Categories
Corporate Relocation Corporate relocation tips Domestic Relocation Domestic Relocation Challenges Domestic Relocation Tips Global Mobility Global Relocation Global Relocation Challenges Global Relocation Tips Household Goods Relocation Best Practices Relocation Challenges Relocation Management

Best Practices for Relocation: Multiple Bids for Household Goods Moves

Is your RMC helping keep relocation costs in check by taking multiple bids?

It is no secret that competition leads to various benefits, including significant savings for the end user. We have seen the opposite when a company monopolizes a product. Having one choice has never worked out well for consumers. The same applies to corporate relocation and household goods moves.

Many relocation management companies (RMCs) are either owned by or affiliated with van line companies. Therefore, when a client company wants to move its employees, the employees do not have a choice of van lines. The RMC and the van line know that the transferee is at their mercy concerning price, scheduling, and customer service.

However, some RMCs use a multiple-bid process to ensure that transferees get the best price and service. There are some significant benefits to having van lines compete for the relocation business:

  • It encourages the providers to “sharpen their pencils” to provide the lowest reasonable cost
  • It ensures adherence to a company’s relocation policy guidelines
  • It is a way to eliminate any service day surprises

This is all accomplished by having at least two carriers meet with the transferee to create estimates based on the amount that needs to be moved, what requires special handling, and where it needs to be relocated. Then, the RMC audits the estimates to look for inconsistencies, for example:

  • Do the pickup and delivery dates correspond with the move?
  • Does one company estimate more crates than another?
  • Does one company show specialty items that the other company may have missed?
  • How close are the estimated prices?
  • Auditing the bids ensures an apples-to-apples understanding of the van line options and helps weed out potential overages.

    Every carrier knows that its goal is to secure the business. As a result, it offers honest and precise quotes without extra costs. Several relocation policies involving moving companies also come with a maximum estimate guarantee. This helps ensure the relocation process follows industry standards and offers the most suitable solution.

Companies that utilize a multiple-bid process save an average of $1,547 per move! This breaks down to an average of $1,473 to $1,604 for household goods movement and $175 to $289 for car shipments per move.

Although cost is necessary, the experience of the person being transferred is also crucial. Allowing them to meet with various moving companies will help them feel more involved in the moving process. Sometimes, the person being transferred can select the moving company they prefer. 

Even if an estimate is slightly higher than another, if it falls within a certain percentage (based on the client company’s relocation policy) of the lower bid, a transferee may select the more expensive carrier if he or she feels more comfortable with that specific household goods mover. This promotes an overall positive experience because transferees are happier when they think they are heard throughout the relocation process. We all know that happy employees are more productive.

GMS Can Help Companies Save

Global Mobility Solutions (GMS) was the first to introduce the “Freedom of Choice” approach in relocation services. By implementing industry best practices and offering various options from different providers, GMC has helped client companies and their employees reduce costs for services such as moving household goods and obtaining mortgages. GMS is dedicated to creating innovative workforce mobility programs to simplify and enhance the relocation process for clients and their staff.

This innovative method reduces business costs and provides employees with greater autonomy and flexibility during their relocation. By empowering employees to select the services that best suit them, GMS ensures that each person feels appreciated and supported throughout the relocation process. This personalized strategy results in a seamless employee transition and a more streamlined company relocation process. With GMS at the helm of forward-thinking workforce mobility initiatives, businesses can save costs while ensuring employees enjoy a positive and hassle-free relocation journey.

Ready to Calculate YOur Program Savings? Request Access Now!

Are you ready to calculate your potential relocation program savings? Request access to our easy-to-use Relocation Cost Savings Calculator. Your Mobility Pro will grant your access request within 1 business day.

Categories
Corporate relocation tips Domestic Relocation Domestic Relocation Challenges Domestic Relocation Tips Global Relocation Tips Global Relocation Trends Relocation Best Practices Relocation Management

How Often is the Core-Flex Approach Used in Global Mobility?

GMS Breaks Down Everything You Need to Know about Core-Flex Relocation Packages

When moving for a new job, a company may provide relocation assistance to assist the employee with moving costs and make the moving process easier. Typically, larger companies will offer various relocation packages tailored to the employee’s position, the scope of the move, and whether family members are involved. One type of relocation policy that is gaining popularity among companies is the core-flex model. Core-flex relocation policies comprise a core section offering essential relocation benefits, along with a selection of flexible, optional benefits that can be chosen based on the employee’s specific needs.

Core-flex relocation programs do not grant employees complete freedom regarding moving costs, unlike typical lump-sum global mobility packages. However, core-flex options eliminate stress associated with relocating employees, such as the hassle of hiring suppliers, service quality issues, expenses, and tax overruns.

Are Core-Flex Relocation Packages Common?

