Improving the relocation experience may not be the first thing you think of when considering how to control costs, but it can be very effective in saving your company money in the long run. As procurement specialists work to control costs while navigating an uncertain market, it is important to ensure they aren’t lowering standards and cutting costs at the expense of the employee experience.
Are you looking for cost-effective corporate relocation management solutions? Need to optimize your current program to be more affordable? In this article, we’ll explore ways to keep costs low and provide a brief overview of some of the corporate relocation partner benefits you can look forward to when you find the right vendors for the job. Here’s everything you need to know:
A positive relocation experience can help employees feel valued and taken care of by their employer. Companies that consistently take steps to care for their employees often see lower turnover rates, meaning less money spent on hiring and training in the future. Retaining the right talent is a great way to manage long-term costs.
Sirva, Inc., parent company of Allied, surveyed relocating employees to understand how the relocation experience can be improved. According to the survey, the top three ways to improve the relocating experience include an increase in communication, program flexibility and earlier engagement in the process.
Maintaining consistent communication with a relocating employee, even when there’s nothing new to report, is vital to a smooth relocation. It’s also important to clearly communicate the relocation package your company is offering. Making sure your relocating employee understands the relocation process and expected timeline will help them be prepared for the upcoming move and set them up for success.
Sirva’s survey also reported 47% of relocating employees said that increased flexibility would improve the experience. Instituting a relocation program that allows for flexibility gives you the opportunity to best support each of your employees based on their situation and needs.
Lastly, 45% of people surveyed listed earlier mobility engagement as one of the top improvements companies can make to their relocation process. This approach gives everyone involved time to communicate, make decisions, and determine the best next steps.
Regularly taking the time to analyze your relocation policy and employee relocation costsis essential to consistently provide the best experience for your employees while also keeping costs low. There are a myriad of different relocation policies, and it is beneficial to both you and your employees if you take the time to find the right policy for your organization. For example, switching from a fixed lump sum to a variable lump sum may help you not only provide a more customized and flexible experience for your employees but also save money.
The re-evaluation process is also a great time to gather feedback from employees and look for policies that best meet their needs and expectations. Partnering with a trusted corporate relocation partner can help you understand the relocation process and ensure your company’s policy aligns with your organization’s needs.
While this may sound counterintuitive, making sure your internal mobility program is the best it can be, even if that means investing more upfront, will help lower costs in the long run. By providing employees with upward mobility opportunities and increased autonomy within the company you can increase employee retention and save the time and money spent searching for and training new employees. This strategy reaps long-term benefits and helps you maintain a high level of care for existing employees by promoting internal hiring and making relocations smooth and stress-free.
If you aren't careful, the cost to hire vendors for your corporate moves can get out of control. The best way to build a cost‑effective employee relocation program is to regularly review your moving partnerships and thoroughly review all vendor contracts. Determine which resources your team uses the most, and which you can cut to achieve cost savings.
A great way to keep costs under control is to consolidate vendors and strengthen your relationship with one moving partner. Finding one reliable, cost-effective corporate relocation management solution will make it easier to manage costs. You can also negotiate better rates and find better resources for your team.
Data is key to finding opportunities to optimize. To keep your corporate relocation costs under control, you'll want to ensure you're fully tracking the total cost per move. You'll also want to track common KPIs such as employee satisfaction, exception rates, and vendor performance. These data points will provide key insight into your current strategy and help you develop a better, more efficient, cost‑effective employee relocation program over time.
With more than 95+ years of experience, Allied is a trusted corporate relocation resource helping move organizations forward. Our customer-centric focus ensures your needs are put first, and our centralized structure is focused on cost, communication and compliance control. No matter the size of your company, Allied has a solution that will work for you and make workforce and workplace mobility painless. Learn more.
Are you looking to develop a cost‑effective employee relocation program? Explore our frequently asked questions on managing employee moving costs.
The true cost of a relocation will vary, depending on the type of resources and financial support you're offering employees. Moving services and logistical support will be a major driving factor, which is why it's best to work with a reliable relocation partner to manage logistics and keep costs low.
You'll want to use data to review vendor partnerships and resources, to see what relocation benefits your team is fully utilizing. You can also send out surveys to gain more insight into the effectiveness of your program, and make meaningful adjustments that keep costs low while staying efficient.
You'll want to revisit your relocation policy annually to find opportunities for improvement. You'll also want to use KPIs such as cost per move and employee satisfaction to determine if you should change your policy type or keep it the same.
When looking for a corporate relocation partner, ensure they offer the tools and resources your team needs for a smooth, efficient move. This will allow you to consolidate your vendors, improving operational efficiency and keeping costs low.
Mobility teams should review cost per move, employee satisfaction, exception rates, and vendor performance to determine the effectiveness of a mobility program.
