As companies continue to come under pressure to reduce costs, whilst still being expected to deliver the same results, mobility teams are beginning to review and reconsider their approach to employee assignments and transfers. This is particularly important as workforce demographics shift and Gen Y forms a larger share of your employee base.
Our clients employ a variety of different policies to service their ever-growing talent pool of global professionals. Many have always used a traditional relocation management company to service all moves, regardless of level or salary of the employee. However, with reduced budgets it is becoming harder to justify the spend associated with moving a junior employee, when the cost may well equal or exceed the employee’s annual salary. This leads to an uncomfortable dilemma; restrict your mobility policy to your executive staff only, at the risk of losing talented staff to competitors with a more inclusive mobility strategy, or revise your policy and implement some necessary changes.
Here at MOVE Guides we are experts in the lump sum space and Gen Y and Millenial employees. We believe that just as you pay employees differently, you should support them differently too. Providing a more junior GenY employee with a lump sum to self-manage their move allows companies to globalize and mobilize their talent pool, at significantly lower costs than through traditional relocation policies. Initiating a new move through the MOVE Guides portal offers the perfect way to support and manage your lump sum population, giving employees the option to conveniently arrange their relocation services through a fully vetted supply chain, compare costs and suppliers, learn about their new city, all whilst receiving full support from dedicated MOVE managers. The time, administration and cost savings allow you to manage your global talent pool effectively and add value where it is most required, whilst providing your employees with relocation support at no additional cost to the company.
Get in touch today to discuss how your company can implement a lump sum policy for your GenY employees!