With budget season right around the corner, it’s time to maximize employee relocation dollars with strategic budgeting. Go beyond the typical analysis - What did we spend? Did our current budget meet our needs? It’s time to think differently - think strategically.
Here’s your chance to be a (corporate) budgeting rockstar.
As you sit down with your team for year-end budget planning, consider the following:
You’ll want to know your numbers. Start with the basics, like the number of moves completed, average dollars spent per move, and service utilization percentages. If the information is available to you, pull the numbers from previous years as well.
Dive deeper. Compare most frequently utilized benefits vs. those that aren’t as popular. Separate moves by location and career level, to get a snapshot of utilization, spend and need in varying markets. Pay close attention to areas employees requested exceptions, negotiated changes or spent additional money out of pocket.
Using the data you’ve collected, compare year-over-year (YoY) trends to identify opportunities for improvement. Does it appear you’re overspending in a particular category? Are services being underutilized in one area, but consistently maxed out or over budget in another?
Tip: If you’re using a Relocation Management Company (RMC), you should be provided with in-depth reporting and analysis of your relocation program. If your RMC can’t or is unwilling to provide this, it’s time to reevaluate your relocation partner.