Category: Relocation Best Practices

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What are the Top 3 Business Relocation Budget Tips?

Group of young people moving in new office, holding boxes and stuff.

With today’s digitally-driven business landscape, your business relocation budget might include relocating an operational arm or corporate headquarters to a different region. For some companies, it makes economic sense to move employees to other parts of the country or globe. However, although these moves often have the intention of boosting bottom-line revenue, relocation costs can add up quickly.

Keeping that in mind, here are the top three business relocation tips you can use to help save on corporate relocation budgets:

Get Estimates from Multiple Providers

Assuming that a business has already chosen a new market and a new office space, the logistical aspects of moving now come into play. Moving offices and employees is a massive undertaking, and it is important for a business to get the most value from the relocation. Obtain multiple estimates from reputable firms and determine the best option that fits your business relocation budget. Rates can often be negotiable; a Relocation Management Company that has experts in group move coordination on staff can leverage volume for better rates with van lines.

Understand Your Rights

The U.S. Department of Transportation’s Federal Motor Carrier Safety Administration outlines a number of rights and responsibilities that businesses are entitled to before, during and after their relocation. For instance, a van line must move a client’s belongings in a timely manner. The moving company must provide a written record called a reasonable dispatch service, and if there is a delay, the company must then prepare a written record of its amended date for delivery. Since your business relocation budget requires adherence to cost guidelines, it is important for companies to ensure the entire logistical process runs smoothly.

Work with a Relocation Management Company

Choose a Relocation Management Company that has expert knowledge and extensive experience in corporate relocation services. Corporate relocation programs provide companies and employees all of the resources and tools they need to ensure a smooth and successful relocation process, and to keep your business relocation budget within guidelines. Look for a company that provides ongoing employee support services, supplier management, relocation benefits, and expense management. Since your employees will be moving to the new location, you should be sure to provide a wealth of resources for them and their families so they feel confident in accepting their new assignments and enthusiastic about the company’s relocation.

Conclusion

The corporate relocation experts at Global Mobility Solutions (GMS) have the knowledge and expertise to help your company manage its business relocation budget and offer your employees the best relocation experience. Contact our team of experts to discuss how we can help your company’s business relocation budget stay within company guidelines, or call us directly at 800.617.1904 or 480.922.0700 today.

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Top 5 Reasons for Expedited Bidding

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What is Expedited Bidding?

The Expedited Bidding Process (EBP) is not an abbreviated approach. It is a request for proposal (RFP) that, like a traditional RFP, demands complete and detailed answers from relocation management companies (RMC). However, through expedited bidding, a company’s purchasing department only sends RFPs to a small, select group of key RMCs.

The trend in utilizing an EBP for the outsourcing of relocation management is at an all-time high. Global Mobility Solutions consulting team’s recent study shows that EBP utilization is up more than 200% over the last year. Why are so many companies turning to expedited bidding when looking for a mobility management solution?

Buying Solutions, Not Widgets
Purchasing relocation management is not like sourcing for parts. Ensuring the right fit for the right reasons is key when purchasing employee-facing services.

Courtesy Mobility Consulting
Policy reviews, recommendations, program design, and policy development can be part of the process. This allows for an evaluation of the RMC experience, knowledge, and quality of consulting work.

Immediate Cost Savings
Competition often equates to implicit cost savings through no fee implementation, less administrative burden and time investment, improved fee structures, and reduced direct costs.

Quicker Program Implementation
90% of EBP implementations are completed within 22 days, allowing for immediate efficiencies and realized savings.

Full RFP Avoidance
Eliminates the administrative burden for the purchasing department and reduces the need for extensive resources when compared to a formal Request for Proposal method.

Modern Mobility Made Easy™

What this means for you and your relocating employees

The Global Mobility Solutions benchmarking study shows that companies utilizing an expedited bidding process achieve savings up to 61% over typical RFP costs. Expedited bidding is one of many ways that Global Mobility Solutions recommends to make choosing an RMC fast, easy, and cost-effective. Before you send your next RFP, Download the 28 Critical Questions to ask an RMC. For more information on EBPs, and to learn more about Global Mobility Solutions’ corporate relocation programs, contact us online or give us a call at 800.617.1904 today.

Download the 28 Critical Questions to ask an RMC when submitting an RFP

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5 Easy Steps for Year-End Relocation Expense Reporting

While most people are busy preparing for the holidays, you’re scrambling through the year-end reconciliation of your relocation expense data. Well, even though it’s only November, here is a gift that will help you navigate your year-end process this year and for years to come.

