When your employees benefit, your business benefits too. The right employee relocation program can signal that you value the well-being of your employees and contribute to a more diverse and productive workforce. However, employee relocation can be costly. Whether it’s referral fees and service charges or the general expenses associated with relocation packages, your business should understand how employee relocation fits within your current budget.
At CRI, we understand just how crucial it is to build a relocation program that includes all the right benefits for your employees and the ability to control both direct and indirect relocation costs. Your approach to relocation can impact retention and your search for top talent — two areas that can carry hidden costs of their own. In this blog, we’ll highlight the immediate and long-term financial advantages your organization will experience when you choose to invest in personalized corporate relocation services.
How You Benefit from Employee Relocation Programs
If the costs and challenges that come with relocation are a looming storm cloud, these benefits are an undeniable silver lining. We’ve put careful consideration into the following analysis of just how much your business stands to gain in the employee relocation process.
Attract Top Talent
Give yourself an edge in today’s competitive hiring market. As McKinsey & Company notes in a recent series of interviews, HR professionals believe the secret to finding quality candidates lies in transforming the employee experience, i.e., relocation. An impressive relocation package will make job offers more enticing, positioning you as an enticing pick for top talent in your industry. Plus, the range of your ideal candidate pool will no longer be restricted to local talent. Your relocation package will allow you to overcome geographical limitations and expand your search to find applicants with the right skills and experience. With fresh talent comes fresh perspectives, and as you source the best of the best from around the world, your workforce will see an increase in cultural diversity and an influx of new ideas. This puts your business in a better position to grow and thrive financially.
Establish a Positive Reputation
When it comes to your business’s reputation, a solid relocation package can speak for itself. It expresses a deep level of care for your employees as well as a commitment to their well-being and career performance. In other words, your recruitment tactics go a step further to take the human element of your workforce into account. As your organization becomes known for its dedication to its people, you continue to enjoy the financial benefits of even more top talent coming through the door.
Keep Knowledge Flowing
What happens when an employee gets reassigned to a different location within your business? Without a relocation program in place, this kind of move could be daunting and discouraging, even for a seasoned veteran of your organization. By offering your employees a smooth transition, you keep your business strong with the transfer of knowledge and ideas that would otherwise disappear with departing, dispirited employees. Retention is a key component of any organization’s efforts to remain consistent, competitive, and financially stable.
Encourage Loyalty and Strengthen Company Culture
Consider your business in the long term. As you relocate employees and reinforce the message that they are truly valued, you give them incentive to stay with your organization and continue to make profitable contributions to the teams they serve. Not only does this save you time, effort, and money in your talent acquisition strategy, it also lends additional strength to your business by giving employees more reasons to be productive and proactive in their roles. New hires can integrate with company culture more readily and uphold your organization’s core values.
The Right Partner in Relocation Management Makes All the Difference
Understanding the financial advantages of a great employee relocation program is the first step in setting your business up for future success. The second step is implementing that relocation program with support from a corporate relocation services expert like CRI. Rather than applying a one-size-fits-all approach, we take your budget and your business goals into account to create, streamline, and track a relocation program with real-time data that reveals just how much you’re spending and eliminates any guesswork. Your ideal partner in relocation management should have the following:
Customized Relocation Plans
Depending on your business’s unique needs, your relocation policies will likely be tiered in order to offer a variety of benefits that meet your budgetary requirements. “Core” benefits will define each relocation package. As your employees choose what works for them, your organization experiences less administrative tasks and significant cost savings.
Full Transparency
When you find a reliable partner in corporate relocation services, their experts will shine a light on any costs you can expect along the way. At CRI, we believe in exceptional communication and full transparency, which means you’ll always be aware of common fees such as:
- Fixed fees: These predetermined fees are designed to cover property costs and additional costs associated with a move.
- Non-compliance fees: Paid by your organization or the relocation management company, this fee covers potential breaches of contract.
- Service fees: Salaries, administrative support, and profits are all categorized under this fee paid to the relocation management company.
- Referral fees: Are you hiring an external organization for transportation or real estate services? This will incur a referral fee.
Relocation Technology
Program management and reporting-software tools allow your corporate relocation services expert to simplify your relocation process and provide enhanced flexibility. CRI’s in-house technological capability, for instance, puts the power in your program manager’s and HR leader’s hands to run cost estimates, submit online move authorization, view and share reports 24/7, and more. Proactive, data-driven decisions will elevate your relocation program and prevent common snags before they start.
CRI Is Your Ideal Partner for Corporate Relocation Services
As a leader in personalized global mobility services, CRI has the experience and expertise you require to make every employee relocation a success. Once we problem solve your relocation needs, we can implement and support your plan so your business sees all the advantages and none of the drawbacks.
We understand that relocation poses a variety of unique challenges, and we’re here to help you every step of the way. As a vital part of your talent acquisition strategy, smooth, stress-free relocation planning should be at the heart of your new-hire journey. That’s why our dedicated team is ready to learn your policies inside and out to provide the best possible experience for you and your employees. Partner with us today, and see why CRI is a great fit for your employee relocation needs.