Do you know the hidden cost to your business of leaving your employees to fend for themselves during their lump sum relocation? Can you afford not to support them properly? Learn how a supported lump sum program can reduce your overall program costs and ensure your employees remain engaged, productive and happy.
Better employee productivity
Employees spend between 100 and 200 hours of productive work time organizing their relocation when left to their own devices with an unsupported lump sum (The Impact Group), equating to up to $20,000 in productivity loss per employee. However, providing employees with the appropriate technology, information and support to plan their lump sum move dramatically reduces the productive work time spent on this, driving real bottom line improvements for the business without the associated costs of a traditional relocation package.
Better employee retention
Companies invest more than $15,000 in recruiting, onboarding and moving each new employee (HR Magazine, Novita Training) and the cost of losing a new hire in the first year is at least 3 times their salary (The Wynhurst Group), yet 55% of companies say they have trouble retaining high-potential employees (Towers Watson). Ensuring a strong post-candidate experience for new hires and providing support to employees moving with a lump sum safeguards this investment and improves employee satisfaction.
Better employee engagement
Companies with highly engaged employees demonstrate 21% higher productivity, 22% higher profits and 25% lower staff turnover than average companies (Gallup, Harvard Business Review). Companies that begin the onboarding process early by offering technology-enabled lump sum support ensure that their employees are engaged before they even start work in a new job or office, keeping them happy and performing better.
Better HR productivity
The HR administrative burden increases exponentially when recruiters, mobility managers and HR professionals are left to field relocation queries from employees moving with a lump sum policy, detracting from core HR functions and creating real costs to the business. Lump sum relocation support reduces these costs by ensuring that relocation queries are answered by experts, leaving HR professionals to focus on critical strategic functions, driving efficiencies and reducing overall program costs.
Lower program costs
Many companies are reluctant to use a lump sum policy because they believe it does not offer the support employees need for a successful move. A supported lump sum program offers the best of both worlds; the capped costs of a lump sum policy and the support and oversight of a traditionally managed move. Implementing a lump sum policy allows you to migrate portions of your program to a lump sum policy, saving the business significant costs and ensuring employees remain supported, productive and happy.
Join us at HR News this week, at Worldwide ERC in London on February 11 and 12 or at Bay Area Mobility Management in San Francisco at the end of February to hear CEO Brynne Herbert discuss lump sum relocation support, and to learn how you can increase employee productivity and engagement and reduce your overall program costs. Contact Kate@moveguides.com (US) or Frank@moveguides.com (Europe) to arrange a meeting with Brynne today.