All major events bring unanticipated consequences, and the coronavirus pandemic changed how and where we worked and collaborated. In some cases, it accelerated trends that were already underway. Incredibly, all of this happened within the span of a few months! Read More
Category: Relocation Policy
Effectively managing a company relocation policy and the program costs requires a comprehensive approach. You must first consider your company’s culture and overarching talent management objectives, as these give you a sense of the degree of cost control that might be possible. Ultimately, your plan will likely include a combination of smaller adjustments and refinements and larger policy shifts.
For some companies, it is easier to phase in more sweeping changes over several years. This approach also allows you to analyze the preliminary results and refine your plan as needed. A successful initiative will reduce excess costs, better align your relocation benefits with employee needs and expectations and support your talent and business objectives. Read More
The pressure to reduce global mobility services costs began before the current pandemic, but Covid-19 is certainly accelerating that process. As we slowly return to normalcy, companies will want to consider how they can preserve some of these cost savings while still achieving their talent management and business objectives.
Cost-reduction initiatives are definitely not one size fits all. In this eBook, we suggest areas to review. And while not all will apply to your company, with almost any corporate relocation program, there is at least some opportunity for cost savings. Read More
Developing a Company Relocation Policy with a Relocation Management Company: What is Important to You?
Often, the decision to reach out to a relocation management company (RMC) stems from an immediate need to move an employee. Still, it is worth giving some thought to the bigger talent mobility picture as well. Consider your company’s culture and the type of employee relocation experience you want to provide. Is a happy employee and a seamless experience most important? Is cost-control paramount? Companies typically try to align their relocation support with the level of employee benefits they provide overall. Read More
A relocation management company (RMC) can function as an outsourced department of your company, managing the entire talent mobility process and equipping you with the technology to monitor your employee relocation program. For many companies, this is precisely their objective: to minimize their involvement in day-to-day relocation operations. Other companies prefer a higher level of involvement and consultation, at least for higher-profile relocations. This is always your choice. Regardless, when you need to relocate an employee, you initiate the move by simply contacting your RMC. Read More
The short answer is “yes”. Relocation expenses for employees paid by an employer (aside from BVO/GBO homesale programs) are all considered taxable income to the employee by the IRS and state authorities (and by local governments that levy an income tax). This includes household goods transportation, temporary living expenses, miscellaneous allowances, lump sum payments and more. Read More
If you’ve never written a relocation RFP—or any RFP—before, the process might seem intimidating. However, if you take a systematic approach, it isn’t difficult. An RFP need not be overly long, but it should be thorough enough to elicit the information you need when searching for a relocation management company (RMC).
Your objective is to learn more about potential relocation partners, assess their capabilities and decide how well each aligns with your company’s needs, culture and values. You ultimately will weed out those RMCs that are not a good fit and select several finalists. Read More
After your company has completed the preliminary steps of the RFP process and reviewed the final presentations from prospective corporate relocation management services providers, you will be ready to evaluate pricing proposals and proceed to contract negotiations. Once the contract is signed, your new provider will work closely with you to implement your new program. A successful partnership will strengthen the competitiveness and success of your employee mobility program.
Following are some tips on working through pricing and contract negotiations with a corporate relocation management services partner. Read More
Once you’ve accomplished the first steps in the developing a comprehensive and accurate request for proposal (RFP), and you have your initial list of prospective partners, the next step is to contact the targeted relocation management companies (RMCs). As a first step, most companies either request a proposal from the RMCs or they issue a more formal RFI (Request for Information).
An RMC’s standard proposal will give you general information about the company and its capabilities, but it will be a rather high-level document, as the RMC would not have the information at this stage to present a more customized solution. Read More
In a time of talent shortages and an ever more connected world, employee relocation can give your company a leg up on your competition. However, with its intersection of talent, tax policy, technology, immigration regulations and other moving parts, global mobility is complex and help from expert relocation specialists become essential. Yet many growing companies have no idea how to find the help they need to support domestic reassignments and international relocations.
For many companies, employee relocation begins in an ad hoc way. There are no polices and few precedents, so the program often consists of a straightforward reimbursement of relocation expenses as they occur. If this describes your company, then this is an excellent time to consider a formal, outsourced relationship with a relocation management company (RMC) and well-thought-out relocation policies. Read More