Category: Relocation Policy Review

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Performing a Security Assessment on Your Relocation Management Company

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There are a lot of moving parts when it comes to the relocation process. Many vendors and suppliers are involved in getting the transferee from point A to point B. With that being said, there is a great deal of information and personal info that has to be shared across all parties. But what are relocation management companies (RMC) doing to keep transferee’s info safe? 

Most companies understand the importance of performing a security assessment on their data and operational systems. In many industries, specific standards require a security assessment on a regular basis to maintain compliance. Often these standards require the company perform a security assessment on any supplier that may receive company data. Specific control areas in a security assessment may include:

  • Information Security Management
  • Physical Security
  • Network Security Management
  • Platform Security
  • Remote and Mobile Access
  • Change Control
  • Identity and Access Management
  • Application Security

A security assessment will often include a request to receive a copy of the company’s Business Continuity Plan (BCP). A company’s BCP should cover several elements related to security issues surrounding a company’s data and operational systems. In the event of an unplanned disruption or other emergency situation, the BCP will indicate how the company’s operations will recover and proceed.

Different Types of Regulations and Requirements

Sarbanes-Oxley Act

The Sarbanes-Oxley Act came into effect in 2002. Sarbanes-Oxley is a United States federal law. This law set new or expanded requirements for all U.S. public company boards, management, and public accounting firms. As a result, the law requires that a company’s top management must individually certify the accuracy of financial information. Much of a company’s financial information is heavily dependent on technology and associated data security controls that must be part of a compliance review as noted in Section 404 of the Act. The law provides for harsher penalties for fraudulent financial activity. Also, Sarbanes-Oxley requires a stronger oversight role for boards of directors, and greater independence of outside financial statement auditors.

International Organization for Standardization

The International Organization for Standardization (ISO) creates and publishes International Standards that provide guidance and clear specifications to ensure a company’s products, materials, processes, and services are appropriate for their purposes. ISO publications include standards for Quality Management, Environmental Sustainability and Protection, and Management Performance.

General Data Protection Regulation

The European Union’s General Data Protection Regulation governs the processing of an EU resident’s personal data by an individual, a company, or an organization of personal data. This pertains to entities that do business within the region, or that provide services to individuals in the region. The rule provides people with more control over their personal data. For example, websites that collect data on visitors must let visitors know this. These websites must give visitors the option to opt out of such collection. Many additional laws have been passed in response to this new regulation, to provide local guidance on compliance. For example, in the United Kingdom, the Data Protection Act 2018 is a national law that complements the European Union’s General Data Protection Regulation.

TRUSTe Privacy Certification Standards

TRUSTe Privacy Certification Standards assist companies in establishing and maintaining strong privacy management practices. Compliance with TRUSTe demonstrates a company’s commitment to privacy protection in their online properties, customer and employee data management practices, and/or applicable regulatory frameworks.

For these and many other national, international, and industry regulations or requirements, a security assessment is necessary to ensure compliance. Companies that work with a Relocation Management Company (RMC) need to perform a security assessment of the RMC’s data and operational systems. Global Mobility Solutions’ team of global relocation experts believe the following 5 tips are essential to ensure an RMC’s compliance to a company’s security assessment.

5 Helpful Tips for Performing a Security Assessment on your RMC

1. Be Sure to Review the RMC’s Risk Rating and Access to Data During the Security Assessment

Your RMC should have a risk rating. The rating depends upon the likelihood of an event occurring. It also depends on the impact severity that might arise if the event does occur. You should determine whether the RMC has limited or full access to data. Important data fields to review for risk during a security assessment include:

  • Employee Name and Home Address
  • Employee Phone Numbers and Email Address
  • Family Member Contact Information
  • Social Security Numbers
  • Bank Name and Account Numbers
  • Logistic Information Related to Relocations
  • Travel Information Including Dates and Locations

2. Questionnaire Submission to RMC

Your company should have a document with several questions that will indicate the RMC’s compliance to important points in a security assessment. Provide sufficient time for the RMC to complete the questionnaire. The RMC will need to work with their Information Technology department to provide answers to many of these questions. Provide a contact from your company that can answer any questions the RMC may have related to the document’s specific points.

3. Share Results of the Initial Security Assessment

Once the initial security assessment is complete, share the results with your RMC. Offer to work with the RMC to remediate any areas that require attention to ensure compliance. Partnering with the RMC helps ensure the solution fully addresses your company’s requirements. Note the specific regulatory requirements that your company must meet to help the RMC understand how they might reach compliance.

4. Share Results of the Final Security Assessment

Be sure to indicate all control gaps. Note all categories that require submission of a formal remediation plan. Include specific dates and timelines critical for maintaining your company’s compliance to specific regulations. Provide guidance to the RMC on how to create and submit a remediation plan that will meet your company’s requirements.

5. Set Periodic Reviews for the Security Assessment

Working with the RMC, set a timeline for periodic reviews. Depending on your company’s specific regulatory compliance requirements, a security assessment may need to occur by date or by change in activity level. For example, if your company requests the RMC perform an additional service that requires sharing additional employee data, a review should be set to confirm the most recent security assessment is still valid.

