Cutting employee relocation costs is a primary focus for most Mobility and HR professionals. With costs increasing across the board, and constant pressure to do more with less, it's super important to focus on areas you can reduce spend. Relocation benefits are essential to attracting and retaining top talent, but reducing those costs is often an area of focus. That's why we're sharing our top 6 ways to cut relocation costs:
Most Relocation Management Companies (RMCs) markup multiple aspects of every relocation - from household goods shipments to short-term housing, and even tax gross-ups! Talk to your RMC to make sure you understand exactly what fees and markups you're paying, and how you can reduce these to cut costs.
It's easy to get comfortable and we all like working with people we like, right? But if your RMC is always using the same suppliers for every relo, it's time to hold them accountable. By getting multiple bids from different suppliers you can make sure you're paying a fair price, and potentially find cost savings using alternative suppliers.
Managed budget policies are extremely popular because they provide flexibility and service. Managed budget policies mean unspent funds are returned to the employer, unlike lump sum, and the employee still gets full support for their relocation. By combining the best of both worlds (lump sum and traditional full relo), you can cut costs while still providing an exceptional employee experience.