Does Your Relocation Management Company Have a Business Continuity Plan?
Your company may have a Business Continuity Plan (BCP) in place. This will ensure your organization can continue operating during an unplanned event. Many companies go to great lengths to ensure essential business functions continue regardless of what kind of disruption may occur.
Do you know if your Relocation Management Company (RMC) has a similar document to ensure they can provide essential services? RMCs should have a BCP so they can assure their clients that relocation services will continue during any possible situation that could cause disruptions.
What Situations Might Cause a Disruption for Your RMC?
It is impossible to list every possible disruption that your RMC may encounter. However, a few specific situations illustrate the importance of ensuring your RMC can continue operations according to their Business Continuity Plan.
Weather
Relocations often are subject to adverse weather conditions. Household goods shipments as well as travel plans may face delays due to severe storms such as hurricanes, blizzards, and ice storms. Severe weather can cause destruction of transportation networks and storage facilities. In 2017, the United States endured 16 destructive weather and climate events that each caused over a billion dollars of damage, including floods, hurricanes, and tornadoes.
Human Error
Any business is subject to human error. However well-intentioned, simple mistakes could cause significant issues for transferees, new hires, and your company. Your RMC should have sufficiently secure processes and systems in their Business Continuity Plan to prevent human error from causing huge and costly issues for your business.
Cyber-Attack
A cyber-attack is when one or more computers launch an attack against another computer, several computers, or an entire computer network. The goal may be to disrupt service. Alternatively, the goal may be to gain information. Your RMC will likely have access to some of your company and transferee’s data. As a result, their BCP should include plans regarding the impact of cyber-attacks.
What Should Your RMC Include in Their Business Continuity Plan?
Every BCP should include basic information that tells the RMC what the plan includes, and how to implement the plan. Major points to look for:
Contact information for the organization and employees who will implement the BCP
Revision and change management for the BCP
Business Continuity Plan purpose and scope of the plan
Specific instances that indicate when users should activate the BCP
Emergency organizations including contacts and responsibilities
Information on insurance and other policies
Procedures with detail so users have guidelines for how they should proceed
Clear diagrams to show how the business will proceed
Helpful checklists to remind Business Continuity Plan users what they should do
Plan for reviewing, testing, and revising the BCP on a regular basis
What Should Your Company Do?
Your company should contact your RMC and ask for their Business Continuity Plan. Be sure the plan covers all of the major points noted herein. The plan should have details regarding continuity in the face of unplanned events regarding weather, human error, cyber-attacks, and other issues including supplier work stoppages, security concerns, and natural disasters.
Conclusion
Global Mobility Solutions’ team of global relocation experts has helped thousands of our clients understand the importance of ensuring their RMC has a detailed Business Continuity Plan. We can help your company understand what should be included in a BCP. With this knowledge, you and your transferees can have confidence that relocation services will not face disruption.
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.
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.
Shot of a happy young couple holding the keys to their new home
Why should your company encourage transferees to buy instead of rent? Our team of global relocation experts review thousands of relocation policies on a regular basis. We work with our clients to incorporate best practices, so they can gain a competitive edge with their relocation policies and attract the highest caliber of talent.
Consistently, many relocation policies have not offered home purchase benefits to current renters. Instead, current renters received benefits that directed them to remain as renters. Recent consultation with several clients provides new insight into this practice.
Many clients are now offering home purchase benefits to current renters, to encourage transferees to buy instead of rent. This trend is increasing, as clients are learning that home purchase benefits for current renters return several benefits back to the client in terms of employee retention. As we examine this trend, a new best practice is appearing in relocation policies.
There are 7 distinct benefits for clients when they encourage transferees to buy instead of rent:
1. Transferees establish strong roots in a neighborhood and community.
Think of the time you may have taken a job and moved to a new location. You may have spent time finding a new home and exploring neighborhoods. Your family members may have expressed what was important for their needs as well. Factors may include nearby schools, or amenities like parks and shopping centers.
Each facet of a community becomes a part of a transferee’s life. As a result, those who put down strong roots by establishing home ownership are more likely to remain committed to their neighborhood, their city, and their employer.
2. Transferees can personalize a home so they can settle in comfortably, so encourage transferees to buy.
Transferees who buy can easily personalize a home to meet their distinct preferences. Everything from painting their front door to match a favorite color to decorating interior spaces to their liking can lead to greater transferee satisfaction with their living arrangements. Satisfaction with their home is more likely to lead transferees to feel satisfied with their relocation as well.
