While every company aspires to grow, when businesses grow rapidly, internal resources may struggle to keep up.
Such was the case of one of the leading global employment search engines. Founded in 2004, the company employs 7,400 workers worldwide. Its job board receives 250 million unique visitors per month.
Up until about two years ago, the company was handling its employee relocation program internally, but when the company doubled in size over an 18-month period, it reached a tipping point.
Management appointed its first Director of Global Mobility, Rebecca Stephens, an industry leader with two decades of experience on both the client and service provider sides. Her first order of business: develop a relocation management program worthy of her fast-growing employer and find a partner to manage it to exacting standards.
Before Stephens’ arrival, there was no formal relocation program. Relocating employees received a set amount of cash—a “relocation bonus”—that appeared on their paychecks 30 days after their start date.
With no centralized ‘ownership’ of the program internally, the company was faced with many challenges. It was impossible to determine just how many employees received a relocation bonus, and as a result, they never knew how much money was being spent on relocation. Additionally, they had no way of ensuring that the employee was being taken care of during their move— which ran the risk of creating turnover issues. With anywhere from 100 to 600 employees moving domestically every year, these challenges became exasperating.
After assessing the situation, Stephens and her team determined that:
When Stephens put out an RFP, she was sure to include UrbanBound, whom she had worked with for several years under her previous employer.
As the first tech-driven relocation company, UrbanBound has been changing the way employees relocate for their job. Through exceptional customer support, self-service software with real-time reporting, and flexible relocation policy building, UrbanBound ensures every employee has the ability to craft the personalized relocation experience they want.
The company concluded that UrbanBound would be a great fit, “because they provide a 24/7 portal for those who want self-service, but also relocation consultants for those who may need/want a little more hand-holding.”
In addition, UrbanBound’s flexibility allowed Stephens to implement a new three-tier benefit structure with:
While UrbanBound helps the company with both renter and home-owner populations, the company had previously found that providing a fully loaded renter relocation cost an average of $35,000 per employee, including tax gross-ups.
But with UrbanBound, “We found that we can offer our renter population a package estimated at $13,000 and still have a 4.8 satisfaction rate on a five-point scale,” says Stephens.
In addition, Stephens notes that the company appreciates UrbanBound for its:
Finally, notes Stephens, it comes down to customer service. “Having worked on both sides, I have a certain expectation of customer service. 99.9% of the time UrbanBound delivers or over-delivers.”
“Our employees can use their managed lump sum for any cost generated because of their relocation. They choose what they need, we don’t have to guess, and everyone is happy.”
UrbanBound is a tech-driven relocation management company that modernizes the way companies relocate their employees.
We provide a personalized relocation experience to each employee while optimizing every relocation dollar. We offer employers: