Month: January 2017

Managing Mobility Costs

Post author By Tamara Molino | CRP, GMS
Post date January 31, 2017

Department heads all over the globe are constantly asked to identify cost-saving opportunities within their departments. Human resources, employee mobility, talent acquisition, and procurement are no exceptions. As you scrutinize your budget, try utilizing these three steps to help better manage and ultimately reduce your relocation expenses:

Cost Estimates

Managing mobility costs starts with understanding what those expenses are. First estimate what costs should be involved with your vision of a successful mobility program. A cost estimate will provide you with a clear picture of the potential costs of individual relocation assignments. You can then use these cost estimates to correctly establish a budget prior to initiating any relocations.

One effective way to determine your cost estimates is by utilizing cost estimate technology. There are many software programs that by using the latest upgrades will help you:

Save time
Reduce human error
Ensure compliance

Policy Reviews

By reviewing your relocation policies, either internally or with an outside relocation management company (RMC), you will be able to identify cost-saving opportunities and eliminate expensive exceptions. When reviewing your mobility management policies, you should:

Do so in conjunction with cost
Benchmark against other companies within your industry
Leverage technology for key services (i.e. Virtual destination tours, online school reports, etc.)

Example:

Tracking and Reporting

Lastly, you want to ensure that you are continuously tracking all expenses and reporting any overages or savings. Get a detailed account of how your cost estimates match up with your actual spending. Then the whole process repeats itself. Once you have your data:

Take action – Make any necessary adjustments to your budget, policy, or both
Review – Go over the detailed reports to identify more cost-saving opportunities
Incorporate technology – Save time and money by offering key services online

Global Mobility Solutions (GMS) is an award-winning RMC and, since 1987, has been helping companies save time and money with regard to their corporate relocations. As a courtesy service, GMS will review your current relocation policies and provide expert feedback to ensure that your policies are competitive within your industry and to identify any cost-saving opportunities, so you can focus on managing mobility costs.

Click here for your free relocation policy review

Tags Domestic Relocation, Global Mobility Best Practices, Global Mobility Solutions, global relocation, managing mobility costs, Mobility Cost Management, mobility expenses, mobility management, relocation best practices, Relocation Costs, relocation expenses, relocation management, Workforce Mobility, workforce relocation

Corporate Relocation Domestic Relocation Domestic Relocation Tips

Best Places for Business in the U.S.

Post author By Sam Hoey | CRP, GMS
Post date January 17, 2017

A close look at “The Best Places for Business in the U.S.”

Why should you be interested in the best places for business in the United States? On January 3, 2017, Mark Fields, CEO of Ford Motor Company, talked about how Ford was scrapping plans to build a $1.6 billion manufacturing plant in Mexico and instead was going to be investing $700 million into a facility in Detroit. The move would not only save existing jobs in Michigan, but add 700 new ones. Fields stated, “This is a vote of confidence for President-Elect Trump and some of the policies he may be pursuing.” This could also be interpreted as, “We better keep our operations in the U.S. or we will be heavily fined by the new administration.”

Deciding which state may make the most sense, many companies logically look for less expensive, more business-friendly locations to relocate all or parts of their operations. However, if crossing the border is no longer an option due to penalties and political backlash, to which states should companies look when setting up satellite facilities? What are the best places for business in the United States?

In the article “America’s Top States for Business in 2016,” Scott Cohn, Special Correspondent for CNBC, identified ten metrics and weighted them to determine state rankings. These are:

· Workforce (400 points)

· Cost of Doing Business (350 points)

· Infrastructure (350 points)

· Economy (340 points)

· Quality of Life (325 points)

· Technology & Innovation (250 points)

· Education (200 points)

· Business Friendliness (160 points)

· Cost of Living (75 points)

· Access to Capital (50 points)

By using these metrics, Mr. Cohn was able to compile an ordered list of the top states in which to do business. The top 10 overall rankings for 2016 are:

1. Utah

2. Texas

3. Colorado

4. Minnesota

5. North Carolina

6. Washington

7. Michigan

8. Georgia

9. Iowa

10. Florida

To view the full list of all 50 states, as well as the scores for each individual metric, visit the CNBC article page.

Should your company be planning a move to a more business-friendly state, be sure to utilize an experienced relocation management company to make the most informed decision and to facilitate your mobile workforce. Global Mobility Solutions (GMS) has been a leader in relocation management since 1987, continuously delivering innovative programs and relocation technology along with award-winning customer service.

Before you move – or even develop your relocation policies – contact GMS for your complimentary benchmark study.

Tags best business environment, best states for business, corporate mobility, corporate relocation, domestic mobility, Domestic Relocation, Workforce Mobility

Corporate Relocation Domestic Relocation Domestic Relocation Tips Domestic Relocation Trends Global Mobility Global Relocation Global Relocation Tips Global Relocation Trends Relocation Best Practices

Pre-Decision and Best Practices for Global Mobility

Post author By Sam Hoey | CRP, GMS
Post date January 3, 2017

Singapore business district skyline panorama over Marina Bay

Pre-decision Best Practices: Why do many companies have a 50% rate for assignment rejection? It is primarily because the potential transferees do not have a clear understanding of the destination location and the support available for their families.

Assignment rejection and failure can be very costly to a company. Firms spend an average of half a year’s salary in recruiting and training when onboarding a new employee. For high-level executives, the expense can be six to nine months of their salaries. However, according to the ERC, it can be as high as three-times an annual salary for international executives. If assignments are rejected, or fail after a move – which adds much more to the financial loss – companies must go through the expense of onboarding and training new staff.

How can companies ensure that they get the right people in the right place at the right time and for the right price?

The answer is to use pre-decision programs. Global Mobility Solutions (GMS) is the pre-decision pioneer and we continue to develop new, innovative features for pre-decision programs.

Although the number is growing, currently only 22 percent of companies around the world are utilizing pre-decision programs. However, when working with an RMC, nearly 60 percent choose to incorporate pre-decision into their mobility management solutions.

Employees decline relocation assignments due to housing, family, and spousal/partner employment concerns. Many firms had a 50% rate for assignment rejection. 32% housing/mortgage, 55% spouse/partner employment, 69% family issues. By using pre-decision, companies increase assignment acceptance, reduce failed relocations, save money, and project a progressive and employee-friendly image.

Going back to the reasons cited for assignment rejection, let’s see how the in-depth questioning and available services of pre-decision can address each of those concerns.

Housing

Candidates are interviewed to learn about community and lifestyle preferences. Candidates are presented with destination spotlights that highlight the cost of living and attractions of the assignment location. Area tours are arranged. Candidates are pre-approved by participating mortgage lenders. Candidates are provided with home selling and home buying assistance.

Spouse/Partner Employment

The pre-decision interview includes an employee’s spouse or partner. Pre-decision best practices programs offer a career assessment to develop an action plan that will help the spouse or partner adjust to the new location. This can include resume services, aggressive job searching, and more.

Family

Through the pre-decision interview process, the specific needs of the family are determined. To help candidates better understand the new location before moving, they are presented with school reports and detailed community information. Community tours are arranged so that transferees and their families can see schools, hospitals, and centers of culture and entertainment prior to moving.

The talent acquisition program manager of a large healthcare company said, “By using pre-decision to initiate relocations prior to the face-to-face interview, we know that transferees have arrived more quickly, have settled better, and stayed longer.”

Because of how it engages relocation candidates and their families, increases assignment acceptance and success, and saves companies time and money, pre-decision best practices should be utilized when it comes to mobility management.

Learn more about how pre-decision programs can benefit both you and your transferees.

Tags corporate relocation, Corporate Relocation Services, Global Mobility Best Practices, Global Mobility Solutions, global mobility trends, Global Relocation Tax, Pre-decision, Pre-Decision Programs, relocation best practices, relocation trends, Workforce Mobility, workforce mobility management

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