GMS is the Industry Leader for Relocation Technology and Security

Global Mobility Solutions’ (GMS) team of global relocation experts has helped thousands of our clients understand how to conduct an effective security assessment on an RMC. We can help your company create and implement a security assessment to ensure compliance to all of your organization’s regulatory requirements.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.

New SafeRelo™ COVID-19 Knowledge Portal

GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:

  • Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
  • Comprehensive guide to national, international, and local online sources for current data
  • Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews

Learn best practices from Global Mobility Solutions, the relocation industry and technology experts who are dedicated to keeping you informed and connected. Contact our experts online or give us a call at 800.617.1904 or 480.922.0700 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.

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Relocation Policy Review: Anticipating Changes and Challenges

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Why Companies should review their Relocation Policies?

It is important, and highly recommended, that companies review their relocation policies at the start of each year. This will help your company remain at the forefront of your industry, ahead of your competitors, and in line with best practice recommendations. Most companies are not completely immune to global forces, market changes, and unique challenges such as the COVID-19 global pandemic. Often these issues directly impact employees on international assignments.

There are several reasons why companies need relocation benefits. Often, relocation perks are used for hiring a recruit for an open position. Other times, companies may use relocation to transfer knowable employees to different job sites or as part of a development program offered through the company when promoting an existing employee. But no matter the reason, all sizes of company who offer talent mobility should have their relocation policies reviewed with some regularity. Here is a breakdown of why relocation policy review is important:

 

Address Strategic Objectives in Your Relocation Policy Review

Growing companies often have strategic plans that guide activities and investments. Many of these plans lay out specific goals and actions. For example, a company that wants to grow into a new market might leverage their relocation policy review in several ways to achieve this goal. This may include investigating the services of an International Professional Employer Organization (PEO). PEOs can help a company establish a presence in a new market within a very short timeframe and with no direct investment. As a result, companies can focus on achieving strategic objectives and responding nimbly to market changes. In return, the company saves time, effort, and resources. Also, the overall costs of service fees and financing international employees’ payroll are significantly lower than the cost of establishing a foreign entity.

Cost Reductions and Process Improvements Can Be Found

Relocation Management Companies (RMCs) with extensive industry knowledge and experience can help identify cost reductions. There may be several areas that offer cost reduction opportunities during a relocation policy review. Also, the mobility industry often changes rapidly in response to needs, preferences, and regulations. As a result, knowledgeable RMCs can easily identify and share new ideas for cost reductions.

RMCs are often drivers in the mobility industry for process improvements. Technology can lead to dramatic increases in productivity. For example, a Relocation API can replace many time-consuming data entry tasks and responsibilities. In turn, valuable resources are freed up to focus on critical business and department issues.

Maintaining Your Company’s Competitive Market Position

Every relocation policy review should include and reference benchmarking studies. These studies should show what your company’s industry competitors are providing in their policies. Your company should have information to know whether its relocation policy provides benefits that at least match the competition. A thorough relocation policy review can help identify areas that need to change in order to maintain your organization’s competitive position.

Ensures Company Policy Remains Compliant

National and international regulations can frequently change. Constant changes in visa requirements, immigration, tax laws, health recommendations, and other regulations directly impact relocation programs and employees. Conducting a relocation policy review helps your company learn what is changing, what may change in the future, and how to adjust your relocation policy accordingly. The review also provides information that your company can share with internal company stakeholders and employees who utilize the policy.

When Should Relocation Benefits Be Reviewed?

Companies should arrange a relocation policy review about every 12 months. As markets and global dynamic forces change at an ever faster pace, transferees are often some of the first employees to face direct impacts. As a result, the company’s relocation policy should be current and provide industry-leading solutions. This will result in greater employee satisfaction, and enhance talent acquisition and retention efforts.

GMS’ team of global relocation experts has helped thousands of our clients with their relocation policy review. Our mobility consulting team understands the dynamic nature of the corporate relocation market. GMS provides expert guidance for relocation policies, as a result, our team ensures that our clients’ transferees receive immediate assistance as required, clients remain competitive, their relocation programs maximize efficiencies, and they can leverage several cost reduction opportunities.

GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

To schedule your relocation policy review or to receive an industry-specific policy benchmarking overview, contact our experts online or give us a call at 800.617.1904 or 480.922.0700 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.

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Relocation Policy Review Relocation Programs

Did you know? Relocation Program Outsourcing Provides Several Benefits—Help Your Company!

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If your company currently manages its relocation program in-house, you are missing out on several benefits that relocation program outsourcing provides. Your relocation program provides significant value in several areas. Effectively managed relocation programs help companies achieve corporate objectives and reach the highest levels of success in talent acquisition and retention!

More importantly, your new hires and transferees are looking for a number of benefits and services to support their relocation process. Relocation Management Companies (RMCs) have extensive knowledge and experience. As a result, RMCs help companies understand what is important to candidates and their family members going through a relocation—and RMCs have the solutions they want!

