If your CEO asked you how your corporate relocation program was performing, how would you answer—and what would you base your answer on? If you’re like many dedicated HR and talent acquisition professionals, you’re proud of your corporate mobility benefits, but hazy on how to measure your relocation program’s success.
You’re not alone: according to SHRM, only half of U.S. companies track their global relocation costs—and only 6% measure their relocation program’s ROI.
However, there are simple ways to analyze your program’s performance, beyond basic costs and utilization—and it’s extremely worthwhile if your goal is to keep improving your mobility offerings.
Learn what key performance indicators you should be monitoring and how to measure your relocation program’s success. You might start by tracking these four core relocation program KPIs.
Relocation programs are an investment. If you’re administering a modern relocation policy and using some form of relocation technology, chances are, you’re interested in cost efficiency. To that end, in addition to raw program costs, start calculating how much you’re saving over prior years
Whatever cost-saving measures you’re taking—say, relying on a network of preferred suppliers or supplementing live consultants with interactive relocation software—pay special attention to these initiatives, brainstorming strategies for building on your successes going forward.
Keep in mind: according to a number of indicators, we’re headed for an economic downturn. Should this occur, we’ll all be looking for ways to tighten our belts. By implementing cost-saving strategies now, you can better position your company for what may lie ahead.
Unfortunately, when it comes to their employees’ relocation experiences, too many employers abide by the “no news is good news” philosophy. Some program managers will wait until there is an escalation or complaint before they explore what their moving employees go through on a granular level.
This is a mistake. Instead, birddog your employees’ journeys from start to finish, and you get a true sense of their experience—all the highs and lows. For example, if you utilize a relocation management company (RMC), start listening in on the calls between your employees and their consultants. You’ll quickly learn if your relocation partner is delivering value. Similarly, check in with your employee at various points throughout the process, and survey them afterwards. Don't wait for an escalation to get involved—be proactive, nip problems in the bud, and spare everyone unpleasant surprises.