For most healthcare employers, relocation programs are a key investment, especially as recruiters cast an increasingly wider net. That’s why it’s important to systematically track your program’s performance.
And it’s not as tricky as you may think. Because, while there are many key performance indicators to consider, most of them fall under one of three core buckets.
What are they, exactly? We’re glad you asked! Consider our three top KPIs for measuring a relocation program’s success.
KPI 1: Program Cost and Value
Obviously, it’s important to ensure that your relocation program operates within budget, but that’s just the tip of the iceberg. Ideally, you’ll also track:
- The average cost per relocation
- The percentage of employees who exceed their benefit maxes (and why)
- The cost breakdown by benefit, such as household goods moves and transportation
- Supplier costs: how are fees negotiated, and how do they compare to industry averages?
- Program costs: what and how does your relocation provider charge you for its services?
Tracking this data allows you to better control costs and ensure value by making improvements based on your findings.
And in addition to internal metrics, you’ll need an external point of reference. So, put your program out to bid every few years—and be prepared for surprises. For example, when healthcare employers switch to UrbanBound, the can see costs decrease by up to 66%.
In other words, don’t assume that you’re getting a great deal. Watch those dollars.
KPI 2: Employee Happiness
Employee satisfaction is another crucial KPI. Think about it: moving to a new area and starting a new job are among life’s most stressful experiences. The level of support your organization extends—via your relocation provider—directly influences how well employees manage this stress and move forward.
You might say that it sets the tone for the entire employer/employee relationship.
So, what’s the best way to gauge employee satisfaction? Through post-relocation surveys and perhaps interviews. Ask: was the process smooth? How did the individual suppliers stack up? Were there any crossed wires or things you’d do differently?
Asking pointed questions will surface any gaps in your program, thereby allowing you to continuously improve your relocation experience.
Key tip: your relocation provider should have a process in place for conducting such surveys—and should be as eager for feedback as you are. At UrbanBound, we use this input to continuously enhance our program. (It’s a big part of how we maintain our 4.8 rating (out of five stars.)
KPI 3: Impact on HR and Hiring
Ultimately, your relocation program’s performance is best measured by its impact on candidates and employees who use it.
Offering candidates impressive relocation benefits shows that you’re a caring employer—which may influence them to accept your offer.
In addition, new hires that feel well-taken care of during their relocation are more likely to grow into loyal, productive employees.
So, it’s useful to view some basic HR metrics through the relocation prism, including:
- Job offer acceptance rates
- Time to productivity
- Internal advancement/promotion rates
- Length of tenure
- Turnover rates
Your HR analytics software is invaluable for tracking these metrics, but there are other tools at your disposal, too.
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Key Takeaways
Over time, monitoring these three KPIs—program cost/value, employee happiness, and the impact on HR and hiring—will give you a clear picture of how effective and cost-effective your relocation program truly is.
This, in turn, will help you build a robust relocation strategy that supports both your organizations and employees.
It’s something we’re passionate about – because, at UrbanBound, we specialize in helping healthcare clients improve their relocation programs’ success. For more on how we do it—and who we serve—please read this next.