 The Benefits that Relocation Program Outsourcing Provides

Relocation program outsourcing provides both direct and indirect benefits. When you work with a qualified and knowledgeable RMC, your company will save costs, gain expertise, and reduce administrative burdens.

1. Expertise

RMCs have extensive experience in the relocation industry and will provide policy recommendations that generate cost savings in several areas including:

    1. Fees versus in-house operational costs
    2. Home sale costs and the Buyer Value Option
    3. Household goods shipments

Did you know? Local HR teams and employees do not have experience with relocation programs, home sales, household goods shipments, spouse and partner support, and other relocation services. This means new hires and transferees are at risk for relocation failure!

2. Cost Management

Robust expense tracking and management software such as GMS’ MyRelocation® Technology effectively identifies and tracks relocation costs. As a result, companies can determine the true budgetary impact of relocation, thanks to relocation program outsourcing. Also, they can easily determine how their relocation program is performing to goals and key corporate performance indicators.

Did you know? The vast majority of companies that manage their relocation programs in-house (over 70%) are not aware of the true extent of the program’s internal operating costs!

3. Relocation Program Outsourcing Reduces Exceptions

Experts in the relocation industry are intimately familiar with exceptions and will know how best to handle issues that may arise. RMCs focus on minimizing expenses and reducing disruptions while improving transferees’ experiences.

Did you know? Beyond direct cost issues, policy exceptions may cause:

  1. Compliance risks
  2. Adverse impacts on your relocation policy
  3. Increased taxes
  4. Additional administrative time and effort
  5. Increases to the true budgetary cost

4. Centralization

Relocation program outsourcing ensures a centralized approach to relocation program administration. Centralization offers a significant number of benefits and cost reduction opportunities. Also, transferees are assured of a consistent application of superior relocation services.

Did you know? In our Case Study on Decentralization, we found that decentralization of a relocation program leads to higher operating costs, inconsistent reporting, and varying polices across an organization. Don’t let this continue to be your company’s story!

5. Assignment Success

Talent acquisition program managers recognize strong and effective relocation policies are critically important to the success of new hires and transferees. RMCs have depth of experience and know how to find solutions for unique relocation needs.

Did you know? Companies that manage in-house relocation programs experience a high degree of assignment failure!

What Should Employers do About Relocation Program Outsourcing?

Employers should examine the benefits and cost reduction opportunities that relocation program outsourcing provides. By outsourcing their relocation program, employers can pursue corporate objectives and important initiatives while gaining all the benefits outsourcing provides.

Employers should work with a qualified Relocation Management Company that has significant knowledge and a wealth of experience in the relocation industry.

Conclusion

Our corporate relocation experts will help your company understand how to leverage relocation program outsourcing. Your company will gain the maximum benefits and services in the most cost-effective manner possible.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS sets the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Contact our experts online now to learn how your company can gain with relocation program outsourcing, or give us a call at 800.617.1904 or 480.922.0700 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.

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Relocation Policy Benchmarking Delivers Results

As your company enters 2021, you should use relocation policy benchmarking to deliver much-needed results right from the start. The mobility industry strongly recommends that employers conduct a comparative policy review at an interval of 12 to 18 months. Waiting any longer to do this valuable exercise puts your company at great risk of losing significant ground to your industry competitors.

Do you think the relocation industry has not changed much in 12 months? Think again! The COVID-19 pandemic is still affecting all aspects of relocation. Whatever the issues are, a thorough relocation policy benchmarking will show you the solutions your company should implement.

Top 5 Results that Relocation Policy Benchmarking Delivers:

1. Increase Knowledge Across Your Organization

You must work with several internal stakeholders to implement successful relocations. All of these stakeholders should learn what is changing in the relocation industry. Cost issues, legal issues, and travel issues are still arising from the pandemic.

2. Examine Your Company’s Competitive Position Through Relocation Policy Benchmarking

How are your industry competitors using their relocation policies to attract and retain new hires and transferees? Relocation policy benchmarking provides clear information on how your industry peers leverage their relocation policies to succeed at talent acquisition and retention.

3. Adopt a Global Approach to Align Corporate Mobility Objectives

GMS has helped several companies avoid the pitfalls of decentralization. When companies take a decentralized approach to mobility, they end up with different policies and different experiences from location to location. Relocation policy benchmarking helps identify all of these differences. Recommendations to adopt the best solutions across the organization result in operational efficiencies, costs savings, and greater transferee satisfaction.

NOTE! View our Case Study on Decentralization. You will learn how we helped a large multinational client understand the benefits of a centralized approach for their relocation policies.

4. Innovative Solutions Solve Problems and Increase Efficiency

As fast as the world has changed over the past year, technology has changed at an even faster lightning speed. For example, conducting a relocation policy year end reconciliation can now be done in minutes with the touch of a few buttons. Relocation APIs such as those offered through GMS’ MyRelocation® Technology make managing your company’s relocation program a quick and easy process.