Renters, on the other hand, often are limited to moving into an apartment, and cannot easily customize the space. Even if they do some customization such as interior painting, they often must return the apartment to its original condition if they were to vacate. Renters face a strong disincentive when it comes to personalizing their living space. Living in a space they cannot personalize often makes renters feel as if they are nomads. The end of their lease is already defined, which seems to put a mark on their time in a specific location. This may lead transferees to believe they can easily move to another apartment, or another position.
Corporate talent acquisition should work in tandem with employee retention so relocation policies offer home purchase benefits. This will help encourage transferees to feel as if their relocation is permanent, and not a temporary state.
3. Monthly mortgage costs are consistent year to year, while rents can increase dramatically.
One of the benefits to buying a home versus renting is the stability of mortgage payments. Monthly costs for a mortgage tend to be consistent year to year, defined by the terms of the mortgage upfront. As a result, this allows buyers to know their monthly housing costs and provides for better budgeting and financial planning.
Renters could face a rent increase as soon as their lease expires. There are many reasons why landlords would increase rent, including higher property taxes, inflation, or higher building maintenance costs. They might just want to make more money, and if demand for rentals in the area is high, then rent increases are easy to implement because those who move are easily replaced with other renters. Increases in rent could be exceptionally high. Therefore, renters need to make a decision on a regular basis if they want to absorb the cost of the rent increase, or take on the additional expense of searching for a new rental, and paying to move their belongings.
Overall, transferees who rent often are subject to somewhat volatile conditions that can impair their job performance. If they must worry about their housing options in the face of rent increases on a regular basis, transferees certainly cannot easily focus on corporate objectives.
4. Home mortgages are similar to saving plans and investments, and owners can more easily move up to a larger home at a later date.
There are numerous benefits to home ownership, and transferees can gain greater satisfaction with their relocation with home purchase benefits. Home ownership lets transferees build financial equity, and a home is an investment that will increase over time. Homeowners have tax benefits they can claim as well. Mortgage interest, property taxes, and other items may provide tax deductions on an annual basis. As a home gains value over time, and as the homeowner builds greater equity each year as their mortgage balance declines, homeowners have a built-in savings and investment vehicle in real estate they can use in the future.
Employers benefit if they encourage transferees to buy instead of rent by reinforcing the high value homeownership returns to the transferee, cementing their interest in staying in a location.
5. In many markets, rentals are extremely competitive to secure and the costs exceed homeownership. Security deposits can often exceed a home purchase down payment.
Brooklyn
Several markets have seen the cost of rentals rise far beyond the cost of homeownership. A recent example can be found in Brooklyn, New York. A three bedroom, one bathroom apartment at 378 Grand Avenue is listed on Zillow at $3,900 per month (not including renter’s insurance costs).
A house located at 575 Jerome Street with five bedrooms and two bathrooms is listed for $599,000. Using a mortgage calculator, over a 30 year time period at a rate of 3.92%, with a mortgage balance of $575,000, taxes of $6,000, insurance of $1,500, and Private Mortgage Insurance (PMI) of 0.5%, the monthly mortgage costs for the house are $3,583.27.
In Brooklyn, a renter at 378 Grand Avenue can get a receipt for the rent they pay each month. Also, they may face a rent increase at the end of their lease. A homeowner can get more space, tax benefits, and an equity-building investment vehicle with a home on Jerome Street. It is easy to see how offering home purchase benefits can help transferees feel more satisfaction with their relocation.
Denver
Another recent example can be found in Denver, Colorado. A three bedroom, three bathroom apartment at 2590 Welton Street is listed on Zillow at $3,855 per month (not including renter’s insurance costs). A house located at 90 N. Lincoln Street with three bedrooms and two bathrooms lists for $610,000. Using similar parameters as the other example, with a mortgage balance of $585,559, taxes of $6,000, insurance costs of $1,500, and PMI of 0.5%, the monthly mortgage costs for the house are $3,637.59
6. If a transferee does not commit to their new community, they often view their opportunity as a job and not as a career.
Companies go to great lengths to acquire highly skilled talent. Often companies design relocation packages to highlight the benefits of an employment opportunity, to encourage prospects to accept job offers. In reality, it is in the company’s best interest to have the transferee think of the opportunity as a career offer. Finding and acquiring talent can be challenging.
