Bill Graebel
Chair
Graebel Companies Inc.
I believe we will face myriad challenges over the next 15 years, given the speed of technological advancements, changing workforce dynamics, global political and economic instability, regulatory changes and compliance requirements, evolving sustainability expectations and consumer behavior shifts.
More specifically, technology will be further leveraged to improve customer and employee experience, enable end-to-end automation and integration with suppliers and customers, and deliver more business intelligence via AI and analytics. Also, I am sure we will have to be vigilant in regard to the disruptors that could change our business models and workforce skill requirements. Of course, cybersecurity and digital hygiene will also be areas where great focus and investment will be required.
As it relates to changing workforce dynamics, a key area of focus will be related to remote, hybrid, gig and full-time-in-office work policies. Since the pandemic, the relocation industry has contracted by about 25%, largely because of the increased number of people working remotely. That said, if the return-to-office trend gains more traction, it could very well be a positive for our company. Additionally, with changing workforce demographics and talent shortages, talent acquisition, development, upskilling and retention will be critical areas in which to excel.
Regarding geopolitical and economic instability, trade wars, shifting alliances, changing immigration policies, economic downturns and a rise in nationalism could all adversely affect the global relocation industry, making it harder and more costly for companies to relocate talent across borders.
I believe with evolving regulatory environments and employment laws, coupled with data privacy, environmental standards and tax laws, the need for ensuring compliance will be more scrutinized, which will likely add cost to the delivery of relocation services.
In terms of sustainability, it will need to be integrated across our entire value chain and incorporated in a way that allows transferees to make informed decisions about the services they need or consume in a relocation. Similarly, changing consumer preferences and behaviors will likely require us to be ever more agile and innovative as clients and their transferees expect more personalized and flexible relocation options, rather than one-size-fits-all offerings. In total, the relocation industry will likely need to accelerate its ability to rapidly leverage evolving technologies and shifting workforce trends in an increasingly complex world. Navigating these challenges will require strategic foresight, agility, innovation, and a commitment to continuous learning and investment to meet the evolving needs of the global client, their transferees and the regulatory landscape.