Traditional and capped programs are commonly used in corporate relocation. Still, core-flex policies have become increasingly popular for their flexibility in meeting the varied needs of transferees while controlling costs. A recent benchmarking study and survey of transferees’ satisfaction with different programs revealed that traditional policies were the most satisfying, followed by capped and core-flex policies. Transferees who received a lump sum were the least satisfied. This highlights the importance of offering a range of options to accommodate the diverse needs of relocated employees.

Companies must prioritize the satisfaction of transferees during their relocation process. Happy transferees experience less stress during the transition and are more productive in their new location. Companies can expect improved critical thinking, problem-solving abilities, and reduced errors by ensuring transferees are content. Providing a relocation policy that meets the needs of transferees is the first step in achieving their satisfaction and success in the new location.

What Are Some Common Relocation Benefits?

A core-flex policy typically includes:

Core Benefits – All transferees are offered a comprehensive package of necessary benefits to support their move, including a Miscellaneous Expense Allowance (MEA), temporary accommodation, household goods shipping, and travel for the final move.

Flexible Benefits—Transferees can select from a range of benefits that suit their specific requirements and situations. These benefits may cover expenses such as a trip to find a new house, early lease termination, financial aid for renting at their new location, buying or selling a home, relocating pets and vehicles, storing household goods, and supporting spouses.

Does A Core-Flex Package Help or Burden the Relocation Process?

Companies can effectively control and forecast relocation costs by offering a combination of standard and personalized benefits. Core-flex policies aim to balance managing expenses and give employees the freedom to select benefits that suit their individual needs. Tailored support offerings can enhance the relocation process and boost employee retention rates.

By offering a core-flex package, companies can cater to the individual needs of their employees during the relocation process. This helps reduce the stress and burden associated with relocating to a new location, ensuring that employees feel supported and valued by their employers. The flexibility provided by core-flex policies allows employees to make choices that align with their specific circumstances, ultimately leading to a smoother transition and a more positive relocation experience. In the long run, this can contribute to higher employee satisfaction and retention rates, benefiting both the employee and the company. Overall, a core-flex package can be valuable in streamlining the relocation process and ensuring a successful outcome for all parties involved.

Categories
Corporate Relocation Corporate relocation tips Domestic Relocation Domestic Relocation Challenges Domestic Relocation Tips

Employees Not Taking Advantage of Lump Sum Relocation Packages

Learn why it is essential for employees to utilize every penny possible in a lump sum relocation policy

What is a Lump Sum Relocation Policy?

A lump sum relocation package is a fixed sum of money employers provide to employees being transferred or newly hired. This money is given in place of relocation benefits like assistance with moving household goods, training in culture and language, or help finding a new home. Employers anticipate that employees will use the lump sum payment to handle their relocation process.

Employers with employees who have recently graduated from college, individuals who contribute to the company, or those who are new to their careers may be the most suitable recipients for relocation packages that involve a lump sum payment. These workers typically rent their homes and have only a few belongings to relocate. Furthermore, they only sometimes demand substantial investments in talent acquisition since they are vying for positions at a lower level.

When it comes to companies hiring new employees or transferring them to higher positions, it is considered the best practice to offer a variety of advantages. Individuals at more elevated levels often necessitate a substantial investment in recruiting skilled individuals. Providing benefits that aid in successful relocations also leads to increased employee contentment.

Avoiding Risks with Lump Sum Packages

By offering lump sum packages versus a comprehensive relocation package, you may be putting your employees and your business at risk, cutting costs at the expense of employee satisfaction, loyalty, and productivity.

Firstly, it is common for employers to need more money in their lump sum compensation packages to fully cover the costs of relocating their employees. Even if employees can negotiate a higher lump sum amount, they still have to personally pay for relocation expenses, such as storage and labor, to unload their belongings. This is a frequently encountered situation for employees relocating with lump sum packages. 

In most cases, employees relocating with a lump sum package see the financial amount as a bonus and money to move with. The most straightforward example is that employees might try to use a local moving company to save some of that cash instead of using a vetted van line company provided by their relocation management company. 

While it seems incredible that the employee can pocket the saved cash, much can go wrong in the relocation process. Using an unorganized household goods shipping provider that cannot handle a rushed family move can cause many more issues than solutions.

What Advantages Do Lump Sum Mobility Policies Offer?

Lump sum relocation packages offer benefits in streamlining the process for employers. The primary advantage is that employers and their mobility managers face fewer complexities when providing relocation assistance. Supporting employees during their relocation is simplified to merely addressing inquiries regarding the availability of the lump sum funds.

Employers can also simplify their budgeting and forecasting processes. Instead of spending time and effort trying to figure out the exact costs of hiring or transferring employees, they can use a standard number that applies to all tiers of their relocation program.

GMS Is Here to Help

The corporate relocation specialists at Global Mobility Solutions (GMS) have assisted numerous clients in developing relocation policies that effectively attract and retain skilled individuals. With our expertise, we can help your company by offering exceptional relocation packages that ensure a positive experience for transferees and new employees.