5. Save Costs with Relocation Policy Benchmarking

One of the biggest cost drivers for relocation policies are exceptions. By examining the best practices in your industry, your company can enhance your relocation policy to reduce these costly exceptions. Relocation policy benchmarking will identify cost issues and help your company institute solutions to keep costs and budgets in line.

What Should Employers Do?

Employers should initiate a relocation policy benchmarking with a qualified and knowledgeable Relocation Management Company (RMC). The project should include a full assessment of the company’s current relocation policy. It should also include a full review of corporate objectives and a complement of strategic recommendations.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand why they should initiate a relocation policy benchmarking. We can help your company understand how to create a relocation policy that reflects industry best practices, saves costs, and increases efficiency.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Powered by GMS’ 2020 Mobility Benchmark, the innovative GMS Program/Policy Evaluation (PPE) Tool provides instant relocation policy reviews. It also helps users gain insight into how their company’s relocation program compares to their industry peers.

Schedule your relocation policy benchmarking now. Contact our experts online or give us a call at 800.617.1904 or 480.922.0700 today.

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.

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Remote Worker Expenses: What is the Expectation?

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Shot of a young businesswoman using a laptop while working in her home office

Employers and employees are grappling with the quandary of how to handle remote worker expenses. Simply put, there are many questions that remain outstanding relating to “who” is going to pay for “what.” With the world continuing to respond to the COVID-19 pandemic, the work from anywhere movement is further clouding some of these expense issues. As a result, understanding the issue is vitally important. Clear communication is critical to ensure the employer/employee relationship remains positive and supportive.

In some cases, the cost of telecommuting is simple to compute. An employee who lives within a few miles of a workplace might need to purchase some equipment to create a functional office in their home. While this sounds reasonable, there are other indirect expenses that may accompany creation of a home workspace. Often neither the employer nor the employee realize these indirect expenses until after they arise.

What are Remote Worker Expenses?

Compiling a list of remote worker expenses may sound like an easy task. And in reality, looking at the direct expenses is easy. These are the immediate out-of-pocket expenses involved in creating a workplace in the home.

Direct Expenses May Include:

What about the indirect expenses? These are the expenses that accumulate behind the scenes, often relating to the direct expenses. However, they are often not recognized as remote worker expenses.

Indirect Expenses May Include:

It is not always clear that companies have an obligation to pay for direct or indirect remote worker expenses. Some states require reimbursement for business expenses, while others do not. Employers should understand their obligations with respect to paying for remote worker expenses. However, they should also consider issues of fairness and equity for workers in these situations.

Work from Anywhere Policies may Impact Remote Worker Expenses

Beyond expenses relating to a home workspace, there are other considerations for remote worker expenses. Many companies now allow their employees to work from anywhere. As a result, some employees have moved from very expensive areas such as San Francisco, California to less expensive areas such as Missoula, Montana.

According to Salary.com, it costs 92.2% more to live in San Francisco than in Missoula. What is the issue for employers? Companies need to examine whether pay should be adjusted for remote workers who move from expensive cities to less expensive cities. Such worker pay adjustments would be subject to several complex issues. Pay varies by geography not just because of the cost of living, but by other factors including supply, demand, and productivity.

Thoughtful Consideration on Remote Worker Expenses is Important

It is easy to see how the issue of remote worker expenses may require employers to pursue some thoughtful consideration. While a few remote workers may save on costs relating to commuting or wardrobe, not all share the same level of savings. The cost burden of working from a home workspace is not always equal from one employee to the next. Fairness and equity should be top of mind for any company when looking at these issues.

It is also important for companies to examine their compensation policies. Changes may be in line for employees working from home workspaces, as well as for employees that move to lower-cost locations.

What Should Companies do?

Companies should work with a Relocation Management Company (RMC) that has knowledge and experience in managing relocation and group moves. Qualified RMCs will help companies understand the issues and gain access to useful resources to guide policy decisions and follow industry best practices.

Companies should understand how to address issues relating to remote worker expenses. The transition from working in an office to working from a home workspace is similar to arranging for a corporate group move. There may be some expenses that the company chooses to reimburse. The GMS expense management program provides a quick and easy reimbursement process for employees, wherever they are located.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients with their relocation programs and group moves.  As a result, our team can help your company understand the issues relating to remote worker expenses. We can also help your company consider the impact of work from anywhere policies on compensation issues.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

New SafeRelo™ COVID-19 Knowledge Portal

GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:

  • Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
  • Comprehensive guide to national, international, and local online sources for current data
  • Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews

Contact our experts online to learn more about how your company might address the issue of remote worker expenses, or give us a call at 800.617.1904 or 480.922.0700 today.

GMS is sharing public knowledge and can help companies more clearly understand how to address remote worker expenses. However, GMS is not a CPA firm, and is not giving financial advice. Everyone’s financial situation is different; individuals and employers should consult their financial advisors prior to making any decisions.

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.

