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Track Your Relocation Program Analytics
Only about half of US companies actually track their relocation costs, but it's the best way to find cost savings. Knowing how much you're spending, how it compares to your budget, and how it breaks down by policy, tier, location, etc. lets you spot trends and potential savings. Are your suppliers meeting budget or are they consistently lowballing the quotes and charging much higher rates on the final invoice? Tracking your metrics will help you find these issues.
Rethink Your Policy's Guidelines
Once you're keeping track of your relocation spend, you may also want to revisit your policy guidelines. Sometimes, loosening or tightening limits can provide huge costs savings. For instance, if you find that you're constantly overspending on short-term housing and storage because employees are having trouble finding a place to live, adding or increasing home-finding trips can create a huge cost savings overall.
Upgrade to a Tech-based RMC
Using a tech-based relocation partner helps you cut relocation costs while still taking excellent care of your employees. The technology reduces admin burden by streamlining workflows, taking care of tax calculations, and generating automated reports so this doesn't have to be done manually. Less man-hours also means less cost, whether from your own admin time savings or from paying your RMC to handle these manual tasks. It also helps you quickly and easily identify cost-saving opportunities within your relocation program itself.
These are some great places to start looking at ways to reduce relocation costs, but if you'd like more detail we've got an entire eBook with 13 ways to Cut Relocation Costs, not Employee Satisfaction!