GMS became the initial relocation corporation to officially register as a .com. Additionally, they developed the inaugural online interactive instruments and calculators, which brought about a complete transformation in the relocation sector. GMS continues leading the industry by being the forerunner in innovative and technological solutions through its exclusive MyRelocation™ technology platform.

Contact our specialists to explore how your organization can utilize one-time relocation packages for new employees and transferees.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Corporate relocation tips Domestic Relocation Global Mobility Global Relocation Global Relocation Tips Global Relocation Trends Relocation Programs

The Essential Role of a Relocation Coach in the Domestic Relocation Process

Learn how relocation management companies coach employees through their move

Domestic relocation refers to moving from one location to another within the same country. This can involve moving to a new city for a job, transitioning to a larger home, or simply seeking a change of scenery. While exciting, relocation can also be a daunting task filled with numerous challenges. Individuals often face logistical hurdles, emotional stress, and the need to adapt to a new environment. 

This is where the role of a relocation coach becomes invaluable. A relocation coach is a trained professional who guides individuals and families through the complexities of moving. They provide personalized support, helping clients navigate everything from packing and logistics to settling into their new community. Working with a relocation management company enhances this experience, as these organizations specialize in streamlining the relocation process and offering a range of services tailored to meet each client’s unique needs.

Why Do You Need a Relocation Coach?

Having a relocation coach can significantly ease the stress associated with moving. A relocation coach takes the time to understand each client’s specific needs and concerns. They create a customized plan that addresses individual circumstances, ensuring no detail is overlooked.
Relocation coaches are well-versed in the details of moving. They can provide valuable insights about neighborhoods, schools, and local amenities, helping clients make informed decisions about their new homes.

Moving can be an emotional rollercoaster. An experienced coach offers support and encouragement, helping clients cope with the anxiety and uncertainty that often accompany a significant life change.

A certified coach can save clients time and effort. Coaches can handle logistics, recommend reliable moving companies, and assist with paperwork, allowing clients to focus on other essential aspects of their move.

The Benefits of Working with a Relocation Management Company

Relocation management companies (RMCs) play a crucial role in domestic relocation. They work alongside relocation coaches to provide comprehensive services that facilitate a smooth transition. RMCs coordinate various services, including packing, transportation, and storage. This ensures that all aspects of the move are organized and executed efficiently. For companies relocating employees, these firms help develop policies that align with organizational goals. This includes determining what benefits to offer and how to support employees.

How a Relocation Coach and Management Company Work Together

A relocation coach is crucial in the overall process by working closely with the relocation management company. Together, they create a cohesive plan that addresses every detail of the move. The coach acts as a personal guide for the employee, providing support and resources, while the management company handles logistics and administrative tasks. This partnership ensures that all aspects of the relocation are synchronized, minimizing confusion and maximizing efficiency.

Every domestic relocation assignment is unique, and the relocation coach and the management company understand the importance of tailoring their services to meet specific needs. They collaborate to assess the individual circumstances of the employee or the company, considering factors such as family dynamics, job requirements, and personal preferences. By customizing the relocation plan, they can address potential challenges proactively, ensuring a smoother transition for everyone involved.

The combined efforts of a relocation coach and a management company lead to a more efficient and positive relocation experience. With their expertise and support, employees feel more confident and prepared for the changes ahead. This enhances employee satisfaction and boosts productivity as they settle into new roles and environments. Ultimately, a well-executed relocation process fosters a sense of belonging and stability, which is essential for both the individual and the organization.

Why Choose Global Mobility Solutions?

Global Mobility Solutions (GMS) is a trusted partner in domestic relocation, offering extensive experience and expertise in relocation management and coaching services. With years of industry knowledge, GMS Mobility understands the unique challenges of relocating employees. Their dedicated team is committed to providing personalized support tailored to each individual’s needs, ensuring a smooth transition.

One key advantage of choosing GMS Mobility is its comprehensive approach. They assist with the logistics of moving and focus on the emotional and psychological aspects of relocation. By offering coaching services, GMS Mobility helps employees navigate the uncertainties of moving to a new location, address concerns, and provide resources that empower them to adapt quickly.

Ultimately, choosing GMS Mobility means investing in a seamless relocation experience that prioritizes employee well-being. By partnering with GMS Mobility, organizations can enhance employee satisfaction, reduce turnover, and create a more engaged workforce ready to thrive in their new environment.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Corporate Relocation Corporate relocation tips Domestic Relocation Global Mobility Global Relocation

Navigating the Future: Is Your Relocation Program Aligned with Gen Z Expectations?

In today’s rapidly changing workforce, understanding the preferences of Generation Z (Gen Z) is more important than ever. Born between 1997 and 2012, this group has distinct views on work, personal fulfillment, and workplace culture. As they enter the job market, their unique expectations are influencing how organizations approach employee relocation.