Though many relocation managers might prefer holiday gift shopping to year-end reporting, the process tends to go more smoothly when run by the relocation department. To maximize efficiency, be sure to follow these five steps:

1. Checklist

Create a year-end checklist. A detailed checklist will identify the information you need to accurately report year-end compensation. Your checklist should include due dates, responsible individuals, and departments. Establishing the responsibility for reporting relevant compensation data is critical and may include several components such as wages, imputed income, benefits, equity, and taxes. This year-end checklist will help you identify all the resources you need to create a complete and accurate report. Your itemized checklist should include items such as early cutoff dates, all employees who will receive the tax filing services (employees on the tax eligibility list), and provide for the time needed for verification, approval, and processing. A well-developed checklist will also set firm deadlines for reporting and tax filings.

2. Preparation Call

Set up a year-end preparation call. When setting due dates, remember the mandatory vacation times required by some countries toward the end of December. During the call, review your year-end checklist with all involved parties to ensure they are aware of their role and deadlines. Use this call as an opportunity to build understanding and develop relationships that will make year-end reporting easier in the future. If you have not already held a year-end preparation call, schedule one as soon as you finish reading the rest of this article!

3. Verify Data

Verify all of your data. Accuracy is vital, especially for compensation reporting. Data such as addresses and tax ID numbers/Social Security numbers should be confirmed, as well as wages, benefits, sick days, and vacation time. Verifying relocation expense data eliminates backtracking and costly errors.

4. Finalize Data

Finalize your relocation expense data. Make sure that the final payroll reports of the year have been included, plus any end-of-the-year benefits. Be sure to back up the program data again and save it in a secure location for easy future reference.

5. Submit Report

Get ready to submit your report. Double-check the deadlines for all the countries on your list and be prepared to provide specific data for each country. Tax providers may ask for data for different assignee/transferee populations. Be sure to adhere to your year-end deadlines and, whenever possible, send the data ahead of time. Some international locations may have very tight turnaround times to make that final tax payment of the year.

Modern Mobility Made Easy™

What this means for you and your relocating employees

As with anything, practice makes perfect. The more you follow these five steps, the easier your year-end reporting will become. Global Mobility Solutions – a leader in mobility management since 1987 – has expert relocation consultants who can help you quickly implement relocation policies custom-tailored for your needs, as well as expense reporting to make your year-end reconciliation easier. Request a professional audit of your year-end process.

Request your complimentary relocation program audit

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Top 5 Considerations When Choosing Relocation Technology

How to get better relocation technology and mobility management at your fingertips

In all aspects of life, technology has made things faster, easier, and more cost-effective. The same is true regarding relocation. Here are some benefits of relocation technology to consider when upgrading your mobility management.

  1. Is it safe, secure, and compliant?
  2. How can it help make my life easier?
  3. How can it help my relocating employees?
  4. Will it integrate with other systems I use?
  5. Is it customizable and scalable?

Safety. To ensure the privacy and protection of your transferees’ personal information, you will want to ensure that your relocation technology has the appropriate level(s) of Privacy Compliance and Service Organization Controls.

Making your life easier. A robust single-platform technology solution should provide human resources, recruiting, and other administrative stakeholders with the tools needed to efficiently oversee relocation, such as:

  • Pre-hire and decision analytics and tools
  • Customizable online relocation initiation and approval process
  • Customizable “at-a-glance” dashboards to easily display the data you want
  • Online relocation cost estimating
  • Detailed and comprehensive performance analytics (SLAs and Metrics)
  • Fully-customizable and robust service and financial reporting suites on demand
  • Online tools and resources to plan and manage your mobility program

With a look at your screen and the touch of a button, you can easily track the progress of transferees, expenses, manage any exceptions, and more.

Helping your relocating employees. Today’s relocation technology should be accessible on any device, including tablets and smartphones. This technology should be available to anyone relocating with your company, including candidates who can benefit from the full scope of pre-employment features offered. Your workforce will move with ease using features like:

  • Virtual Destination and Guides
  • Access relocation benefit details
  • Relocation tools like mortgage vs. rent calculators
  • Online expense submission and tracking
  • Simplified travel booking
  • Real-time expense submissions and reimbursements
  • Language and cultural tools
  • Text and email alerts

It needs to work with what you already have. A good relocation technology solution should integrate with your existing human resources, payroll, and other critical systems and seamlessly enhance your work flow, not complicate it.

You want your solution to grow with your company. As evidenced by many of the preceding bullets, the ability to customize is a key factor when choosing relocation technology. From how you view information on the screen, to the data included on reports, you need a technology solution that gives you what you want, when you want it.

Modern Mobility Made Easy™
What this means for you and your relocating employees

Global Mobility Solutions believes in the use of technology to complement our high touch service model to provide a seamless relocation experience for you and your transferring employees.

MyRelocation™ is our single-platform, online relocation management suite that provides our clients and their transferees an array of decision-making, tracking, and expense management tools – right at their fingertips – anywhere, anytime. To see what MyRelocation™ can do for you, request a quick demo.

