Cyclical or New Normal ?

We recently held our 2nd Global Mobility Industry Town Hall teams call with over 200 participants. While the meeting provided a platform for discussion, it became clear that our industry is facing significant changes and challenges.? The Town Hall was intended to focus on empowerment from one of resistance to one of acceptance.? ?The good news is that there are actions within our control that may lead to positive outcomes.

The Evolving Landscape

The mobility landscape has undeniably shifted. Remote work, lump sum, and other trends have complicated the roles of both corporate relocation managers and mobility suppliers. Most on our call viewed these changes as a new normal rather than a cyclical event.

The Supplier Struggle:

• Shifting Priorities: Corporations are increasingly prioritizing cost reduction over employee experience, leading to a decline in traditional relocation benefits.
• Story Telling: Lump sums are on the increase and although there is a desire by suppliers to provide full benefits, there is the lack of valid financial data to support adding to a company's mobility costs.
• Impact of Remote Work
• Competitive Saturation/Cost Pressures: The market is oversaturated in certain laterals, making it a challenge for suppliers to stand out and win new business.

The Disconnect

There is a notable gap between suppliers and mobility managers. Suppliers advocate for change and innovation, but many mobility managers are reluctant to adopt new, often more expensive solutions due to budget constraints and risk aversion. Additionally, many managers may not feel empowered or comfortable making changes that may add cost to their programs, convinced that they are running effectively. This disconnect is compounded since most companies do not budget for mobility and these costs emerge as a significant unpredicted expense.??

The Way Forward

To navigate these turbulent times, you may choose to continue to do the same thing over and over and hope things get back to pre-covid or you may choose to “actively” place more focus on what is within your control. That being YOU:

1. Personal Branding:? In an industry whereby there are so many similar products and services, what makes you stand out??? It is not self-promotion.? It takes work! Personal branding is about shaping how other people perceive you.? Establish yourself as a thought leader, building strong relationships and offer value in some other fashion, we can enhance our professional reputation.? It motivates us to share our expertise in a way that is selfless and seeks to give something back and not just get something from our followers. Remember, we are not getting paid because of what you do. You’re getting paid for who you are!?
2. Strategic Partnerships: ??Influencers have stronger connections with a dedicated audience that can significantly increase your brand's visibility.? Colleagues are more likely to believe a recommendation from someone they follow and trust than a brand itself.? By building strong relationships with influencers, and providing value to them, you can strengthen your own reputation and drive business growth.? Their ability to reach, engage, and influence others in a personal, authentic way makes them an essential tool that you should take advantage of as another marketing strategy.
3. Research New Opportunities: Identify emerging markets and industries that could benefit from your products or services.

It’s clear that the mobility industry is navigating through a transformative period. While the challenges are numerous and complex, focusing on what we can control in small manageable steps, like personal branding and strategic collaborations with influencers, can make a difference. Let’s continue to support each other, share insights, and work together towards solutions. Thank you to everyone who participated and contributed to this important discussion. Let’s keep the conversation going and stay proactive in shaping the future of mobility.? Stay tuned for the next Town Hall most likely February 2025!? Love you all!

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