To attract and retain top talent from this generation, it’s essential to examine whether your current relocation services align with their values and needs. This generation is also highly tech-savvy, having grown up in a digital world, which shapes their expectations for communication and collaboration. As such, organizations must adapt their relocation programs to meet these evolving demands.

As Generation Z continues to shape the workforce, organizations must adapt their relocation programs to meet the expectations of this generation. By embracing flexibility, leveraging technology, prioritizing mental health, and committing to sustainability, companies can create a relocation experience that resonates with this dynamic generation. Ultimately, aligning your relocation services with Gen Z values not only enhances employee satisfaction but also strengthens your organization’s ability to attract and retain top talent in a competitive job market.

Understanding Gen Z's Core Values

A strong desire for authenticity and meaningful experiences characterizes Gen Z. They tend to avoid superficial interactions and appreciate transparency, inclusivity, and social responsibility. If your relocation program does not embody these values, your company may struggle to attract and retain young talent.

For instance, a survey showed that 70% of Gen Z individuals prefer to work for companies dedicated to social causes. Highlighting sustainability in relocation practices or promoting community engagement can resonate with their desire for a sense of purpose.

Tech-Savvy Solutions

Having grown up with technology, Gen Z expects seamless digital experiences in their professional lives. When considering relocation programs, they are drawn to innovative solutions that enhance efficiency and productivity.

For example, offering virtual reality tours of potential housing or the new workplace can simplify the decision-making process. Additionally, a relocation management system that includes a mobile app for budget tracking and real-time communication can streamline processes. A study by the Global Mobility Association found that companies utilizing tech tools in their relocation efforts saw a 35% increase in employee satisfaction.

Flexibility and Personalization

As work becomes more adaptable, Gen Z expects personalized experiences that meet their unique needs. A rigid, one-size-fits-all approach to relocation will not attract this cohort.

To improve your program, consider providing customizable options, such as:

  • Flexible timelines for relocation
  • Housing assistance tailored to individual preferences
  • Support for a young family relocation needs

Additionally, offering resources for remote work setups can help ease the transition for employees who may prefer this model after relocating.

The Importance of Community and Connection

Although often viewed as individualistic, Gen Z values community and connection above all else. Relocation programs should incorporate initiatives fostering a sense of belonging.

Offering opportunities for local networking events and mentorship in new areas can help new employees feel welcome and integrated. Community service projects can also create strong connections and resonate with Gen Z’s desire to make a positive impact on society. Studies show that 80% of Gen Z believe it’s essential to work for organizations that care about their communities.

Financial Support in the Age of Uncertainty

Gen Z has entered the job market during a period of economic instability, making financial security a crucial priority. Several factors, including fluctuating job markets, rising inflation rates, and the lingering effects of global events such as the COVID-19 pandemic characterize the economic instability faced by Gen Z. These conditions have resulted in a challenging environment for job seekers, with many traditional career paths undergoing transformation and new industries emerging at an unprecedented rate. As a result, Gen Z individuals are often compelled to adopt a more pragmatic approach to their careers, prioritizing roles that offer not only competitive salaries but also benefits that contribute to long-term financial well-being, such as relocation services.

Relocation programs should address financial aspects like:

  • Relocation reimbursement policies
  • First-time homeowner programs
  • Cost-of-living evaluations

Providing these resources will not only address Gen Z’s immediate concerns but also foster loyalty by demonstrating that their financial needs are being prioritized.

Mental Health and Well-Being Considerations

Mental health is a top priority for Gen Z, as many seek supportive work environments that foster well-being. During relocation, they value programs acknowledging emotional needs.

Incorporating mental health resources, such as access to counseling services or wellness workshops, can significantly enhance satisfaction. Tools that promote stress relief, such as yoga sessions or mindfulness apps, can help ease transitions and improve overall well-being.

The Green Factor

Gen Z is increasingly aware of environmental issues. They gravitate towards brands that prioritize sustainability.

To appeal to this demographic, consider integrating eco-friendly practices into your relocation program. This includes offering:

  • Sustainable transportation options
  • Housing assistance that promotes local and organic choices
  • Green moving supplies

Demonstrating a commitment to sustainability can align your organization’s values with those of Gen Z and foster deeper loyalty.

Embracing Gen Z's Future

To successfully engage with Gen Z, organizations must align their relocation programs with the expectations of this generation. Authenticity, innovative tech solutions, personalized experiences, community connections, financial transparency, mental health support, and sustainability are key areas to focus on.

By implementing these strategies, companies will not only attract top talent from the younger workforce but also create a supportive and engaging environment that fosters loyalty and satisfaction.

Is your relocation program prepared for the future? Embrace these insights to lead the way in providing an enriching transition for the next generation of talent.

