as prices increased faster than wages. — The New York Times
U.S. employers hired more workers than expected in August, but moderate wage growth and a rise in the unemployment rate to 3.7% suggest that the jobs market is starting to loosen. This data has raised optimism that U.S. central bank the Federal Reserve could act to slow the economy without triggering a recession. — World Economic Forum
The Eurozone economy grew more than previously estimated in the second quarter. The adjustment showed bigger boosts from consumer and government spending. — Bloomberg
Business travel broke records the week after Labor Day, according to a new TripActions report. There's been a nearly 600% increase in trip bookings and spending for travel starting between 1 September and 19 November, compared to a year ago.
Business Travel Is Back
Remote work scattered office workers across the country, which means companies have to spend big to bring people back together. Team off-sites and on-sites now represent 38% of business travel, and team travel bookings grew 73% in August from July.
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