Employee Relocation 101
Getting Started with Employee Relocation
Recruiting and keeping talent is key to your competitive position and employee relocation can help you do just that. When companies need to relocate a new or existing employee for the first time, they’re often caught unprepared. They are not quite sure what to offer the employee or how to structure the benefit to minimize taxes. Savvy companies have a relocation policy ready to go so as not to delay the hire or the continuity of work.
With a policy in hand, you will be prepared to offer employees a defined relocation benefit, helping them to make a timely decision and making the relocation process easier for them and their families. To get you started with developing your organization’s employee relocation program, TRC Global Mobility recommends the following steps:
Step 1: Create a Basic Employee Relocation Policy
If your organization does not have a corporate relocation policy, TRC’s sample policy generator will help you create a basic domestic or international employee relocation policy. You can customize this starter policy to suit the specific needs of your business.
Step 2: Consider Outsourcing Relocation Services
Most companies no longer have the luxury of a dedicated relocation department, staffed with experienced professionals who can devote their full attention to the process. More likely, if the function is managed in-house, it is just one of many responsibilities juggled by busy HR professionals. Outsourcing the relocation function to a relocation management company (RMC) streamlines the process and frees up time for other HR tasks. Unlike most professional services, there are no retainers or other recurring fees associated with RMCs: you pay for services only if and when you use them. It can be a win-win for you and your company.
Step 3: Select a Global Mobility Service Partner
If you decide to engage with a relocation management company (RMC), there are several steps in identifying the right partner. These include assessing your needs and the level of relocation support you need; forming a selection team; issuing RFIs and RFPs; and evaluating potential partners and pricing proposals.
TRC’s relocation specialists have compiled a checklist of these considerations and expert tips into an eBook to help you navigate the process successfully.
Step 4: Get the Most Out of Your RMC Relationship
Once you have selected a relocation management company, you will want to establish a relationship that works for everyone—especially your employees. This includes integrating the RMC’s global supply chain network and proprietary relocation technology, which will deliver additional benefits to everyone involved in the relocating process.
Understanding the role an RMC plays will go a long way in streamlining relocation processes and maintaining employee productivity and satisfaction. TRC’s ebook can help you establish a successful, productive relationship with your new RMC.
TRC has over 30 years of global relocation expertise. Our team includes recognized professionals who are actively involved in Worldwide ERC® and other global, national and local relocation organizations. If you would like to stay in touch, we’ll send you the latest eBooks, articles and industry news related to employee relocation.