To discuss your relocation needs and receive a complimentary program and policy review to ensure your program aligns with the talent you are trying to attract, please contact GMS today.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Corporate Relocation Corporate relocation tips Domestic Relocation Domestic Relocation Trends Global Relocation Global Relocation Tips Relocation Management Relocation Policy Review

Maximizing Your Relocation Package: Essential Considerations for Assignees

How to make sure you’re not leaving relocation benefits on the table

Relocating for work can be an exciting yet challenging journey. As companies increasingly offer lump sum payments to facilitate employee relocations, assignees need to plan and strategize to make the most out of these funds. If you’ve just received a lump sum for your move, here’s a comprehensive guide on what to consider to maximize your budget without sacrificing time and quality service.

Work with an RMC to Create a Relocation Plan

The first step in ensuring a successful move is developing a detailed plan. As each relocation is different, consider your family’s unique needs. Working with a relocation management company (RMC) can help get you on the right track. Many RMCs will assign moving employees a relocation coach, who can help outline a plan—but getting ready for the move on behalf of you and your family, ask yourself:

  • Housing Needs: Will you need to break a lease, pay security deposits, or cover home sale/purchase costs? Understand the local housing market to make informed decisions.
  • Final Move Costs: Factor in expenses related to your final move, including transportation (driving or flying), meals, and accommodation during transit. These costs can add up quickly if not accounted for early on.
  • Relocation Tax Implications: Be aware that lump sum payments may be taxable. Consulting a tax professional can help you understand how these funds will impact your overall tax situation.
  • Time Considerations: Planning your moving arrangements can be time-consuming. Be realistic about how much time you can devote to organizing your move while balancing work and personal commitments.

Make a Detailed Budget

Creating a comprehensive budget is essential once you have a plan in place. Outline all anticipated expenses related to your move, ensuring you include:

  • Moving Supplies: Boxes, tape, and other packing materials.
  • Transportation Costs: Fuel, flights, or vehicle rental.
  • Temporary Housing: Costs related to short-term rentals or hotels.
  • Miscellaneous Expenses: These include utility connection fees and pet care.

Establishing a detailed budget can help you track your spending better and identify areas where you can cut costs without compromising quality.

Optimize Your Shipment

When shipping your belongings, consider using a full-pack shipment managed by a Global Mobility Solutions (GMS) provider. Here’s why:

  • Expert Support: A GMS provider offers professional packing and handling, ensuring your belongings are safeguarded throughout the move. In the event of damages or losses, having professional assistance can be invaluable.
  • Reducing Shipment Costs: While saving money by managing your shipment independently may be tempting, a GMS provider often has established relationships with shipping companies, leading to better rates and less hassle.

Leverage a Destination Services Provider (DSP)

A Destination Services Provider (DSP) can be an indispensable asset during relocation. Here’s how they help:

  • Local Expertise: A DSP offers insights into the local area, helping you find suitable housing, schools, and amenities tailored to your family’s needs.
  • Advocacy Upon Arrival: It is crucial to have a local advocate. They can navigate challenges, ensuring a smoother transition into your new community.

Plan for Budget Holds

As you prepare your budget, consider including budget holds for unexpected expenses. Here are some common areas where extra funds might be necessary:

  • Customs Fees: If you’re relocating internationally, customs can be a significant expense.
  • Shuttles and Logistics: Don’t overlook transportation from the airport or rental car services.
  • Unexpected Carry Costs: If your new home isn’t easily accessible, you may incur additional costs for moving your belongings from the moving truck to your new residence.

By anticipating these potential costs, you can avoid the stress of overspending or being caught off guard.

Weigh Temporary Housing vs. Airbnb

Finally, when considering where to stay during your transition, weigh the pros and cons of temporary housing versus Airbnb.

  • Temporary Housing: Often offers more space and amenities, making it a comfortable choice for families. However, it may come at a higher cost and involve longer-term commitments.
  • Airbnb: Provides flexibility and can be a more economical option. Still, consider the trade-offs regarding space and amenities, especially if you’re moving with a family or pets.

GMS Gets Employees from Point A to Point B

Relocating with a lump sum requires thoughtful planning and budgeting. You can maximize your lump sum by creating a comprehensive relocation plan, making a detailed budget, and utilizing the resources available to you, such as GMS. Always think ahead to account for unexpected costs and weigh your temporary housing options wisely. With careful consideration, you can ensure a smooth transition into your new home without compromising the quality of your relocation experience. 

Work with GMS to create comprehensive relocation packages. These packages can be tailored to meet your specific needs, whether you require assistance with finding a new home, settling into a new community, or managing the logistics of the move itself. GMS offers various services, including home search assistance, school search support, and cultural training for those relocating to a new country.