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Expedited Bidding Benefits: How Your Company Can Gain Immediate Results

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If your company is seeking better results from your relocation program, expedited bidding benefits bring immediate savings. As many companies learn, outsourcing the management of their relocation program to a Relocation Management Company (RMC) provides several advantages. Doing so through a quick process helps the company achieve even greater results in the short term. Companies that use an expedited bidding process report significant savings in both time and costs.

GMS’ benchmark study of companies that leverage an expedited approach to bidding on the management of their relocation program show why this is a preferred process. Our team of global relocation experts has identified the top five expedited bidding benefits that companies can expect.

Top 5 Expedited Bidding Benefits

1. Cost Savings Right from the Start

Companies instituting an expedited approach create competition in the process. Relocation Management Companies pursuing their business will put forth their most competitive fee structures. Direct costs are likely to be the lowest in the quest to obtain the account. With these immediate savings from the expedited bidding process, companies are assured of cost effective solutions.

2. Complimentary Consulting

Some of the most valuable expedited bidding benefits related to mobility consulting. As part of the process, companies can request many of the following at no cost:

  1. Policy development and revisions
  2. Relocation program design
  3. Current policy reviews

As part of this process, companies can learn much about an RMC’s abilities, including:

  1. Knowledge of relocation processes
  2. Level of experience on points important to the company
  3. Consulting work quality and timeliness

3. Speedy Implementation Saves Time and Offers Quick Access to Expedited Bidding Benefits

Expedited bidding benefits relating to time savings can directly correlate to cost savings. The quicker a relocation program be implemented, the quicker the company achieves program savings and efficiencies. GMS’ data shows that on average, more than 90% of companies using expedited bidding complete their relocation program implementation in just 22 days. Given the amount of work that may be involved, including creating relocation APIs, policy documents, and communication, a shorter implementation timeframe lets the company quickly return its focus to other strategic objectives.

4. Process is a Better Fit for Buying Solutions

Companies that retain an RMC to manage its relocation program understand they are buying solutions that will help their employees. As a result, these solutions require a much different approach than the process they would use to purchase equipment parts or to source machinery. Ultimately, relocation management requires that the company ensures the right fit for the right reasons. The right fit ensures the company will maximize their expedited bidding benefits.

5. Frees up Administrative Burden of Formal Requests

Companies that fully understand their purchasing processes know the amount of administrative burdens and resources necessary to complete formal Requests for Information and/or Proposals. By foregoing these types of resource-intensive approaches that often create more problems for the company, employees can pursue value-added activities while RMCs carry the burden of responses.

What Should Companies do to Gain Expedited Bidding Benefits?

Companies should seek to gain expedited bidding benefits by utilizing an expedited process for outsourcing the management of their relocation program. Relocation Management Companies with extensive industry experience and knowledge will prove to be the best resources in this effort. Qualified RMCs will guide companies to successful results with a customized, right-fit program and greater expedited bidding benefits.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients with their relocation programs.  Our team can help your company gain the maximum amount of expedited bidding benefits by leveraging our expertise to present the most cost-effective and efficient relocation management solutions.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

New SafeRelo™ COVID-19 Knowledge Portal

GMS recently launched its new SafeRelo™ COVID-19 Knowledge Portal featuring a number of helpful resources including:

  • Curated selection of news and articles specific to managing relocation programs and issues relating to COVID-19
  • Comprehensive guide to national, international, and local online sources for current data
  • Program/Policy Evaluation (PPE) Tool for instant relocation policy reviews

Contact our experts online to discuss your company’s interest in obtaining expedited bidding benefits, or give us a call at 800.617.1904 or 480.922.0700 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.

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2020-21 Corporate Relocation Budget: Start Planning Now

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It is not too early to start thinking about your company’s 2020-21 corporate relocation budget. Many companies review budgets on a regular schedule. However, 2020 has been anything but ordinary. Every nation in the world has been dealing with the impact of the COVID-19 pandemic. From border restrictions to stay-at-home orders, the vast majority of companies have been facing multiple disruptions.

As a result, these disruptions are bound to have some type of impact on corporate budgets. Companies will find it difficult to determine the “new normal” in their business and industry.

Issues That May Lead to 2020-21 Corporate Relocation Budget Increases

Business Growth

Some companies have seen increasing demand for their products and services. For example, Amazon’s recent second-quarter report earnings call indicates tremendous growth for the company:

  • Earnings per Share: $10.30 (average analyst’s estimate: $1.46)
  • Revenue: $88.9 billion (average analyst’s estimate: $81.56 billion)
  • Sales: up 40% year over year in the quarter
  • Drivers: online retail, cloud services

Of special note is Amazon’s online grocery and delivery services, with significant progress in this area.

New Corporate Expansions

Other companies are planning significant expansions. Nikola Motor Company announced it will break ground on a manufacturing plant in Coolidge, Arizona. The plant should create thousands of jobs within Pinal County. Nikola expects to produce up to 35,000 hydrogen electric and electric semi-trucks.