Companies should have a career plan for the new hire, so they view the opportunity as a career, not as a job. This perception helps transferees commit to staying with their employer. Home purchase benefits let transferees commit to staying in their new community. Transferees that commit to their community are more likely to commit to their career.
7. A transferee who buys is more committed than a transferee who rents. Also, if a client offers home purchase benefits, then the employee knows the company is more committed to the employee.
A company can reinforce employee retention by showing employees they commit to them and their future. Employers should encourage transferees to buy instead of rent. This sends the message that the company wants the transferee to stay. If a company gives the impression to a transferee that they are temporary by only providing rental assistance, the transferee will get that message and feel as if they are a temporary employee.
Employers that give the impression to the transferee that they want them to join their company and their community by putting down roots and buying a home, will have transferees who believe they are part of the company’s future. In talent acquisition and employee retention, the message from the company should always be one of acceptance, inclusion, and permanence. Acquiring highly skilled talent is a difficult challenge. Companies that are successful in this endeavor should make employee retention efforts even more successful by offering home purchase benefits to transferees.
Rent Versus Buy Calculator Will Help Encourage Transferees
Global Mobility Solutions has a wide range of online tools and resources for clients and transferees. GMS’ Rent Versus Buy Calculator is an easy to use, step-by-step program. This program compares the cost of renting versus the cost of buying a home. Employers that encourage transferees to buy instead of rent can use this online tool to encourage homeownership. This in turn helps the transferee make the decision to buy in their new community. This decision will help the transferee feel like a part of the company. As a result, they will be more willing to stay with the company on a long term basis.
What Should Employers do to Encourage Transferees to Buy Instead of Rent?
Global Mobility Solutions’ team of global relocation experts has helped thousands of our clients design relocation policies that reflect best practices to promote employee retention. We can help your company understand how to leverage home purchase benefits for current renters to encourage transferees to buy and help ensure successful relocations.
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 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.
Handsome businessman talking with phone sitting with laptop on the backseat of the car
More companies are using an expedited bidding process when it comes to outsourcing their relocation program to a Relocation Management Company (RMC). This fundamental shift in a company’s approach to outsourcing relocation has many benefits, including significant cost and time savings. As the pace of business continues to increase, expedited bidding has proven to be a boon for companies that are looking to enhance the management of their relocation program.
Global Mobility Solutions’ team of global relocation experts benchmarked 48 companies that have utilized this process to determine the reasons why this approach has risen in prominence in today’s relocation market. Our team has identified five distinct reasons for the increased utilization of expedited bidding.
Five Reasons Why Companies Prefer an Expedited Bidding Process:
1. Companies Buy Solutions, Not Parts
Purchasing relocation management is a much different process than sourcing parts or equipment. Companies understand that ensuring the right fit for the right reasons is the most important factor when sourcing employee-facing services.
2. Complimentary Mobility Consulting
Policy reviews, program design and recommendations, and policy development and revisions can easily be part of this process. This also allows companies to evaluate an RMC’s experience, knowledge of the relocation process, and the quality of their consulting work.
3. Faster Relocation Program Implementation With an Expedited Bidding Process
Over 90% of companies that utilize an expedited process are able to complete their implementation within 22 days. The speed of this approach allows companies to achieve immediate efficiencies in their programs.
4. Avoiding Formal Requests
Utilizing an expedited bidding process helps companies avoid the administrative burdens and resource-intensive approach typical of the more formal Requests for Information and Requests for Proposals.
5. Immediate Cost Savings
Competition inherent in this process often results in cost savings. Improved fee structures and reduced direct costs result in up-front savings for the client. Savings allow clients to increase their focus on strategic business initiatives while the RMC manages their relocation program.
What Should Employers do to Utilize an Expedited Bidding Process?
Employers should utilize an expedited bidding process as they consider outsourcing their relocation management. A Relocation Management Company with extensive knowledge of the global relocation market and the experience of moving hundreds of thousands of employees will provide the best resources for expedited bidding processes. An experienced RMC can also easily guide companies through the process and achieve highly successful results.
Conclusion
Global Mobility Solutions’ team of global relocation experts has helped thousands of our clients with their relocation programs. We can help your company understand how to gain the most benefits from utilizing an expedited bidding process. Learn how to choose the best Relocation Management Company 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.
