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Relocation Program KPI #3: First, Second & Third Year Turnover Rates
Moving is a life-changing experience, and bumpy relocations create a lasting negative impact. It’s not uncommon to hear about employees who never bounced back from a problem-plagued first impression, and ultimately left the employer—although most don’t quit right away.
The solution: start tracking the turnover rate of employees who relocated at the 90-day, one-year and two-year anniversary mark. Compare them to your static employee population. If relocated employees are quitting at a higher rate than everyone else, that’s a red flag that something’s not working. It’s time to examine your program and make improvements based on your findings.
Relocation Program KPI #4: The Impact of Relocation on Key Initiatives
If you’re using relocation benefits to achieve larger initiatives, be sure measure those outcomes. While many employers use relocation benefits as a strategic lever to attract and retain top talent, others have additional goals in mind.
For example, one of our clients has found that offering relocation benefits to more entry-level candidates is helping to improve workforce diversity, one of their long-term objectives.
Another one of our clients—in the construction industry—values speedy relocations, because it’s critical to the bottom line. Every day employees are not on the jobsite costs up to $10,000 in losses—how’s that for incentive?
The bottom line is, if you have relocation program KPIs that are company-specific, find a way to measure them.
In conclusion, as technology advances, more and more companies are using HR analytics to continually improve their workflows and operations. That now applies to relocation programs, too. While, under traditional RMC arrangements, it’s been difficult to measure relocation program KPIs, that’s not the case with modern, tech-based relocation platforms—many which offer a complete menu of reports. Use them!
And it’s not just a question of how to measure relocation program success—it’s acting on those results to improve your program’s ongoing success. Watch our 30-minute on-demand webinar to learn more ways to measure your program’s success and hear real life examples of how to implement.