Not to be outdone, Tesla recently announced it will build its next factory in Austin, Texas. Known as a Terafactory, the next Tesla Gigafactory will make the Tesla Cybertruck electric pickup truck and the Model Y. Additionally, Tesla’s headquarters location may also soon relocate to Austin.

Issues That May Lead to 2020-21 Corporate Relocation Budget Changes

Immigration Limitations

Beyond business growth and new corporate expansions, other issues may lead to budget changes. Immigration limits may reduce a company’s ability to hire foreign nationals to work in the United States. However, alternatives may still allow companies to hire qualified staff. These alternatives require specific conditions, with possible increases in costs in some areas such as travel and facilities.

Need for Highly Qualified Staff

Other issues could include staffing requirements. Some industries such as healthcare have seen a dramatic rise in the need for corporate housing solutions. This is due in part to a dramatic increase in a truly mobile workforce to deal with effects of the COVID-19 pandemic.

How Should a Company Approach Reviewing its 2020-21 Corporate Relocation Budget?

Every company looking to review its 2020-21 corporate relocation budget should consider the following 5 specific points:

1. Relocation Policy Review

It is imperative that companies undertake a review of their relocation policy. Best practice is to review this policy every 12 to 18 months. With changes impacting nearly every component of a company’s 2020-21 corporate relocation budget, a policy review will help define areas that should be examined for compliance, utilization, and cost savings.

Do you know if your company’s business continuity plan includes points related to its relocation program? A relocation policy review will highlight areas that should be considered, such as employees on temporary assignment who may need to be quickly reassigned to a different location.

2. Historical Data Review

A thorough review of expenses will provide a good indicator of areas in need of attention. That being said, it is now critically important to also factor in multiple forces that may impact the future budget, including:

  • Immigration issues
  • Travel restrictions
  • Costs to comply with COVID-19 sanitation guidelines
  • Virtual talent acquisition
  • Virtual office requirements
  • Tax compliance issues

A number of points specific to each company’s needs can be considered in light of new business operating guidelines.

3. Significant Cost Generators

Many costs in relocation budgets are due to significant cost generators. Often these costs are driven by specific activities such as moving an employee to a new destination, or reimbursing temporary housing costs during a short term assignment. A thorough review should include examining these activities in detail as they impact the relocation budget:

  • Home Sales
  • Home Purchases
  • Temporary Housing Costs
  • Tax Obligations
  • Household Goods Moves

Be sure to compare and account for cost differences between global relocations and domestic relocations.

4. Accounting Accruals

Companies often account for business expenses that occur in one period by setting aside amounts known as accruals. Future expenses are then allocated toward the accrual amount. Reviewing your 2020-21 corporate relocation budget, consider whether some expenses might be better accounted for through accruals.

A good practice is to review the prior year’s accruals to determine if similar amounts should be in the budget through accrual accounting methods. This will also help ensure a smoother expense tracking and recording process. It may also assist the company with cash management requirements.

5. 2020-21 Corporate Relocation Budget Strategic Initiatives

Consider the impact of any strategic initiatives that might result in additional employee relocations, new hires, or corporate expansions. Is the company planning to build a new manufacturing facility or open a sales office? Are there discussions of future partnerships with other firms? Are new talent management programs in development?

With the advent of COVID-19, today’s workforce is even more responsive to changing company requirements. Given the swift nature of how companies responded to the pandemic, be sure to plan for future contingencies, changes, and disruptions.

What Should Employers do for Their 2020-21 Corporate Relocation Budget?

Employers should work with a Relocation Management Company (RMC) that has knowledge and experience with relocation budgets and managing for contingencies. RMCs are ideal sources for industry best practices. RMCs also have valuable knowledge on global issues relating to immigration, travel, and how the relocation industry and service providers are changing to meet new requirements due to the COVID-19 pandemic.

Conclusion

GMS’ team of global relocation experts has helped thousands of our clients understand how to develop and prepare robust relocation programs that follow industry best practices. Our team can help your company understand how to account for each of these 5 specific points during the review of its 2020-21 corporate relocation budget.

GMS was the first relocation company to register as a “.com.” The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Contact our experts online to request a relocation policy review as part of your 2020-21 corporate relocation budget review process, or give us a call at 800.617.1904 or 480.922.0700 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.

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Relocation Best Practices Relocation Management Relocation Policy Review Relocation Programs Relocation Technology

Centralization Advantages: What You Should Know

Companies benchmarking their relocation policies often learn about many centralization advantages that can be obtained by moving away from a decentralized business model for their relocation program. Often a company’s decentralized relocation program develops over time through business mergers and acquisitions. Challenges come to light when a transferee from one location moves to a new location that has different relocation policies.

What are the Challenges of Decentralization?

There are many challenges for companies that follow a decentralized business model for their relocation program. Reporting systems are often inconsistent. Therefore, it is difficult to obtain accurate information on the full scope of the relocation program. Costs are often excessive due to a high number of policy exceptions, use of multiple vendors for the same processes, and in-house costs related to maintaining multiple relocation programs. Since business units, HR teams, and other departments operate independently, lack of ownership hampers progress.

