Things to keep in mind when reviewing Relocation policies
Offering relocation benefits to new or promoted employees is a great way to ensure that your company can hire the most qualified candidate for the position. As the new year is now upon us, HR managers should start to review their company’s relocation policies. Most relocation assistance companies recommend checking and renewing policies annually, usually in Q4. As the global mobility industry sees continuous change over time, reviewing policies at least once per year helps ensure that the relocation policies offered are still competitive within your industry, and ensure cost efficiencies are adapted to your current business environment.
Whether you are going out to bid for a new relocation company or just want to ensure that your relocation policies are above the standard, use this 2024 relocation policy checklist to ensure all of the joint pain points are met.
Our recommendations for global mobility planning cover both short-term and long-term initiatives. Here is the 2024 relocation checklist:
Short-Term Assignment Policy Review Points
- Identify all instances relating to immediate and upcoming needs for your relocating employees, including visas, work permits, immigration status changes, and cross-border travel. Determine appropriate action plans for each case.
- Document policy exceptions relating to the pandemic. Consider adjusting the company relocation policy or adding an addendum to account for the effects of the pandemic and other major relocation disruptions.
- Review all assignments that were placed on hold during 2022 and 2023. Determine if they are still critical to corporate objectives for 2024. If yes, implement a talent acquisition plan.
- Examine all data sources and information flows for integrity and accuracy. Form a relocation integration program project team to Identify instances that can be automated with effective relocation advanced programming interfaces (APIs).
- Identify current short-term assignments that can be further extended in support of corporate objectives. This will reduce costs relating to repatriation and re-assignment.
Long-Term Assignment Policy Review Points
- Determine areas in the relocation process where the company owes a higher duty of care than previously expected. Examples include programs and costs relating to transferees unable to return to their original locations due to pandemic-cause restrictions.
- Correlate talent acquisition and management programs to ensure consistency in achieving objectives across the company.
- Leverage virtual relocation solutions that enhance the transferee’s experience and provide added value to the company.
- Focus on process simplification and cost reduction. Use the lessons from 2020’s expanded virtual relocation solutions to modify your company relocation policy to adopt new technologies and procedures.
- Look to future corporate initiatives to determine appropriate company relocation policies, plans, and budgets. Ensure alignment with company objectives relating to growth, expansions, mergers, acquisitions, and divestitures.
Get in Touch with GMS for More Helpful 2022 Tips
At GMS, we understand that each company runs differently, meaning everyone will have different needs regarding relocation benefits. Our team has been helping companies construct some of the most competitive relocation packages for over 25 years. With 2024 now here, it’s time to ensure all your bases regarding relocation are covered. GMS recommends that clients thoroughly review their company relocation policy every 12 to 18 months. Following all the impacts of the COVID-19 pandemic on relocation, this review is critically important to ensure your company can respond effectively for regulatory, tax, and reporting purposes.
If you found this company relocation policy checklist useful, please refer to our Knowledge Base for more helpful blogs, case studies, and industry news. If you want to continue success with your employee relocation program and relocation packages, please feel free to reach out to Global Mobility Solutions for all your corporate relocation needs.
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