International work assignments can come with a hefty price tag for organizations, according to a recent report by International SOS and KPMG. The research highlights the financial implications of failed business trips and international assignments, with costs reaching up to a staggering USD 1.25 million. The root causes of these failures often lie in inadequate healthcare, safety, security, and wellbeing measures for mobile workers.
While the figures may raise eyebrows, there are strategies that can help mitigate these risks. Katherine Avery, Tax Principal at KPMG, emphasizes the need for a balanced approach that prioritizes both cost management and employee experience. Engaging with internal global mobility teams early on in the planning stages can ensure optimal outcomes by leveraging their expertise in mobility policies and organizational understanding.
International SOS, a leading health and security services company, has been proactive in disseminating medical and security alerts to mobile workers, sending approximately 102 million alerts and advisories last year alone. Dr. Neil Nerwich, Group Medical Director at International SOS, stresses the importance of proactive measures, such as pre-deployment education and medical interventions. Early intervention has a significant impact on medical outcomes and helps mitigate potential issues that could lead to catastrophic events.
The report also highlights the cost-effectiveness of preventive measures. Implementing health check programs can yield a significant return on investment, with every USD 1.00 potentially resulting in a USD 2.53 return. Moreover, partnering with specialized third-party organizations can have a positive impact on employee wellbeing and resilience, thanks to increased access to mental health support and resources.
By addressing the financial risks and investing in preventative strategies, organizations can fulfill their duty of care responsibilities while fostering business resilience and continuity. The International SOS Group, with its global network of experts and innovative technology, stands ready to support organizations in protecting their workforce and reputation, enabling growth and productivity in an increasingly interconnected world.
Source: International SOS
The article “The True Impact of Failed International Work Assignments Revealed” highlights the significant financial implications of failed business trips and international assignments for organizations. According to a report by International SOS and KPMG, these failures can cost organizations up to USD 1.25 million. The root causes of these failures often lie in inadequate healthcare, safety, security, and wellbeing measures for mobile workers.
In terms of mitigating these risks, Katherine Avery, Tax Principal at KPMG, suggests a balanced approach that prioritizes both cost management and employee experience. Engaging with internal global mobility teams early on in the planning stages can help leverage their expertise in mobility policies and organizational understanding to ensure optimal outcomes.
International SOS, a leading health and security services company, has taken proactive measures in disseminating medical and security alerts to mobile workers. They sent approximately 102 million alerts and advisories last year alone. Dr. Neil Nerwich, Group Medical Director at International SOS, emphasizes the importance of proactive measures such as pre-deployment education and medical interventions. Early intervention has a significant impact on medical outcomes and helps mitigate potential issues that could lead to catastrophic events.
The report also highlights the cost-effectiveness of preventive measures. Implementing health check programs can yield a significant return on investment, with every USD 1.00 potentially resulting in a USD 2.53 return. Additionally, partnering with specialized third-party organizations can positively impact employee wellbeing and resilience by providing increased access to mental health support and resources.
By addressing the financial risks and investing in preventative strategies, organizations can fulfill their duty of care responsibilities while fostering business resilience and continuity. The International SOS Group, with its global network of experts and innovative technology, is positioned to support organizations in protecting their workforce and reputation, enabling growth and productivity in an increasingly interconnected world.
Some current market trends in international work assignments include an increasing focus on employee wellbeing and safety, as organizations recognize the importance of duty of care. Companies are investing more in preventive measures and partnering with specialized third-party organizations to provide comprehensive support for mobile workers.
Forecasting the future of international work assignments, we can expect further advancements in technology for risk management and employee monitoring. This will enable organizations to better track the safety and security of their mobile workforce and provide timely support when needed.
One key challenge associated with international work assignments is the complex nature of managing healthcare, safety, and security measures across different countries and jurisdictions. Organizations must navigate varying regulations and cultural differences to ensure uniform standards of care for their mobile workforce.
Another controversy is the balance between cost management and employee experience. Organizations must find a middle ground where they can manage expenses while still providing adequate support and resources for their mobile workers.
For more information about international work assignments and related topics, you can visit the International SOS website: International SOS. They have a wealth of resources and expertise in health and security services for mobile workers.