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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Author:
Global | Publication | abril 2022
In our prior article, we examined the challenges of ‘work from anywhere’. We will now consider the best options for introducing ‘work from anywhere’ on a short-term basis in your organisation.
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Forward-thinking organisations have recognised that introducing short-term ‘work from anywhere’ options is an attraction and retention strategy to provide employees what they want and need. |
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The first of these options is a “workation (aka workcation) – work from a holiday destination.”1 These “workations – and their lesser-known cousin, the wellness sabbatical - blur the lines between work and vacation. They’re work, for sure, but with a better view.”2 |
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One of the reasons to consider this option is what has been termed ‘The Great Leave’, where employees who have built up paid leave balances and “have saved money during the pandemic, and potentially accrued house equity” are expected “to consider an extended holiday or break.”3 |
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These employees are likely to have not travelled as usual during the pandemic, and the resultant pent-up desire to travel means they are ‘ready to go’ (now that international travel restrictions have eased) “to any locale with good surf and better Wi-Fi, to show off a new Zoom background after early morning swims.”4 |
Some organisations offering workations are:
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Another option (which also satisfies pent-up demand for travel) involves short-term corporate transfers, “which usually last between three and twelve months, and allow companies to transfer skills, knowledge and resources quickly and effectively.”7 |
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Many large organisations “have offices all over the world” and “offer employees the opportunity to take short-term assignments in far off places”8 usually to satisfy workload, project resourcing or employee development needs. |
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In fact, 86% of approximately 200 organisations surveyed in 2020/2021 “reported having a formal short-term assignment policy.”9 |
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The third option is a snowbird program, where organisations may “be able to attract a better and larger labor force (including older persons)” with “a program allowing employees to spend winter months working”10 in locations with a warmer climate. |
One company offering this snowbird program is CVS Caremark, which “allows their US pharmacists to migrate south to places such as Florida for the winter.”10
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The final option, which is longer-term and potentially multi-location, is ‘digital nomadism’. Of the various generations, “millennials in particular seemed captivated by the idea that Work from Anywhere would allow them to become ‘digital nomads’, traveling the world while still employed.”11 |
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This “work-anywhere-in-the-world or digital-nomad movement will continue to accelerate” but we need to note that “this trend skews towards white-collar workers.”12 |
To meet the needs of these short-term ‘work from anywhere’ options, service providers “have sprung up to meet the demand”4, including:
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However, for short-term ‘work from anywhere’ to be successful, the location requires good connectivity, an internet service “fast enough to support viable video calls.”13 This is an issue particularly “in many parts of the developing world” where “the connectivity infrastructure is sparse or nonexistent.”13 |
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In addition, for longer-term assignments “when remote work crosses borders, employers are exposed to compliance obligations that increase cost and complexity for businesses.”14 For this reason, “76% of employers in a recent PwC survey intended to limit remote working to locations where they already had a presence.”15 |
In summary, many employees want to be given ‘work from anywhere’ short-term options, and numerous organisations have recognised that providing this benefit is a great attraction and retention strategy.
Norton Rose Fulbright assists organisations to efficiently and effectively address the legal aspects of the new global work environment, including working from anywhere. Please reach out if we can assist your organisation in this respect.
Our next paper will focus on the rise of flexible hours, and the decline of the five-day workweek.
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We are delighted to announce that Al Hounsell, Director of Strategic Innovation & Legal Design based in our Toronto office, has been named 'Innovative Leader of the Year' at the International Legal Technology Association (ILTA) Awards.
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