There’s always room for improvement, right?! Your company’s relocation program is no different. You’re constantly looking for opportunities to enhance your benefits and provide relocating employees with an experience that’ll knock their socks off.
What if some of those seemingly less-important metrics are the ticket to elevating your relocation program to the next level? Look past the obvious - dig deeper. Here’s 5 lesser-tracked relocation metrics that may move the needle from providing good relocation benefits to setting your employees up with awesome relocation benefits.
1. Underutilized Benefits and Dollars
It’s easy to track your spend, but tracking what you haven’t spent may reveal even more in relation to how relocating employees utilize their benefits.
What’s important to some, may not be so important to a large majority. Analyzing the spend on your employees policies can reveal overfunded benefit categories that aren’t utilized as intended.
Consider the employee experience you’re hoping to provide with your benefits. If you’re giving too much in one area, but sacrificing in another, an employee may see the benefit as frivolous and less of an attempt to take care of their needs as intended.
2. Time to Complete Their Move
The metric of time is always important. You’ve identified the perfect candidate, negotiated a mutually beneficial package and your team is patiently awaiting the arrival of their newest colleague. On the flip side, your newly hired relocating employee has places to go and a deadline to complete their relocation.
But, is time on your side? Is it on theirs? If you’ve answered “no” to either of these questions, it’s time to evaluate your overall relocation timeline and your relocation management partner. Set realistic expectations that take the stress off of you and your employees and allow the focus to be on the task at had.
Partner with a relocation management company with access to the right suppliers that can provide the top-notch, timely service to your relocating employee your corporate culture dictates. Communication, availability and transparency are essential to starting your employee off on the right foot in their new role - and new digs!
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3. Satisfaction Scores
Are you asking for feedback after the move? Do you collect satisfaction scores and feedback during the move?
Take the feedback to heart. Listen to relocating employees and understand points of frustration. Work to resolve those frustrations and ask pointed questions to understand the status of the situation. Has it improved? Worsened? What could make it better? Continual feedback is essential to effecting positive improvement of your relocation program.
Act on the feedback. The physical act of asking is only the first step, employees need to see you turn their feedback into something tangible. Effecting change creates ownership and can improve an employee’s perception of their experience by making the employee feel they have contributed to improving the experience for their predecessors.
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4. Turnover and Retention Rates
If you don’t know the retention and turnover rates of relocating employees at your organization, there’s no time like 5 minutes ago to start capturing these metrics.
Compare the rates of relocating employees against the overall metrics of your company. You may be shocked - hopefully for the better. But, if your turnover rates are less than stellar, explore the possibility that employees may be put off by something that’s happening during their relocation process.
Dig deeper. Use satisfaction feedback and work with your relocation management partner to identify opportunities to provide a better experience.
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5. Employee Referrals
On the heels of turnover and retention rates, the number of employee referrals provided to your organization by relocating employees is important to know.
Do your employees love working for your company so much that they want others to join them? If so, you’re definitely doing something right. If you don’t get much love from your relocating employees, there’s always a chance to turn it around.
While less-than-obvious, these 5 metrics will pay dividends of insight into your relocation policies. As often the first “official” act as an employee of your company, a positive relocation experience can ensure an employee feels valued and well taken care of before they even arrive on the job.
