In our monthly educational webinar last week, I shared best practices on how to use data analytics to optimize a talent mobility program. It was an interactive live session, and I really enjoyed discussing the benefits that HR and Mobility can attain from being a data driven function, diving into detail on strategies and techniques to collect and analyze data most effectively. Read on to learn more and view the webinar on demand.
Today all functions of a business are expected to operate in a manner that optimizes every dollar and hour spent. The only way to do this is through measuring and capturing data then analyzing that data to determine where best to allocate efforts and funds. To move towards a role of being a trusted advisor and provide added value to the business, talent mobility must do the same.
From my experience at MOVE Guides and previously at PwC, the benefits of an optimized talent mobility program are worth the investment in time and effort. They include:
- Delivering better value to mobility stakeholders;
- Ensuring the best employee experience;
- Avoiding cutting corners regardless of budget pressures;
- Empowering the mobility team to serve stakeholders and not “push paper.”
In a mobility program there are many areas that are ripe for optimization. Areas that I examine with my clients include policies, processes, service providers, compensation approach and tax planning. The great thing about optimization is regardless of the target area, the approach is the same and includes these straight forward steps:
- Collect data;
- Establish a baseline;
- Identify areas for improvement;
- Implement changes;
- Track results.
As I’m sure you are well aware, there are many different data points to collect for mobility. This can appear daunting at first, but luckily there are technology solutions that are making the process much easier to do in a timely and accurate manner. Some of the data points you will want to collect are vendor spend, management fees, employee satisfaction, exceptions and exemptions to name a few. It is also important to these metrics against the policies, countries, and business units you are moving employees for.
Once you have this data collected you can establish a baseline against your industry, programs of similar size or at the very least against your self (e.g. month over month, against different policies). With benchmarks in place it becomes easier to identify areas for improvement and optimization. Key indicators can be high cost, exceptions/escalations raised, compliance penalties, business unit feedback and employee satisfaction.
I want to take a quick moment to highlight that there is an important distinction to be made here between cost optimization and cost reduction. Cost reduction looks to reduce spend at the potential expense of another metric (such as employee satisfaction), whereas cost optimization aims to strategically allocate funds to maximize benefit per dollar spent. This may mean identifying areas where a cost reduction does not impact a move in terms of service and satisfaction then taking some of those savings to invest in another area that analysis has identified has a large return on investment.
With data analysis and program optimization in place, calculating return on investment is possible. These are some of they key benefits our customers experience from measuring ROI:
- Developing key insights into the mobility program;
- Predicting future trends and patterns;
- Simplifying information for business consumption;
- Enabling informed decision-making.
When looking to calculate ROI start by identifying the key metrics. This will include both items for the business, such as compliance fees or taxes and deductions, and those for the mobility team such as employee satisfaction. Once you identify the key metrics collect the data that allows you to compare your starting state and the same metrics after implementing a change. Generate regular reports showing the results of any investments and share those with key stake holders and continue to monitor regularly.
The key takeaway is that developing an optimized mobility program is not possible without access to accurate, transparent, and timely mobility data. This is the type of information MOVE Guides provides its customers through our Talent Mobility Cloud platform – where all mobility data is stored and centralized. Our reporting features allow a mobility team to access the information necessary to drive true program improvement.
MOVE Guides is already helping 21st century organizations like Societe Generale, SurveyMonkey and Open Table to increase efficiency through better data analytics, with full mobility program management for all of their moves.
To learn how our newly enhanced reporting and data analytics capabilities could benefit your organization too, download the fact sheet here.