Remember, relocating is not just about moving your belongings; it’s about starting a new chapter in your life. Embrace the change, and don’t hesitate to seek support from friends, family, or professionals during this time. With the correct planning and resources, you can turn what may seem daunting into an exciting opportunity for growth and adventure.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Corporate Relocation Corporate relocation tips Domestic Relocation Domestic Relocation Tips Household Goods Relocation Best Practices Relocation Management

Best Practice for Relocation: Multiple Bids for Mortgage Services

Learn how a multiple-bid process can keep relocation costs in check

Very few people will walk into a car dealership, point to a vehicle, and say, “Let’s sign a contract.” Most of us will compare the prices offered by a few area dealerships. When the salespeople know that they have competition, they begin reducing the vehicle’s initial cost.

However, many relocation management companies (RMCs) either own or are owned by mortgage companies. Therefore, when a client company wants to move its employees, the employees do not have a choice of lenders. The RMC and the mortgage lender know that the transferee is at their mercy concerning price, scheduling, and customer service.

Some RMCs use a multiple-bid process to ensure that transferees are getting the best price and service. There are some significant benefits to going through an RMC and having their mortgage lenders compete for relocation business:

Lenders are motivated to offer competitive rates and minimal closing costs. They are willing to be flexible with their approval criteria for individuals referred by an RMC. These borrowers can access special discounts and mortgage programs exclusive to RMC referrals. To ensure the best deal, at least three lenders submit bids for the borrower to compare mortgage estimates. These estimates are based on the borrower’s financial capacity, loan amount compared to property value, and the terms of available mortgage programs. This process is considered a standard practice for optimal results.

Each lender understands that its objective is to win the business. Therefore, they provide mortgage estimates that are fair and accurate with relatively no cushion to the costs.

Helping Keep Relocation Costs in Check

When utilizing multiple bids for mortgage services, transferees save an average of .32% on their mortgage rate. What does this mean for transferees? The lower rate will allow transferees to explore more options, such as larger houses, better neighborhoods, or simply enjoying the monthly savings.

With multiple lenders providing bids, transferees can compare and choose the best mortgage rate. This saves them money in the long run and gives them the flexibility to consider different housing options that may have been out of reach with a higher mortgage rate. Ultimately, this process helps keep relocation costs in check and allows transferees to make the most of their new living situation. With the potential savings on their mortgage rate, transferees can focus on settling into their new home and community without the added financial stress.

While cost is essential, so is the transferee’s experience. Allowing the transferee to meet with multiple mortgage lenders will engage him or her more in the relocation process. This promotes an overall good experience because transferees tend to be happier if they feel that they are being heard throughout the relocation process. And we all know that happy employees are productive employees.

GMS Offers Companies Freedom of Choice

Global Mobility Solutions (GMS) pioneered the “Freedom of Choice” model in relocation. By providing multiple bids for an array of providers, client companies and their transferees have saved money on services like household goods movement and mortgage loans. GMS continues innovating best-practice workforce mobility programs to make relocations easy and practical for clients and their employees.


This unique approach gives companies more control over their relocation budget and ensures that transferees have options that best suit their needs. By offering freedom of choice, GMS can tailor relocation packages to fit the specific requirements of each individual or family, making the entire process more personalized and efficient. This not only saves the company money but also helps reduce stress and uncertainty for the transferee, leading to a smoother transition and a more positive experience overall. With GMS leading the way in innovative relocation solutions, companies can trust that their employees will be cared for during the relocation process.

What's happening in your industry? Request a Courtesy Benchmark report

At GMS, we make it a priority to know how talent mobility is changing in each major industry. What are the best practices? How are other companies changing their programs to retain a competitive edge? Your Mobility Pro will be in touch within 1 business day to help answer your questions and benchmark your industry.

Categories
Corporate Relocation Corporate relocation tips Domestic Relocation Domestic Relocation Challenges Domestic Relocation Tips Domestic Relocation Trends Employee Development

A Detailed Look at Relocation Packages and Costs

Here’s a quick breakdown of expected costs associated with relocation packages

When a company covers the cost of your relocation, they are not just providing financial assistance and a sense of security and support. This is done through a relocation package, which typically includes services such as:

Services include packing, transportation of belongings with transit insurance, payment for truck rental or moving container costs, help with selling and finding a new home, temporary housing, assistance with vehicle shipping, and coordination of international moves.

Employees can receive relocation packages in various ways. One option is a lump sum, where the employee is given a set amount to cover all relocation costs. Another option is reimbursement, where the employee pays for expenses upfront and is reimbursed by their employer after the relocation.

Occasionally, a company may collaborate with a moving service to manage employee moves. This approach is known as direct billing, where the moving company sends the bill directly to the employer for payment.

Certain employers provide tiered relocation packages based on length of service and individual or family circumstances. These packages may include a mix of the services mentioned earlier. It is crucial for employees to thoroughly examine and comprehend the relocation package offered by their employer before making any decisions. Some packages may offer extra perks like temporary housing, assistance with property transactions, or even language and cultural training for international moves. It is advisable for employees to openly communicate with their employer regarding any specific requirements or worries they may have throughout the relocation process. 

