You have a large global mobility program, but do you ever measure its success? Take a closer look at the numbers to see what your return on investment looks like.
Managers and employees alike work hard to define individual goals and career development paths, with integrated talent management initiatives to ensure the right employees are being matched with the right opportunities, ensuring success in their career progression. In many companies these opportunities present in the form of an international assignment, be it short term, long term or a permanent move.
As is to be expected, most companies have clearly defined budgets and targets to adhere to within their global mobility remit. Policies are carefully considered and budgets and benefits determined according to a variety of criteria, including seniority, origin, destination, length of assignment and tax implications, amongst others. RFPs are drafted and suppliers engaged, with periodic reviews of costs and service deliverables.
The costs associated with an employee move can vary hugely depending on the type of assignment, distance, policy and specific benefits they are entitled to. Although on an individual basis most employees will have defined objectives, metrics, and hurdles to meet in order to assess the success of their project or assignment, it is rarely the case that the mobility costs associated with such a move are considered in this assessment of success.
Traditional relocation management contracts are often negotiated on a 'total cost' basis, with a lack of transparency for global mobility managers regarding the granular cost breakdown of services per employee. To address ongoing budget pressures and gain a more rounded understanding of the breakdown of cost per employee, many companies have adopted lump sum policies for some or all of their mobility population. While employees love the autonomy of a lump sum, and budget holders appreciate the ability to forecast accurately, many managers worry about the lack of structure and support employees are faced with.
With a managed lump sum policy, employees are fully supported with the tools and services they require to ensure a smooth transition, so that assignees are efficient and productive from day one in the new office. Mobility managers have access to real-time data and analytics, allowing them to gain a clear picture of total program spend, along with insight into how and where employee budgets are being put to use. This granular cost detail is invaluable not only in refining mobility budgets and policies, but in ensuring that the significant financial investment in the business and specific employees is not going to waste.
Are you able to accurately track and measure your mobility costs by individual employee to ensure a successful return on investment? Get in touch today to learn how you can use real-time data and analytics to understand your program's true success!