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4. Make Sure Your RMC Offers Quality Support for Your Renters
Many traditional relocation management companies assess customer value based on the number of homeowners they relocate each year. This is because the majority of their revenue comes from the commission on home buying and selling. As a result, they may not be as enthusiastic when servicing employees who rent.
Sometimes they’ll recommend you pay these employees a cash lump sum, so they don’t need to devote resources to supporting these less-profitable moves. That means that your employees who rent are left more or less on their own.
The problem with that: depending on your office location or who you are moving some of your highest-impact employees or new hires may not own a home. These individuals offer tremendous value to your company, and they deserve the same level of moving support as others who own homes.
5. Evaluate Your RMC’s Customer-Facing Technology
Crazy to think, but many RMCs have been doing business the same way for decades. What made sense in 2005 doesn’t make sense today, but not everyone’s caught up.
Every other benefit at your company has a software tool built to help manage the respective program. For instance, in just a few clicks you can check your company’s 401K plan, launch a job post through your ATS system, or update employee work schedules and get live support whenever you need it. Relocation benefits should also have a great software tool!
Big data, analytics, and budgeting are more critical than ever for leadership teams. If it takes you longer than three minutes to pull a report regarding the hundreds of thousands of dollars you’ve spent on relocations, your RMC isn’t serving you well.
The bottom line is, you should be evaluating your relocation management company’s performance just as rigorously as your other vendors. And if your RMC isn’t performing to your expectations, it’s time to find one that will.