Request a relocation technology demo

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Top 3 Considerations When Implementing Relocation

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Keys to working smarter, faster, and more cost-effectively

HR, Recruitment, Payroll, Accounts Payable, IT Security, and other relocation stakeholders commonly face a never-ending variety of evolving and often overwhelming challenges when it comes to the implementation of benefits administration, which includes relocation outsourcing decisions.

As employee benefits become more complex, critical, and increasingly subject to regulatory compliance requirements, employers must accurately assess their team’s capacity when it comes to implementing relocation programs.

Global Mobility Solutions (GMS) recently compiled the data on thirty four (34) recent implementations it managed, representing key industries and includes several multinational companies (including and not limited to manufacturing, technology, healthcare, and energy). This study was derived from initial and post-implementation surveys that are focused on implementation Critical Success Factors (CSF).

Top 3 Critical Success Factors

  1. Implementation Management
    Assessing an organization’s goals and creating a realistic road map of key milestones is a critical part of delivering an effective implementation. The process begins by identifying the right mix of internal/external resources and flexible technology that support a collaborative approach to implementation that stays on track. This study confirms that proper planning and management is an essential to any successful relocation implementation.
  2. Cycle Times
    All organizations, large and small, have finite resources, making the maximization of productivity and cycle times a CSF. Properly planned and executed implementations reduce typical and customary cycle times.
  3. Time Investment = Real Dollars
    The old adage of “time is money” has a direct association to relocation program implementation. This is evident by the time investment required to complete implementation by multiple disciplines within an organization, such as Human Resources, Payroll, Accounts Payable, preferred vendors and the RMC.

Modern Mobility Made Easy™
What this means for you and your relocating employees
Our findings conclude that organizations with solid implementation oversight and supporting technology experience shorter cycle times, spend less and have a better overall experience. Global Mobility Solutions, a leader in corporate relocation since 1987, provides companies like yours with proven leadership, time tested procedures and advanced technology to ensure that no more than 10% of their time is spent on implementing a relocation management program. GMS completes new implementations within 5 to 22 days, while maintaining 98% planning accuracy and 100% implementation satisfaction. To learn how to quickly and easily implement your relocation program, all within your planned budget, by requesting an implementation demo.

Request a relocation implementation demo from Global Mobility Solutions

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Relocation Models for 5 Major Industries

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Traditional vs. Lump Sum Relocation Programs

Which is best model for your company?

There is more than one way to get your relocating employees to their new assignments. Many companies opt for either a traditional relocation program, a lump sum/managed cap program, or a combination of the two, depending on the position of the transferee and other special circumstances.

What are the Differences?

With a lump sum or managed cap model, relocating employees are given a pre-determined amount of money to cover all aspects of their move. From the shipping of goods to temporary housing, the transferees are responsible for researching and obtaining all the services needed to get them to their new destinations. There is no tracking or reporting available to HR or finance departments to let them know whether their relocation policies are too generous, costing the company more money than necessary to relocate their employees, or too limited, forcing transferees to pay out of pocket unnecessarily. This approach leaves the entire move is managed by the transferees, many who might not have any prior moving experience.

Conversely, a traditional relocation model is managed by a relocation management company (RMC). The RMC coordinates everything for the transferees. This includes, but is not limited to, home selling, household goods movement, temporary living, and home purchasing. The RMC sets up the various services with reputable, vetted network partners. Since the RMCs use direct billing back to the client companies, the transferees rarely have to open their wallets. HR and finance departments receive detailed expense reports from the RMCs that capture all the costs related to relocating their transferees.

Based on comprehensive relocation surveys, here are findings of how companies in five different industries utilize either traditional, managed cap/lump sum, or a combination of these relocation programs:

Relocation Models by Industry: Energy, Healthcare/Medical, Manufacturing, Retail, Technology

The figures above illustrate that across all the industries in this survey, traditional relocation programs are used more frequently than lump sum or managed cap programs. However, in all the industries, there is a large percentage of companies that utilize a combined approach. A best practice consideration is to adopt a combination of traditional and managed cap relocation models.

Modern Mobility Made Easy™
Helping you manage your relocating employees

Global Mobility Solutions, an innovative leader in corporate relocations since 1987, can analyze and create mobility management programs customized for your unique needs. Additionally, we have compiled benchmarking studies and relocation best practices for numerous industries. To learn more about what type of relocation model would fit best with your company, get the full relocation benchmarking study for your specific industry:

Download your industry benchmarking study

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The Real Truth: Managed Cap vs. Lump Sum

Managed Cap vs Lump Sum – Key Things You Need to Consider

As a mobility manager, lump sum payments might seem like the fastest and easiest method of providing your employees with the funds they need to move. However, when looking at managed cap vs lump sum, lump sum payments come with their own unique set of problems. Some of the challenges include:

  • Transferees often left alone in the relocation process
  • No cost controls and often budgetary overages
  • Limited process or service structure
  • Non-taxable benefits are lost
  • Frustrated transferees mean elevated HR involvement and escalations

Fortunately, a managed cap program alleviates many of the problems associated with a lump sum. It also provides:

  • The desired simplicity and predictability of a lump sum program
  • Enhanced employee tax benefits, resulting in more dollars for relocation.