 

By working together, the employer and employee can ensure a smooth and successful transition to a new location. Employees should also take the time to research the cost of living in their new location to ensure that the relocation package adequately covers their needs. Considering housing prices, transportation costs, and healthcare expenses is crucial when evaluating the package’s overall value. Additionally, employees should be aware of any tax implications arising from the relocation, such as potential deductions or reimbursements for moving expenses.

In some cases, employees may be able to negotiate certain aspects of their relocation package with their employer. This could include requesting additional benefits or adjusting existing ones to suit their circumstances better. It is essential for employees to approach these negotiations professionally and to communicate their needs and expectations.

Overall, a well-structured and comprehensive relocation package can significantly benefit the employer and the employee. By taking the time to understand the details of the package, communicate openly with their employer, and consider the cost of living in their new location, employees can ensure a successful and stress-free transition to their new home.

What GMS Does to Keep Costs Down

Clients opt for Global Mobility Solutions’ business approach due to its flexibility to them and their transferees. This enables clients to collaborate with top-notch service providers worldwide. Unlike most relocation companies, GMS is independent and not tied to any specific real estate, household goods, or third-party service provider. This independence allows GMS to establish strong partnerships with leading providers globally, who work closely with GMS to meet clients’ needs effectively. The extensive network of partners enables GMS to offer personalized, real-time support to clients, ensuring a smooth relocation process for both the individual and their family.

GMS offers our clients the opportunity to save money by leveraging our provider network and utilizing our Pre-Decision Program. By engaging with clients early in the relocation process, before a final decision is made, GMS can assist in reducing relocation failures, improving job acceptance rates, providing a precise budget, avoiding transferee/assignee rejection, identifying home sale issues, simplifying house hunting trips, and minimizing policy deviations.

We're Here to Help! Request a Courtesy Consultation

Are you ready to talk to a Mobility Pro? Learn how GMS can optimize your mobility program, enhance your policies to meet today’s unique challenges, receive an in-depth industry benchmark, or simply ask us a question. Your Mobility Pro will be in touch within 1 business day for a no-pressure, courtesy consultation.

Categories
Corporate Relocation Domestic Relocation Domestic Relocation Challenges Employee Development Global Mobility Global Relocation

The Role of Mobility Consulting in Modern Businesses

Successful relocations involve logistics and setting employees up for success in a new location. This is where mobility consulting in modern businesses gains immense value. Mobility consulting addresses each stage of relocation with a hands-on approach, seeing that nothing is overlooked and every employee’s needs are fully met. Mobility consultants are there to navigate complex visa procedures, coordinate housing, and even provide local support. As a result of their dedication and expertise, businesses save on costs, reduce employee stress, and ensure that talent is ready to thrive from day one. Let’s dive deeper into how mobility consulting transforms relocation into a strategic asset for businesses and employees.

What is Mobility Consulting?

Mobility consulting refers to the specialized services that help businesses manage employee relocations effectively.

Mobility consultants work with organizations to develop tailored relocation policies aligning with company goals and employee needs.

These experts bring a wealth of knowledge to the table, covering:

  •       Legal compliance
  •       Tax implications
  •       Cultural training
  •       Local market insights
  •       etc.

Their role is crucial in today’s global workforce, where companies often face diverse regulations and employee expectations.

Benefits of Mobility Consulting for Businesses

Mobility consulting brings several benefits that can significantly enhance your relocation strategy.

Enhanced Efficiency

Mobility consultants streamline the relocation process, allowing your HR team to focus on strategic initiatives rather than getting bogged down in logistical details. With their expertise, relocations can be completed more quickly and smoothly, minimizing employee downtime.

Cost Reduction

Navigating relocations without expert guidance can lead to unexpected expenses. Mobility consultants help identify cost-saving opportunities, such as negotiating better rates with service providers and optimizing relocation packages to fit within budget constraints.

Improved Employee Experience

A positive relocation experience sets the tone for an employee’s new role. Mobility consultants ensure employees receive personalized support, from finding suitable housing to connecting them with local resources. By handling these details, you can make it easier on your employees during a potentially stressful time and boost employee morale and retention.

Increased Flexibility

As business needs change, so do relocation requirements. Mobility consultants offer flexible solutions that can adapt to different circumstances, whether short-term assignments or permanent moves.

The Role of Mobility Consulting in Modern Businesses: Where Does It Make an Impact?

Mobility consulting plays a massive role in several areas of the relocation process, offering targeted support that makes relocations easier to bear.

Here’s a closer look at the areas where mobility consulting has a direct impact.

Workforce Mobility

Mobility consultants develop strategies that cater to the needs of a mobile workforce. They create frameworks that ensure each relocation aligns with your company’s policies while addressing the needs of each employee. By focusing on mobility as a business strategy, consultants help companies respond swiftly to new market opportunities.