What does a traditional Lump Sum relocation program entail as opposed to Lump Sum Self-Service? In traditional Lump Sum relocation programs, employees receive a specific amount of funds for relocation. They also work with a Relocation Management Company to select services within the parameters of their employer’s relocation policy. Global Mobility Solutions (GMS) can also arrange for relocating employees to receive a GMS MoveMoney™ debit card. With this card, funds are electronically transferred to the employee after their expense report is audited.
Lump Sum Self-Service
GMS is developing a new online Lump Sum Self-Service with Payment Options to provide relocating employees direct access to our network of suppliers through our proprietary MyRelocation™ website portal. Using the lump sum provided by their employer, the relocating employee will be able to choose any of the services and options within our network of providers. They will also be able to arrange payments directly to the providers. Furthermore, the employer does not have to track relocation expenses or be involved in the process. As a result, the relocating employee will have complete freedom of choice for their relocation process. They can utilize helpful packing and moving guides and other information as they manage their relocation.
Benefits of Lump Sum Self-Service
There will be several benefits to the Lump Sum Self-Service for relocating employees:
Immediate access to suppliers of proven quality and experience
Payment options with suppliers that are easy to set up
Information about services that they otherwise might not have found doing their own research
Anytime, anywhere access to the employee’s relocation information
Cost savings for the relocating employee with multiple suppliers bidding to provide services
Reduced administration costs and efforts for employers
Conclusion
Relocating employees provided with Lump Sum funds will soon be able to have access to a network of qualified suppliers through Lump Sum Self-Service. Asking providers to bid for services and choosing the lower cost options will help relocating employees save money for other relocation services. Employers choosing to provide Lump Sum funds to relocating employees should encourage the use of Lump Sum Self-Service with Payment Options.
The global relocation experts at GMS have the knowledge and expertise to help your company understand how to communicate the benefits of Lump Sum Self-Service with Payment Options to your relocating employees. Contact our team of experts to discuss your relocation policy needs, or call us at 800.617.1904 or 480.922.0700 today.
A group of doctors with face masks looking at camera, corona virus concept.
The Healthcare Industry has been growing at an increasing pace over the past several years. Factors such as the implementation of the Affordable Care Act, an aging population, and technological advances all contribute to the ever-expanding demand for qualified healthcare employees. The US Bureau of Labor Statistics predicts that Healthcare will be the largest employment sector in the US economy by 2024.
Growth in the healthcare industry presents a number of difficulties for HR professionals. Filling positions quickly and effectively, creating a workplace that encourages employee engagement, ensuring smooth succession processes, and reducing employee turnover are some of these seemingly insurmountable challenges.
Increasing Retirement Rates
In addition to greater demand for services, the industry is facing rapidly increasing retirement rates for experienced employees. Especially in the nursing field, the impact of retirement will have a large impact on staffing levels. At least 55% of the RN workforce is over the age of 50 and quickly approaching retirement age. According to an American Association of the Colleges of Nursing (AACN) summary of reports, there will be a growing shortage of registered nurses across the country between 2009 and 2030. By 2025 the US is expected to experience a nursing shortage “twice as large as any nursing shortage experienced in this country since the mid-1960s” with the rapidly aging nursing workforce as the primary contributor.
The combination of increasing demand for employees and increasing rates of retirement creates an ever-widening talent gap in the healthcare industry. There are not enough employees to occupy new positions, nor are there enough employees to backfill positions that open due to retirement. As a result, at least 33% of hospitals have job vacancy rates greater than 10%. Clearly, traditional healthcare recruiting strategies are not able to fill positions at a fast enough pace to keep up with demand.
As a result of these changes, the following five trends in healthcare industry recruiting and relocation are emerging:
Top 5 Healthcare Industry Recruiting and Relocation Trends
1. Provide Exceptional Candidate Experiences
Healthcare industry recruiters must focus on keeping candidates happy and engaged in the recruitment process. Providing each candidate an exceptional experience is necessary to keep your organization as the candidate’s first choice in their employment search. The organization should conduct a review of the entire candidate experience, including the application process, interviews, job offers, relocation benefits, and onboarding procedures.
HR professionals should put themselves through each of these processes to see how their organization treats and responds to candidates. Successful recruiting programs treat candidates respectfully and make them feel highly valued. Candidates are more likely to choose to work for an employer that treats them well.