Impact on Employees

These challenges impact the satisfaction of new hires and transferees who are subject to decentralized relocation programs. There may be confusion for employees with currencies, visas and documentation, and reporting requirements. Ultimately, these challenges may reflect back on the company’s reputation among job seekers and other employees approached for relocation opportunities.

What are the Centralization Advantages for Relocation Programs?

Companies that develop a centralized business model for their relocation program gain in many ways. These centralization advantages cover all aspects of relocation, and include:

  • Consistency in operating platforms with robust integration options
  • Cost containment to reduce variation and increase forecasting and predictability
  • Customized billing processes that meet the company’s needs
  • Defined ownership across local, regional, and global entities
  • Global access to courtesy mobility consulting 24/7/365
  • Greater discounts across a streamlined network of vendors along with dual bid savings
  • Reporting capabilities across multiple platforms, anytime, anywhere

What Should Companies do to Obtain Centralization Advantages?

Companies should work with a qualified Relocation Management Company (RMC) that has extensive experience in helping companies obtain centralization advantages for relocation programs. GMS has published a Case Study on Decentralization that describes how a client was able to obtain centralization advantages that led to significant cost savings and greater employee satisfaction.

Companies should ask their RMC a wide range of critical questions to address all of their main concerns. The RMC will help them understand how to obtain centralization advantages for their relocation program. Also, the RMC will help them design their relocation program. As a result, this will help gain the most benefits for the company, new hires, and transferees.

Industry Benchmarking Studies Highlight Centralization Advantages

GMS has also recently published several Industry Benchmarking Studies that will help companies learn whether their relocation program is designed following industry-specific best practices. There are many benefits to a corporate relocation policy benchmarking. For example, employers can learn how they can ensure their competitiveness in their industry to attract and retain talent with the highest level of skills and experience.

Industry best practice is to schedule a relocation program and policy review every 12 to 18 months to ensure your company maintains its competitive position. This review will also help your company learn about how the relocation industry is evolving to meet increased employee demands.

Conclusion

Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients benchmark their relocation program and obtain significant savings and process improvements through centralization advantages. Our team can help your company understand how to obtain centralization advantages for its relocation program. As a result, your company will be positioned to make a number of improvements to its relocation program as it works to obtain centralization advantages.

GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.

Learn more about the centralization advantages your company can obtain for its relocation program. Contact our experts online or give us a call at 800.617.1904 or 480.922.0700 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.

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Choosing a Relocation Company Corporate relocation tips Domestic Relocation Tips Global Relocation Tips Household Goods Relocation Policy Review Relocation Programs

Affinity Programs and Relocation: How Your Company Can Benefit

Many companies can benefit by adding affinity programs to their relocation policy. Relocation offers ample opportunities for transferees and new hires to use services. As a result, a robust relocation policy with well-structured affinity programs may provide a revenue stream to help offset administrative costs. Also transferees and new hires may benefit from special programs and discounts offered through these programs.

What are Affinity Programs?

Affinity programs are a structured partnership between businesses that promotes use of a service or purchase of an item. The Association of Chamber of Commerce Executives notes that these programs must provide value and specific price advantages for members in order to be successful.

A typical affinity program may follow the following steps:

  1. Employer enters into an agreement with a business partner
  2. Employer then offers the services to their employees
  3. Employees gain a benefit from using the services (such as discounts on products and services)
  4. Profits attributed to the employee’s use of the service are shared between the employer and the business partner

Employees gain value when they receive exclusive discounts and services in return for their participation. They also gain expert, hands-on guidance of experienced support staff from the business partner. Staff members are ready to help guide affinity program recipients through the process of selecting, ordering, and tracking the various services they desire.

Employers gain from affinity programs in several areas:

  • Revenue stream from profit share
  • Increased employee satisfaction
  • Enhanced goodwill through offering valued services
  • Association with a trusted business partner
  • Seen as an employer of choice among job seekers

What are Typical Affinity Programs in Relocation?

Typical affinity programs in relocation might include profit sharing based on transferee and new hire use of services offered by a Relocation Management Company (RMC). Services that may be eligible might include household goods moves, home selling/buying, mortgages, housing, or travel. These programs can be structured in many ways to meet employer’s needs as well as provide clear and defined value for employees.

Example: Traditional Temporary Housing

For example, transferees may be offered the option of using traditional temporary housing while they search for a home in their new location. If the transferee chooses to use this option, the employer will gain in the form of a profit share.

Importantly, the employer will also gain from having the transferee use housing that meets specific requirements for maintenance, cleanliness, amenities, and security. Transferees are more likely to have a positive experience when they use traditional temporary housing, as opposed to other housing options. This in turn will increase employee satisfaction with their relocation experience.

Many other housing options might initially seem attractive and offer a lower cost, but they may not meet cleanliness standards, and may carry hidden costs and unexpected issues for the transferee.

What Should Employers do About Affinity Programs?

Employers interested in learning more about affinity programs in relocation should work with a Relocation Management Company that has knowledge and expertise with these programs. An experienced RMC can help employers design their relocation policy to provide value for employees while returning many benefits to employers.

