Developing relocation policies and programs for a growing organization can be a tricky proposition. That’s because you need to ensure that your policies and programs meet your organization’s current needs, as well as your anticipated future needs. So, to do this successfully, there are several important factors that you need to consider, and key questions that you should ask.
Here’s what you need to know when it comes to relocation policy and program considerations.
Top Relocation Considerations For Organizations
It is important to note that whether you are developing your relocation policies and programs from scratch, or making changes to existing ones, that every decision you make will have a significant impact on your mobile employees. Naturally, you want that impact to be a positive one. In today’s competitive business environment, it is more important than ever before for your organization to be able to not just attract talent, but be able to retain that talent.
For an organization with a mobile workforce, one of the most critical elements in the successful attraction and retention of key talent is having a robust relocation program with policies that are truly designed around the unique needs and desires of your employees. Likewise, it should keep the employee experience at the very center of that policy development.
Thus, a good place to start is by conducting a review of your current employee population, and the types of relocation benefits and incentives that will be most favorable to them. At the end of the day, you want to be able to encourage talent mobility by offering the most enticing benefits.
In the same vein, much has been written about the Millennial generation and their desire and expectations for global assignments and experiences. They consider this an important aspect of their career development. So, this also needs to be one of the top considerations in developing the relocation policies and programs for organizations of every size.
Of course, cost is always a key consideration when developing your relocation program and policies. So, it’s best to look at which elements should be included, versus those elements that might not be cost-effective or relevant to your employees or organization. Since relocation represents a significant cost for your organization, you want to make sure that the relocation expenditures are wisely and efficiently spent.
Key Questions for Growing Organizations to Ask
Perhaps one of the most important questions for a growing organization to ask, is whether your current relocation policies and programs are sustainable and scalable. Again, this goes back to the evaluation of the needs of your mobile workforce, and whether existing policies are still viable, and whether you can build on them as your company continues to grow. As such, there could be relocation policies that need to be added or amended based on the growing and/or changing needs of your company.
Here are some key questions you might want to ask:
- Has our organization outgrown our current relocation policies and programs?
- Are there additional relocation benefits that we should consider?
- How competitive are our relocation policies and programs in the marketplace?
- Are we following industry best practices when it comes to our relocation policies and programs?
- Could our employees benefit from a core-flex relocation policy?
- Should we consider a lump-sum policy?
- What percentage of our employees are homeowners versus renters?
- How do we create a better employee relocation experience?
- Are our employees more likely to stay with the company following a relocation?
Importance of Flexibility
Relocation policies and programs should not be developed based on a one-size-fits-all scenario. History has shown that this is not the best approach, because each employee and family have its own unique needs and desires when it comes to relocating. This has led to the adoption of more flexible relocation policies and programs.
In fact, many growing organizations have opted to incorporate core-flex relocation policies, whereby there is a standard core offering of relocation benefits, along with other flexible elements that can be included based on the specific needs of an employee and/or family.
Knowing the Needs of Your Employees and Your Organization
At the same time, the needs of every organization are also different, based on the overall business goals of the company, as well as its strategic talent management and talent mobility goals. It is a consensus among global mobility leaders that these factors need to be closely aligned in order to be successful.
So, it’s about knowing what your organization needs during times of growth, and the optimal way to develop and deliver your relocation policies and programs in a way that best reflects your company’s goals today, tomorrow, and into the future.
With Relocation, Change is Inevitable
We all know that change is inevitable. So, being open and receptive to change and evolving your relocation programs and policies accordingly can go a long way in the continued success of your organization.
At VERSA, we believe that growth brings both challenges and opportunities. So, if your organization is experiencing exponential growth, let us help you address those challenges head-on, and assist you in capitalizing on the many opportunities that come with it.
Please contact us anytime! We are always here to assist you!