2. Use Data to Enhance Healthcare Industry Recruiting
Healthcare organizations must analyze the effectiveness of their recruiting activities. Knowing which efforts are working well, and which efforts are not, will help the organization identify what it needs to improve. For example, an organization may have a job advertising program in place within a journal or news network. If these programs are not providing qualified candidates that proceed to job offers and acceptances, the organization should consider redirecting those resources.
Conversely, if a partnership with a local university proves to be a good source of qualified candidates that proceed to employment, consider enhancing the program or creating additional partnerships. Think beyond current geographical boundaries; partnerships can easily generate candidate interest within international locales. Relocation Management Companies (RMCs) are ideal sources for information on global candidate recruitment and relocation.
3. Recruit for Cultural Fit
Healthcare organizations searching for qualified employees may be able to easily identify those with the requisite skills, education, and experience. However, healthcare is a unique industry in that it is so highly focused on personal interactions. Healthcare organizations looking to fill job vacancies at a pediatric practice would want candidates who enjoy working with children.
Pre-Decision Services are critical for healthcare organizations as they provide valuable information about a candidate’s ability to accept a position and be successful. Behavioral assessments can be a strong predictor for cultural fit. Healthcare organizations can easily identify candidates with the qualities that match their organizational culture. Assessment data can be paired with structured interview questions to better understand the candidate’s interests, goals, and motivations.
4. Create a Superior Healthcare Industry Employer Brand
Highly-skilled healthcare workers are in great demand. As a result, these workers can easily choose where they want to work and for which organization they prefer. Seventy-five percent of employees seeking new jobs consider an employer’s brand before applying for open positions. Consider how your healthcare organization’s brand appears to job seekers. Does it generate positive industry news? Are online reviews favorable from current employees as well as current customers? If the employer brand you find does not fill you with positive feelings, then you can be sure candidates are also experiencing this same feeling.
To create a successful employer brand and generate positive feeling among job seekers, healthcare organizations should find out from current employees whether the organization is one where people want to work. Also, research comments from employees and candidates on review websites and social media. Determine which issues are of concern and address them. This will help you ensure employees will perceive your organization as the brand you prefer it to be. Follow through by updating recruiting materials, websites, social media, job postings, emails, and other venues to be sure you amplify the correct employer brand and messages. Consider creating a branded career website with enhanced relocation program messages to welcome candidates to your organization.
5. Speed the Process to Keep Candidates Engaged
Qualified candidates are always seeking new opportunities, and your organization is always looking to hire. The quicker you help candidates move through the process, the more they will remain engaged and likely to consider your organization for employment.
According to the 2018 Recruiting Benchmark Report from Jobvite, the time to fill job vacancies in the healthcare industry is 38 days. At the same time, the industry has 21 applications per job, which is one of the lowest among industries. If several days or even weeks can be taken out of the process, the organization will benefit tremendously and experience lower job vacancy rates.
Conclusion
GMS’ team of corporate relocation experts have helped thousands of our clients develop relocation programs that attract and retain qualified employees. Our team can help your healthcare company by designing a relocation program that represents industry best practices. This will increase your company’s ability to attract and retain new 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 discuss your healthcare company’s relocation program needs, or give us a call at 800.617.1904 or 480.922.0700 today.
Cheerful mid adult Asian nurse stands confidently in doctor's office or hospital. She has her arms crossed.
One of the ways healthcare companies adjust to the challenge of hiring and keeping employees who are talented and have extensive skill sets is through short term assignments. By structuring their employment needs to provide relocation opportunities, many healthcare companies have been able to attract highly qualified candidates who want to travel to new locations on a regular basis with short term assignments. Healthcare companies can benefit from a relocation policy to provide candidates who desire these positions with several programs that give them helpful options for successful relocations.
Short Term Assignments
Many healthcare professionals prefer short term assignments, and find the adventure and opportunity exciting and fulfilling. Several segments of healthcare employment now utilize short term assignments, which can last from a few days to several weeks, with the majority falling into a four to eight week timeframe. Additionally, many of these short term assignments offer a wide range of benefits including competitive pay and a variety of locations. Healthcare professionals who flourish in these roles are comfortable with a great deal of flexibility, have a positive attitude, and exhibit a high level of excellence in the performance of their duties.
Professional and Personal Development
Challenging roles in short term assignments can range from covering during a staff shortage, to assisting with Electronic Medical Record (EMR) conversions. In accepting these positions, the healthcare professional expands their knowledge and skill sets, and often become topical experts in the field. This in turn helps increase their professional growth and marketability within their field. Also, working short term assignments helps healthcare professionals grow personally. Being open-minded and staying calm under pressure increases adaptability to challenges and promotes quick thinking and decision making skills.
