You review global market trends, your company’s financial growth, and even employee performances each year, so why not take the time to evaluate your current relocation policy, as well?
The truth is that even with the most flexible relocation program, it’s best practice to revisit your policy annually. This way you can ensure it always aligns with your company culture, relocation budget, and any new changes impacting your business—both internally and externally.
Why Assess Your Relocation Program?
In this article, we’ll break down the top 3 reasons why evaluating your relocation program, each year, can help you save money and time, stay competitive, and attract the best talent out there!
1.) Helps Control Relocation Expenses
From the suppliers you choose to partner with to the benefits awarded to each new (or existing) employee (e.g., lump sums, packing/unpacking services, temporary housing, storage, school location assistance, etc.), it’s important to assess your company’s spending habits when it comes to which services can help cover costs associated with each move.
For instance, upon review, your team may discover that certain benefits/features included in your relocation package are being under-utilized while others are consistently maxed out. You may decide to may decide you modify your policy based on frequent exception requests or services being underused.
Another example would be reviewing your supplier’s performance over the past year. Perhaps, you discover that you could be saving money or getting a better value by using a different company. If your business is spread out to multiple suppliers for a particular service, you may be able to negotiate better pricing by sending a larger volume of business to a particular supplier. This may also assist in securing better performance.
2.) Keeps You Current on Employees’ Needs
We all know that a lot can happen over a year, and the way we work and live continues to evolve each day. By renewing your relocation program annually, you’ll be able to modify your policy to meet your employees’ growing challenges, such as supply chain issues, housing shortages, global leadership development assignments etc.
You may decide to interview employees from the previous year who relocated. Asking for feedback on what worked, what didn’t, and what they would like to see in the future.
This will provide your company with valuable, real-life information (straight from the source) to understand the wants and needs of those who are the most impacted by your policy changes—your team!
3.) Ensures You Attract the Best Talent
Revisiting your relocation policy helps you support the needs of your current employees, but it also looks more attractive to potential candidates looking to grow their careers at your company!
Comparing your relocation policy to other in your industry is a great place to begin. This allows you to identify opportunities that may differentiate your company’s relocation program.
Rather than sending potential candidates the same template package that other companies are offering, your policy will be more fine-tuned and customized to meet the challenges employees face today.
Evaluate Your Relocation Program with Relocation Today!
Trust Relocation Today to discover innovative solutions that address domestic and/or global mobility needs by helping companies build comprehensive relocation programs.
To find out how we can support you, contact our team for a consultation. We’ll walk you through your options and help you relaunch, or build from scratch, a competitive relocation program that keeps costs down, streamlines services, and ensures employees stay happy throughout the process.
Get in touch to learn more!