Let’s see the difference between a $15,000 lump sum payment and the same $15,000 from a managed cap program:

GMS-Managed-Cap-vs-Lump-Sum-Chart

A Winning Scenario

The Managed Cap Program provides the transferee with $4,351 more for relocation services!

 

Modern Mobility Made Easy™

What this means for you and your relocating employees

A Managed Cap program will ensure that your transferees get the most out of their relocation dollars and that you will reduce the amount of administrative burden dealing with exceptions. Global Mobility Solutions – a leader in mobility management since 1987 – has expert relocation consultants who understand how a Managed Cap program can benefit you and your company. Contact Global Mobility Solutions and learn how we can quickly implement a managed cap program custom-tailored for your needs. Request your complimentary managed cap program demo to see how much you can be saving.

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Global Mobility Solutions Named a Top Relocation Company

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Global Mobility Solutions (GMS) is proud to be recognized by HRO Today as a top relocation company for the fourth year in a row. Every year, HRO Today compiles customer surveys and other data to produce their Baker’s Dozen list of the best relocation companies.

HRO Today’s Baker’s Dozen rankings are based solely on feedback from buyers of the rated services; the ratings are not based on the opinion of the HRO Today staff. Feedback is collected annually through an online survey, which is distributed both directly to buyers through HRO Today’s own mailing lists and indirectly by sending service providers the link to send to their clients. Overall ranking is determined by analyzing the results across three subcategories: features breadth, deal sizes, and quality. Using a predetermined algorithm that weighs questions and categories based on importance, HRO Today calculates scores in all three subcategories as well as an overall score. The rankings are based on those scores.

The fact that our customers continually place GMS into the Baker’s Dozen list of top relocation companies speaks volumes with regard to our outstanding service, our breadth of programs, and the value that we bring to our clients.

To see how GMS can make your life with regard to workforce mobility easier, simply ask for a complimentary relocation policy review and our expert consultants will discuss how to improve acceptance rates, make assignments more successful, and make the whole process more cost-efficient.

Get your complimentary Relocation Policy Review today!

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Global Mobility Solutions Recognized as a Leader

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Leader Recognition – For the past 34 years, the LEAD Awards have identified and recognized organizations with the top leadership programs, strategies, and solutions with regard to global leadership development. These prestigious leadership awards salute the world’s top leadership practitioners and programs and highlight their roles in developing their most important asset – their people.

Global Mobility Solutions (GMS) was recognized as a leader for its excellence in leadership training and education. GMS placed in the top 10 of 100 companies for Best Sales Leadership Program and Top 18 of 200 for the Best Global Leadership Program.

 

Global Mobility Solutions a winner of Best Sales Leadership Program

Global Mobility Solutions a winner of Best Global Leadership Program

 

The competition was strong as GMS went up against such household names as 3M, Boston Scientific, Cisco, Dell, Microsoft, and many others. In fact, the other winners have a combined average annual revenue 453% larger than GMS and an average of 383% more employees. It is an honor and accomplishment to be recognized amongst such giants of industry.

 

Learn how GMS can help your transferees become leaders in their new destinations

Is your relocation program the best it can be? Receive your free relocation policy review.

 

About LEAD2017 LEAD2017 is a 2-day leadership forum, February 7th and 8th, 2017 in Nashville, Tennessee, at the Music City Center. Designed to inspire leadership in people from all walks of life in person at the conference as well as live simulcast to hundreds of remote host sites internationally. The event brings together top thought leaders and the world’s best leadership practices that can be shared by attendees to develop leadership programs in their own organizations and communities http://www.lead2017.com/ February 8th will be broadcasted globally with the goal of touching 1 million lives to choose leadership.

About HR.com and the LEAD Awards HR.com, the largest global social networking and resource site for HR Professionals is committed to providing a deeper understanding of the HR function for over 290,000+ members by offering an annual global leadership annual event – LEAD, the LEAD Awards, HR Certification Exam Prep Courses, certification programs, a personal development app, monthly themed HR e-publications, 4,500+ webcasts, 1,200+ eLearning credits, 230+ virtual conferences, blogs, community networks, industry news and advisory boards. See www.hr.com for more information.

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Managing Mobility Costs

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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:

Using online language tools can reduce relocation costs by roughly $5,000 - $20,000.

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

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