How many times have you hear the phrase “Do more with less” this year? (If I had a nickel……) As we all know, budgets are tight and resources are limited. One area companies go to first when looking to reduce costs is their corporate relocation program or workforce mobility program. If that happens to your company, what do you do?
Runzheimer Relocation Information Services helps companies make the best use of relocation budgets (and resources) as well as maximize their existing policy to ensure both employer and employee satisfaction.
Each company is unique. Some handle thousands of global moves while others have just a few. Some have specific relocation departments, others may have an employee who handles benefits, wellness, recruiting along with relocation thrown into the mix.
We recently worked with two companies: one, a Midwest-based equipment manufacturer, and the other, a large national retailer, to establish lump sum allowance policies for their relocating employees. While their industries are extremely different, their problem was the same: how do we create a fair program with the most accurate data possible?
In the case of the manufacturing company, having the right information was key. With over 1,000 moves annually, their relocation specialist needed to make sure the data they were using was dependable. Previously, they had been taking certain factors, like family size, into consideration, but they were missing a key component: geography. By using Runzheimer’s data, they were able to ensure every move was a successful move by offering more flexibility in the program and thereby increasing employee satisfaction.
The Retailer had a much different problem. Instead of a relocation specialist, they had one individual (who wore many hats) handling the company’s relocation responsibilities. This person was stretched thin and had a very labor-intensive program handing all sorts of receipts for reimbursement. By moving to a lump sum allowance policy, the company was able to eliminate the average 40-50 receipts per home finding trip. With 200 relocations a year, that totals 10,000 receipts! They were also able to install a flexible program that relocatees loved!
A Lump Sum Policy is a great way to reduce administrative burden, increase employee satisfaction, and give flexibility to those who might be relocating. These are just two of many satisfied clients who use our data and reports sometimes thousands of times per year. If you want to learn more about Lump Sum Allowance Programs you can visit here or take our free Lump Sum Assessment.
About the Author
Rob is a proven business development leader with over 20 years of expertise in the relocation and financial services industry. He holds his Senior Certified Relocation Professional (SCRP) and Senior Global Mobility Specialist - Talent (SGMS-T) certifications from Worldwide Employee Relocation Council (ERC).More Content by Rob Kreiling