Do you have a relocation policy in place for both domestic and international relocation that is just right for your company—today? CapRelo's Low Stress Relocation Process includes the necessary components to help your company develop a relocation policy that really works.
Of course, a relocation policy should help your company recruit and retain top talent in your field, make the move as low-stress as possible, and get new talent back to work and in full productivity mode quickly. A relocation policy should also be fluid—changing with the economy, the real estate market, new business challenges and employee needs.
A successful relocation policy should include “Best Practices” and “Next Practices,” but, more significantly, use these tools to “connect the dots” of your relocation policy steps with your company’s business objectives and corporate culture. In essence, the Right Practice for your company. Let’s look at how relocation policy best practices and next practices affect every single company relocation, whether you're dealing with a domestic or international relocation policy.
A Look at Best Practices in a Company Relocation Policy
To establish best practices, you’ll want to work with a full-service relocation management company to perform a “gap analysis”—looking at areas of your current relocation process that work and areas that don't, either because they cause too much stress for transferees or staff, or because they cost too much. (Or, in a worst-case scenario, both!)
The relocation management company's insider knowledge can help you evaluate:
- Current industry trends
- Strategic intent
- Current environment
- Your company's productivity goals
- Cost objectives
After looking at these factors, a company like CapRelo can recommend policies and practices designed to attract—and retain—valuable employees.
A Look at “What's Next” for Your Company Relocation Policy
At regular intervals, your relocation management company should perform a thorough review and evaluation, using co-created metrics to determine what areas of the relocation were most successful and what areas needed improvement.
CapRelo calls this The Relocation, Recruitment & Retention Review, part of “The Results Refinement Process” in CapRelo's Low Stress Relocation Process (LSRP). The LSRP is specially designed to help companies create a turnkey, work flow process that can be replicated with each relocation but also adjusted to meet current economic and market conditions as well as each individual employee's unique needs.
A Dynamic Company Relocation Policy
Have we mentioned that a company relocation policy should be fluid and dynamic? The Results Refinement Process makes it easy to improve your policy in real time to achieve even better results, or to permit your HR staff to adapt to an ever-changing business environment.
The Results Refinement Process will alert you right away that changes need to be made.
Creating a Relocation Policy Management Can Stand Behind
As critical as change is to a successful relocation policy, it's not always easy to convince senior management that change is in the best interests of the company and its transferring employees.
According to the white paper “A Chief Executive's Guide to Managing Workforce Mobility in the 21st Century,” one of the major problems with outsourcing the relocation process to a Relocation Management Company is a “lack of strategic or executive support and alignment,” as well as a “lack of systems, processes and methodologies to fully support the outsourced program.”
At CapRelo, the LSRP gets managers on board with the program by using metrics to show the bottom line in cost and productivity savings derived from a new or refined relocation process. It really is true that looking out for the interests of the individual (new hires and transferees) will benefit the entire organization, and we can help make that clear to senior management.
Were newly-relocated employees stressed out from aspects of your current relocation policy? Does your HR staff have a hard time getting senior management onboard with relocation processes? Does your company need a more effective relocation policy for domestic and international relocation that is replicable yet flexible?
The right Relocation Management Company can help you create a dynamic process that will aid in recruiting and retaining new talent—a key component to staying ahead in today's competitive economy.