The world’s globally mobile population—expatriate (expat) employees who live and work abroad for at least 6 months—is on the rise. In fact, it’s estimated that there are now as many as 66 million people currently working in globally mobile positions, and that number could reach 87 million by 2021, according to a recent report. But with the rising global cost of living and tightening visa requirements, it’s hard not to ask the obvious question: Why are so many people working abroad?
Recent insights from MetLife’s 17th annual U.S. Employee Benefits Trends Survey, “Engaged and Driven: Challenges and Opportunities for Expatriate Employees,” may provide some much-needed insight into the meteoric rise of the expat.
Indeed, with 67% of American employees stating that they’re interested in accepting a global assignment, it’s clear that the demand for globally mobile work isn’t going anywhere anytime soon. For employers, understanding the needs and desires of this emerging employee population will be critical to developing benefits packages that attract, engage, and support the modern workforce.
Understanding Expat Professionals
Before we take a closer look at “how” companies can utilize this emerging group of professionals, it’s first important to know “who” these people are and what they’re looking for. On average, globally mobile employees skew younger (under 40) than their nonmobile counterparts (over 40), with 29% classified as “rising talent,” or individuals under the age of 45 in executive leadership roles. What does this tell us? It’s clear that expat employees are typically younger and highly motivated—and primed for roles that transcend both borders and boundaries.
While these statistics certainly help paint a picture of the modern expat, what’s more fascinating about this emerging group is that they’re overwhelmingly happy with their jobs. In fact, 91% of globally mobile employees state that they enjoy working for their employer—a stark increase from the 73% of nonglobally mobile employees who share the same sentiment. This happiness, in many ways, translates to commitment, with 90% of expat employees stating that they intend to still be working for their company in 12 months, as opposed to the 77% of nonmobile employees. Read more here…
Source: HR Daily Advisor