Career Resources
Healthcare Traveler, a part of the Modern Medicine network, provides information, career resources, and job listings for qualified candidates interested in short term assignments. Visitors can search job listings by keywords including title, skills, or company, and by location, so they can find a number of matches for which they may be qualified. For example, searching for a specific position within a city might return listings from the local network or the national network. This service provides an extremely valuable resource for candidates seeking short term assignment opportunities in specific locations.
Housing Options
In addition to career resources designed for short term assignments, several short term housing networks provide healthcare professionals with a wide range of housing options to match their short term durations. The proliferation of home sharing services give short term assignees the flexibility of short term housing that is already set up with furniture, fixtures, home goods, and utilities ready for immediate use. Other helpful resources include Home Away, Vacation Rental by Owner, Craigslist, Zillow, Trulia, Apartments.com, local realtors, and networks of friends who can provide good referrals to short term housing options. Healthcare companies should provide quick and easy access to a network of short term living and corporate housing options for short term assignments.
Short Term Assignment Benefits
There are many distinct benefits that health care companies provide to their employees who choose short term assignments in healthcare as their preferred career option:
High levels of pay reflective of the critical need for highly skilled short term assignees
Healthcare starting on Day One to prevent lapse of insurance coverage
TeleDoc which allows for treatment and prescriptions over the phone during travel
Vision Insurance
Dental Insurance
Retirement Benefits with eligibility on Day One
Employee Assistance Programs
Insurance for Life, Accidental Death, and Disability
Conclusion
Global Mobility Solutions’ team of corporate relocation experts have helped thousands of our clients develop relocation programs that attract and retain qualified employees. Our team can help your healthcare company by using industry best practices to design a relocation program that works well for short term assignments, while effectively communicating your company’s value proposition in the healthcare industry.
Contact our experts online to discuss your healthcare company’s short term assignment relocation program needs, or give us a call at 800.617.1904 or 480.922.0700 today.
Gearing up for 2018: Have You Scheduled Your Relocation Policy Review?
Corporate relocationpolicies are critical for companies that want to remain competitive in their industry, attract the best talent, and ensure alignment with objectives across organizational disciplines. Best practices indicate you should conduct a policy review every 12 to 18 months. With 2018 fast approaching, is your policy ready? There are several points to consider as you prepare for the upcoming year.
Mobility Objectives
Your organization probably has a strategic plan in place as it approaches 2018. Does your policy still support strategic objectives that have been identified as targets for the next year? If the plan is to develop resources or move into a new geographic region, your policy should be reviewed to ensure it covers all contingencies for these initiatives.
Cost Savings and Enhancements
Are you able to easily identify cost savings that you can achieve with your current policy? A thorough policy review can expose several areas where you can implement process improvements to save time and costs. Service costs and reducing exceptions are traditional areas where a policy review can provide easy and quick saving options. New technologies designed to simplify expense reporting and program management can be covered in a policy review to provide additional savings and process enhancements.
Competition
While your organization works to gain a competitive advantage in your industry’s marketplace, the same is true of your competitors. Do you know if your policy provides benefits on par with what your competitors provide? How has the market changed over the past year in response to employee requirements and a competitive job market? A policy review can help you identify areas that need to change in order to maintain your organization’s competitive position.
Compliance
Is your policy still fully compliant with all national and international regulations? Continual changes in tax laws, visa, immigration, and other regulations often impact corporate relocation programs and employees. Without a policy review, you might start the new year without knowing if your policy is in compliance, putting your organization at risk in several areas including tax obligations, reporting requirements, and employee documentation.
Education
As laws and regulations continually evolve, you should review and revise your policies accordingly. Advise employees and internal stakeholders of any changes so they can adjust their plans and activities. If new reporting requirements include additional tax forms for 2018, it is imperative to inform your organization’s accounting and tax reporting functions so they can provide correct documentation.
Conclusion
Global Mobility Solutions is a leader in the relocation industry. Our mobility consulting team understands the dynamic nature of the corporate relocation market and provides expert guidance for relocation policies to ensure our customers remain competitive while maximizing mobility efficiency and cost-effectiveness.
To schedule your corporate relocation policy review or to receive an industry-specific policy benchmarking overview, contact us online or give us a call at 800.617.1904 today.
