What are the Benefits of Corporate Relocation Policy Benchmarking?
When did your company last perform a corporate relocation policy benchmarking and compare industry best practices? You should schedule a program and policy review every 12 to 18 months to ensure your company remains competitive with your peers, and to help you learn about how the industry is changing to meet ever-increasing employee expectations.
As workforce mobility issues affect multiple stakeholders throughout the corporate relocation process, it is important for all disciplines to participate in the policy benchmarking. Everyone involved in an employee’s relocation should fully understand best practices related to talent acquisition, human resource management, finance, procurement, and legal issues so the transferee receives the best relocation experience possible.
These are the five key benefits of corporate relocation policy benchmarking:
Learn About New and Innovative Ideas
As companies evolve to respond to a dynamic workforce, regulatory environment changes, and increasing employee expectations, the same is true of their solutions to mobility issues and relocation policies. The use of technology to inform and engage employees throughout their relocation process increases the speed of communications. Also, it provides valuable information and assistance, and helps transferees receive reimbursements in a timely manner. A thorough policy benchmarking helps companies learn about new ideas and innovative solutions to employee relocation issues.
Educate Internal Stakeholders
Most successful companies recognize that several departments and functions interact with their employee’s relocation process. Internal stakeholders from diverse areas such as legal, finance, and procurement can learn how the transferee interacts with each department, what their needs are, and what the best practices are related to each function. Including internal stakeholders in the policy benchmarking process assures their understanding of policy guidelines and helps provide for a smooth and easy relocation process.
Maintain Alignment of Objectives
Many companies have multiple locations spread across geographic regions, so they dedicate resources to ensure communication of corporate plans and objectives, keeping the entire company up to date and on the same trajectory. A company’s relocation policy benchmarking should incorporate all employees regardless of geography, so local objectives will align with corporate objectives. Knowing that a certain area might have plans for future expansion helps all departments prepare and respond accordingly to employee relocation needs.
Identify Cost Savings and Enhancements
Reviewing how other companies design their corporate relocation programs and policies can point out areas where a company can achieve significant cost savings or enhance their programs to reduce exceptions. Obtaining multiple quotes for services can help save costs by way of competition. Learning about new and updated regulations can help avoid penalties and costs that may arise due to tax, legal, or immigration issues. The application of technology to processes such as expense reporting and reimbursement can help save time and money.
Ensure Industry Competitiveness
To attract and retain the best talent, companies must ensure the programs they offer employees are competitive with their industry peers. A relocation policy benchmarking will show how industry competitors design their relocation policies. A company can adjust policies to maintain a competitive advantage, and can leverage technology to create a user-friendly relocation process that gives employees peace of mind that their needs will be quickly and easily addressed.
Thoroughly reviewing your corporate relocation policy and benchmarking to industry best practices keeps your company at the forefront of your industry peers. Also, it reinforces employee satisfaction, and promotes successful relocations. A good practice to follow is to schedule a relocation policy review and benchmarking study every 12 to 18 months so you can ensure your company remains a leader in your industry.
The corporate relocation experts at Global Mobility Solutions (GMS) have the knowledge and expertise to help your company remain competitive, reduce costs, and offer your employees the best relocation experience. Contact our team of relocation experts to schedule your corporate relocation policy benchmarking, or call us at 800.617.1904 or 480.922.0700 today.