Top 5 Reasons Why You Should Benchmark Your Relocation Policy
Industry best practice shows employers should benchmark their relocation policy every 12 to 18 months to ensure your company remains competitive with your industry peers. A thorough benchmark will also help you learn about how the relocation industry is changing to reflect higher employee expectations for relocations.
As an employer, are you confident that every internal stakeholder in your company understands the importance of your relocation policy? Do you think they understand how it relates to their functional discipline? Most employers understand their relocation policy impacts several departments. As the competitive landscape changes in their industry as well as in the relocation industry, the importance of why employers should benchmark their relocation policy becomes increasingly clear.
Top 5 Reasons You Should Benchmark Your Relocation Policy:
1. Identify Enhancements and Cost Savings
Reviewing industry best practices can show areas where your company can save costs or enhance your relocation policy to reduce costly exceptions. Learning about new and changing regulations can help your company avoid costs that may arise from immigration, legal, or tax issues. A thorough benchmark will identify technological enhancements that may be useful for communications, processes, or cost savings.
2. Align Corporate Mobility Objectives on a Global Basis
Many companies have operations spread around the world. This may lead to significant differences in relocation policies and implementations. Employers should benchmark their relocation policy to identify such differences. They should also work to align all areas to a consistent policy that fully supports corporate objectives regardless of location.
3. Understand Your Industry’s Competitive Relocation Landscape
Most of your industry peers also have relocation policies they use to attract and retain new hires and transferees. Employers should benchmark their relocation policy to identify how their industry competitors are designing their relocation policies. With this information, employers can then design a relocation policy that ensures they remain competitive and will be able to attract highly skilled talent.
4. Learn About Relocation Innovations
Technology is useful for informing and engaging employees throughout their relocation process. It also increases the speed of communications and provides valuable information and assistance. Technology can help transferees receive reimbursements in a timely manner. Employers should benchmark their relocation policy to help them learn about new ideas and innovative solutions to employee relocation issues.
5. Increase Internal Stakeholder Knowledge
At most companies, several departments interact with the relocation process. Internal stakeholders from finance, procurement, and legal can learn how transferees interact with each department, what their needs are, and what the best practices are related to their discipline. Employers should benchmark their relocation policy and include internal stakeholders in the process. This will ensure their understanding of relocation policy guidelines. Also, it will help provide transferees with a smooth and easy relocation process as they interact with diverse internal stakeholders.
What Should Employers Do?
Employers should benchmark their relocation policy with a knowledgeable Relocation Management Company (RMC). The policy benchmark should include a full assessment of the company’s current policy as well as corporate objectives. This allows the RMC to benchmark the relocation policy to industry best practices. As a result, the RMC will be able to present a full complement of recommendations to ensure the employer can implement relocation policy best practices. This will also help them maintain a competitive edge in their industry.
Global Mobility Solutions’ team of corporate relocation experts has helped thousands of our clients understand why they should benchmark their relocation policy. We can help your company understand how to create a relocation policy that reflects industry best practices. As a result, this will ensure the policy attracts highly skilled new hires and transferees.
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.