GMS offers clients its exclusive MyRelocation® Affinity Program. Through this program, eligible clients are able to gain many valuable benefits for their companies and their employees, where available.

Conclusion

GMS’ team of domestic relocation experts has helped thousands of our clients develop value-added benefits as part of their relocation policies. Our team can help your company determine how to define affinity programs that provide positive returns and valuable benefits for employees.

GMS was the first relocation company to register as a .com. The company also created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation® technology platform.

Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.

Contact our experts online to learn more about how to define affinity programs in your company’s relocation policy, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation policy review

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Relocation Best Practices Relocation Challenges Relocation Policy Review Relocation Programs

Year-End Relocation Expense Reconciliation: How You Should Prepare

Companies with relocation programs should prepare for their year-end relocation expense reconciliation. The relocation program may have several parts that flow into multiple departments and functions such as Accounting, Human Resources, Travel, and Tax. Therefore, thorough preparation is critical to capture all relevant information. Approaching this requirement with sufficient attention to detail will help ensure data accuracy and on-time reporting.

GMS recommends companies follow best practices for their annual reporting processes. There are five steps companies should take to ensure a positive result.

5 Steps to Prepare for a Year-End Relocation Expense Reconciliation 

1. Create a Checklist for the Reconciliation

To start this process, begin writing a checklist. This checklist should include all of the information that accurate reporting requires. The checklist items should include several of the following data points:

  • Compensation data
  • Employees receiving tax filing services (those on the tax eligibility list)
  • Equity
  • Imputed income
  • Salaries/Wages
  • Taxes

Dates that are important for the year-end relocation expense reconciliation should be noted, such as:

  • Early cutoff dates
  • Due dates to receive data
  • Reporting deadline dates
  • Tax filing deadline dates

2. Schedule a Year-End Relocation Expense Reconciliation Preparation Meeting

Be sure to include representatives from all departments that must provide data for the reconciliation. Vacation time and holidays may impact work schedules, especially in the month of December. As a result, schedule this meeting to allow plenty of time for employees to learn what their role in the process is, what is needed from them, and to let them prepare the necessary data for reporting.

This meeting provides an opportunity to communicate expectations, as well as to develop relationships with colleagues who can assist with future year-end relocation expense reconciliation processes.

3. Confirm Data Accuracy

Companies should confirm all of the data that is reported for the reconciliation is accurate. Accurate accounting systems and processes should be in place to confirm data that is shared for the review. This step is absolutely vital to the entire process, as incorrect data could result in errors and additional costs. Data that should be confirmed includes:

  • Addresses
  • Benefits
  • Personal time (sick days)
  • Salaries/Wages
  • Social Security numbers
  • Tax ID numbers
  • Vacation time

Companies should ensure a thorough review of this data. An internal audit accountant might be helpful to confirm the accuracy of this data.

4. Finalize the Data to Prepare for Reporting

This step is to ensure the data includes all final reports through the end of the reporting period. Templates and sheets for the year-end relocation expense reconciliation may include blank lines or empty cells with highlights to note future data entry. For example, final year-end payroll figures may not be known until late December. All of this data should be stored on a server that is secure and continually backed up for easy retrieval if necessary.

5. Submit Reports

Confirm the reporting deadlines for every country that requires a report. Different groups of assignees or transferees may need to be further segregated for specific reporting requirements by tax reporting organizations. Whenever possible, send data early and confirm receipt. Note the final tax payment due dates for the year, and arrange for the payments.

What Does This Mean?

Companies should follow best practices to ensure accurate and on-time reporting for their year-end relocation expense reconciliation. By following best practices to confirm data and important dates, companies can avoid costly errors, expensive rework, and rush projects.

What Should Employers do About Their Year-End Relocation Expense Reconciliation?

Employers planning for their year-end relocation expense reconciliation should work with a qualified and experienced Relocation Management Company (RMC). RMCs will have knowledge that can assist companies in understanding all of the important parts of a reconciliation. They can also share recommendations and guidelines to ensure data verification and timely reporting processes. Companies should request an audit of their year-end relocation expense reconciliation to ensure they have a robust process.

Conclusion

GMS’ team of corporate relocation experts has helped thousands of our clients with reviews of their reconciliation processes. Our team can help your company understand how to design a year-end relocation expense reconciliation that follows industry best practices to ensure data accuracy and on-time reporting.

GMS was the first relocation company to register as a .com, created the first online interactive tools and calculators, and revolutionized the entire relocation industry. GMS continues to set the industry pace as the pioneer in innovation and technology solutions with its proprietary MyRelocation™ technology platform.

Global Mobility Solutions is proud to be named and ranked #1 Overall, and #1 in Quality of Service by HRO Today’s 2019 Baker’s Dozen Customer Satisfaction Survey.

Contact our experts online to request an audit of your year-end relocation expense reconciliation, or give us a call at 800.617.1904 or 480.922.0700 today.

Request your complimentary relocation program audit

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