BAMM 2023: Generational Challenges in Mobility

Members of our NuCompass team recently attended the 2023 Bay Area Mobility Management (BAMM) Conference in San Francisco, CA, where NuCompass was a Keynote Sponsor. In addition to discussions on subjects like DEI and sustainability, a key area of focus was on generational changes in the workforce and how that affects the relocation industry. The top three highlights were generations, benefits, and flexibility.

Generations

It’s common knowledge that each generation has varying expectations and needs in the workplace, and the mobility sector is no different. When it comes to transferees, it is important to look at what generation they may fall into as that may give some insights into their expectations and pain points for a move. Millennials and Gen Zs are now the largest workforce generations. As such, policies should reflect the needs of this growing population. For Relocation Management Companies, this could mean the need for increased tracking of transferee behaviors, such as exceptions and survey responses. This data would allow companies to adjust policies based on the needs of their employees from a generational standpoint, providing better service and potentially increasing retention.

Benefits

Many people believe that the attractor in recruitment is salary. However, while salary continues to be a large part of the recruitment puzzle, benefits and packages are key in helping potential candidates choose between multiple organizations. The Millennial and Gen Z workforce appears to want robust benefits packages, which might include items that were not requested by previous generations, such as pet insurance or floating holidays. Strong relocation packages are also being used as beneficial add-ons to the recruitment package, despite many companies seeking a separation between benefits and relocation. When everyone is fighting for the same candidates, the smaller, less thought of items can set a company apart from the rest.

Flexibility

The primary concept from the discussion on generational differences in mobility is that “people are people.” The industry is seeing a change in the workforce since COVID-19 began, where employees are wanting flexibility with their schedules to improve work-life balance. While many believe that this indicates a need for remote working, this is not necessarily the case. Many companies are exploring options such as hybrid schedules, flexible hours, or shorter work weeks to accommodate the growing needs of the newer generations. While some companies are steadfast in their traditional schedules, others are seeing flexible schedules as a bargaining chip in recruitment negotiations.

Takeaway

The general takeaway regarding the needs of varying generations in mobility is that the workforce is changing, and its members are expecting companies to adapt to their requests. When there is intense competition for talent, the hiring team can use benefits, relocation packages, and options for flexible scheduling to aid in the negotiation process. While there is no set formula for the perfect recruitment package, utilizing data on relocation exceptions and transferee survey responses can help companies to create robust packages that stand out from the rest.