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MOBILITY COMPLIANCE: THE PROBLEM

Why is Global Mobility a compliance risk?

Multinationals have changed from organisations with autonomous local outposts to fully integrated global companies who see the world as one unified market place. This has created an entirely new approach to talent management, Global Mobility, designed to get the best employees to where they can do the most good, right now.

For example board members are often recruited from all over the world. And it’s not just at the higher levels; short-term assignments to fill skill gaps have grown rapidly. A trend predicted to continue.

But data management around assignments simply hasn’t kept pace, which potentially exposes organisations to risk and inefficiency.

Data hasn’t kept pace for three good reasons

Firstly the world isn’t a borderless homogeneous market, every country has its individual currency and legislation. This is further complicated by having to deal with unknown unknowns as organisations move into new or emerging markets.

Secondly the resources required to facilitate an assignment fall under different internal departments, each with external vendors, creating separate and unconnected data streams.

Thirdly assignees and their families leave an extremely complex trail of expenses and bills that have to be collected, processed, checked and paid. This trail is further complicated by multiple currencies, local legislation and policy allowances.

What does it mean if it goes wrong?

This confused global data trail is at best disruptive, leading to a loss of financial control, with the commensurate problems of increased costs, workload and audit complexity. At worst, errors around global mobility can lead to compliance penalties for late or incorrect filing of data.

At a personal level, badly handled Global Mobility data can disrupt talent management. Broken or unhelpful processes can result in assignees becoming disenchanted, enough to leave the company, which is ironic as they are the very people you need and are trying to support.

What’s the solution?

  1. A clear understanding of the extremely complex disciplines of multi location, multi country, multi currency data collection and collation
  2. Developing efficient, measurable systems to approve and purpose the collected data to make accurate and timely payments, globally and in diverse currencies and for redistribution to meet the array of compliance demands…
  3. …and the ability to instantly and accurately report at local, national and global levels and to segment and distribute the data according to specific tax or internal requirements