2024 Baker's Best - 27

TOP RELOCATION PROVIDERS
Employee relocation can bring positive returns to
employers, but is it a powerful tool to address the skills
gap many organizations are facing? Key findings from
the research report are below.
1. The skills gap impacts virtually every organization.
Virtually every respondent (96%) agreed they have a
skills gap, and nearly one in five respondents consider
the skills gap very significant or significant. The skills
gap in the workforce is a major concern. According
to a study by McKinsey, most companies -87%-are
aware that they already have a skills gap or will have
one within the next five years. HRO Today's 2022 Top
Concerns of CHROs report found that few CHROs
reported making significant progress in addressing
the skills gap in 2022; only 38% reported moderate
progress, reflecting the same self-assessment made
in 2020.
2. Addressing the skills gap is of major importance.
Nearly two-thirds (64%) of respondents consider
addressing the skills gap in their organization as
essential or a high priority. This reflects the view
that the gap is significant and will become more so
over the next several years. Having skilled workers is
essential for creating and sustaining businesses, and
skilled workers drive innovation and productivity
in the economy. By providing workers with the
necessary skills, businesses can expand and hire more
workers, leading to job growth. Addressing the skills
gap ensures that workers have the necessary tools to
work with new technologies and adapt to changing
job requirements.
Advancing a lack in skills through programs can also
help promote social mobility by providing workers
with the skills they need to advance in their careers.
This can help reduce income inequality and provide
opportunities for upward mobility. Addressing
the skills gap is a priority because it contributes to
economic growth, job creation, innovation, social
mobility, and workforce development. It helps bridge
the divide between employer demands and the
available skills in the workforce, leading to productive,
resilient, and inclusive societies.
3. There is a broad array of measures being used to
address the skills gap. Chief among these measures
is offering mentorship opportunities, used by nearly
three-quarters (72%) of respondents. Holding in-house
workshops was the second most often used measure
to address the skills gap. Upskilling employees to add
new skills and improve performance in their role was
selected by two-thirds (66%) of respondents. Upskilling
focuses on employees' developing new competencies
to improve in their current roles.
4. Two-thirds of respondents use relocation to
address the skills gap in their organization. The
areas relocation applies to are career development,
recruiting, and retention. Relocation can provide
employees with new opportunities for career
development. Moving to a new city or country can help
employees broaden their skills and experience. It can
help them develop new networks and expose them to
new ways of thinking. If an employee sees relocation
as a stepping stone to a higher position, they may
be more likely to accept and embrace the relocation,
which can enhance their job satisfaction and increase
their commitment to the organization.
Relocation may be linked to job security, especially
when organizations are expanding their operations
or consolidating functions in specific locations.
If employees perceive relocation to secure their
employment, they may be more inclined to stay with
the company. Organizations that effectively manage
the relocation process, provide support, and consider
the needs of employees and their families are more
likely to positively influence employee retention.
5. Employee relocation is seen as an effective way to
achieve career development, recruiting, and retaining
employees. More than eight in 10 (81%) feel relocation
is very effective or effective in recruiting employees,
while relocation effectiveness for career development
(76%) and employee retention (71%) are viewed as
nearly as high. According to a LinkedIn poll, 87% of
professionals were more likely to respond positively
to relocating for a job or their career. Research shows
that even though the number of people moving has
decreased over the previous year, the demand for
workforce mobility around the world is still driven by
job opportunities.
6. The frequency of employee relocation for
developing employees will increase in the future.
Looking forward, 42% expect an increase in relocation
for developing employees in three years, seven times
the amount that expect a decline.
BAKER'S BEST 2024 - www.hrotoday.com
[27]
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2024 Baker's Best

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