U.S. companies that relocate their employees face a constantly changing environment. On the one hand, talent management strategies require competitive relocation benefits; on the other hand, cost containment must also be considered. Add in a fluctuating real estate market requiring both home-sale and home-finding benefits that meet employees’ needs, and the result is a fluid situation that requires organizations to keep their relocation policies updated nearly minute by minute.
So, how do you get started?
Our white paper, “Unlocking Effective Policy Design: Tips for U.S. Domestic Managers,” acts as a guide to help you manage the ups and downs inherent in creating or updating relocation policies. It’s critical to take a complete view of the process. An effective plan for success will help you achieve a balance of employee satisfaction and organizational support.
Several important steps are involved in policy development and evaluation:
• Evaluate your strategies. Review your relocation program to identify key strategic indicators.
• Analyze your organization. You’ll need to analyze your overall organization to determine the specific requirements for your final policy.
• Decide what type of structure your program will use. Your organization may choose from various policy structures, each with its own advantages and challenges.
• Design your policy. When your organization has completed the previous steps, the result should provide a good idea of your company’s priorities, short- and long-term goals, the organizational culture that will affect decisions on cost and risk, and a policy structure that is appropriate for your organization’s needs. You will be able to move forward with setting a specific direction for your policy and its components.
Understanding your company’s goals and culture will help you set the direction of your policy, but remember: any policy decision your organization makes is bound to have its advantages and disadvantages. For more detailed information regarding the steps to be followed in this process, please read our white paper “Unlocking Effective Policy Design: Tips for U.S. Domestic Managers.” An experienced Consulting team can help you through the process successfully, so if you need further information, please contact us at ConsultingSolutions@Cartus.com.