Mobile App Development

Mobility consultants also often assist with implementing digital tools and mobile apps that allow employees to track their relocation progress, access essential resources, and receive updates in real-time. This technology-driven approach improves transparency and enhances the overall relocation experience for employees.

Data Security and Compliance

Relocating employees often involves handling sensitive information, which requires strict adherence to data protection regulations. Mobility consultants ensure that every part of the relocation process complies with local and international laws, protecting the company and its employees.

Integration with Existing Systems

Seamless integration between relocation processes and existing HR and payroll systems is required to avoid administrative bottlenecks. Mobility consultants help ensure that the systems used in relocation are aligned with your current infrastructure, helping track costs, monitor progress, and keep everything running smoothly. This integration also improves data accuracy and allows for better analysis of relocation metrics, which supports future decision-making.

The Main Takeaway

Mobility consulting in modern businesses provides the expertise needed to mitigate the complexities of employee relocations. Mobility consultants turn relocations into strategic advantages by enhancing efficiency, reducing costs, and improving employee experiences. As you consider your relocation strategy, remember that investing in mobility consulting simplifies logistics and sets your employees up for success in their new roles. Embrace this valuable resource, and watch your business thrive in new markets.

Categories
Corporate Relocation Domestic Relocation Domestic Relocation Trends Global Mobility Global Relocation Global Relocation Challenges Global Relocation Tips Global Relocation Trends

Addressing data protection and security issues in your global mobility initiative

Learn why data privacy is essential for relocation management companies

Ransomware, phishing, hacking, malware, botnets, viruses, spyware, and worms are some cybersecurity threats we face today. One doesn’t need to be an IT expert to recognize that data security risks are significant in our digital age. With personal information now crucial for businesses, conversations on data privacy and protection have moved from technical departments to executive meetings. As companies handle increasing amounts and worth of data, the associated risks also escalate.

The European Union’s General Data Protection Regulation (GDPR) is a widely recognized and established security standard that mandates companies safeguard individuals’ personal information and privacy in the EU and data related to transactions within EU countries. Failure to comply with these regulations can result in hefty financial penalties, fines, and considerable harm to a business’s reputation.

How can you ensure you stay ahead of these challenges?

As your traveling employees move globally, they anticipate that you and your service providers will safeguard their personal information. Organizations have an obligation to their workforce to ensure the protection of sensitive and private data. This duty involves collaborating with reliable partners and vendors who emphasize data privacy and security in their practices. 

Below are five data privacy processes we consider essential for your company, partners, and vendors.

  1. Conduct Regular Risk Assessments: It’s crucial to evaluate the potential risks associated with data handling regularly. This involves identifying vulnerabilities in your systems and processes and assessing your partners’ security measures. By understanding where the risks lie, you can take proactive steps to mitigate them.
  2. Implement Strong Data Encryption: Protecting sensitive information through encryption is a fundamental practice. Ensure that both your company and your vendors use robust encryption methods for data at rest and in transit. This adds an extra layer of security, making it much harder for unauthorized individuals to access personal information.
  3. Establish Clear Data Access Policies: Define who has access to personal data and under what circumstances. This should include strict guidelines on data sharing and handling. Ensure all employees and partners are trained on these policies to prevent unauthorized access and potential breaches.
  4. Regularly Update Software and Systems: Keeping your software and systems up to date is essential for protecting against vulnerabilities. Ensure your company and vendors are committed to regular updates and patches. This helps to close security gaps that cybercriminals could exploit.
  5. Create an Incident Response Plan: Despite best efforts, breaches can still occur. Having a well-defined incident response plan in place is vital. This plan should outline the steps to take in the event of a data breach, including how to notify affected individuals and regulatory bodies. Regularly review and practice this plan to ensure everyone knows their role in the event of an incident.

Implementing these essential data privacy processes can significantly reduce non-compliance risk and protect employees’ personal information. Remember, data privacy is not just a legal obligation; it’s a commitment to your employees and their trust in your organization.

GMS Takes Data Privacy Serious for Global Mobility Programs

Regardless of whether you are collaborating with a relocation management firm or overseeing your mobility program internally, it is essential to pose these two critical inquiries:

Has your mobility program been committed clearly to data privacy and protection over the past six months?

Does your organization or relocation provider adhere to the trust services principles outlined in a SOC 2 certification?

If your response to either question is “No,” it is crucial to reassess your data security and compliance measures. Global Mobility Solutions (GMS) is one of the few relocation companies holding SOC 2 certification. Contact GMS today to discover how we safeguard your information and data throughout your relocation management program. You can call us at 800.617.1904 or 480.922.0700 for more information.

Our cloud-based relocation technology is designed to help you streamline your company’s relocation management.

Looking for something?