Relocation is an ever-evolving industry, with new trends and practices emerging all the time. Many companies keep their relocation policies proprietary and confidential, so it can be quite difficult to sift through the available data to ensure your company’s relocation policies are remaining competitive within your industry.
For this very reason, companies, both large and small, choose to participate in global mobility benchmark studies.
What is a Mobility Benchmark Study?
A benchmark study allows you to compare your company’s relocation policies against others that are similar in size, scope, and industry. You will find out what other companies offer in terms of benefits, bonuses, and timeframes, which allows you to see how well your company’s policies compete. Many global mobility professionals use benchmark data to demonstrate how competitors govern similar cases and make changes to their mobility programs accordingly.
Staying competitive in today’s job market is essential for all corporations but finding out if your company is staying competitive within your industry is only one of several benefits you will receive by participating in a benchmark study.
Attract Top Talent
With the current worker shortage, many industries have chosen to reevaluate their hiring strategies because attracting and retaining the right people is no longer just a local endeavor. Offering competitive benefits, including relocation, has become essential for companies to find, and keep, the talent they need.
Ensure Your Relocation Policies Align With Company Goals and Objectives
Is your company more concerned with cutting relocation cost or offering the best overall transferee experience? Adhering to global mobility best practices is only so important; your company’s culture and business practices are just as important. Benchmark studies will provide you with the data necessary to align your company’s objectives and culture with your mobility policies.
Uncover Relocation Cost-Saving Opportunities
One of the biggest reasons companies decide to benchmark their relocation policies is to determine new ways to save money. Mobility programs are one of the costliest benefits you can offer your employees. Therefore, it is always critical to learn about and identify areas within your program where you can cut cost, all while remaining competitive within your industry and true to your company’s culture.
Determine New and Innovative Ways to Manage Your Relocation Program
Remaining competitive is essential, but for some companies, standing out is even better. Companies implement new solutions and strategies all the time, and benchmark reports help shed light on new innovative opportunities.
Minimize Relocation Policy Exceptions
Do you find there are areas within your program where you are constantly making exceptions? Benchmarking allows you to see how other companies handle similar situations. It’s possible to use this data to make changes to your policies and minimize the amount of exceptions that occur.
Discover How Other Companies Manage Change
Change is inevitable when it comes to global mobility. The most recent event to shake up the mobility industry was the implementation of the Tax Cuts and Jobs Act. With these new regulations, moving expenses are no longer considered tax-exempt. This has required companies to reevaluate some of their relocation policies and implement changes, like tax assistance, as needed.
A good benchmark study will incorporate current events such as this into their surveys, so you can discover how other companies are handling these types of situations.
WHR Global is a full-service global mobility provider that conducts a Global Mobility & Culture Benchmark Study annually. It is our goal to help companies like yours learn more about relocation industry best practices and identify improvement opportunities within your program. And the best part, participation is always 100% free!
Contact WHR today to learn more about our annual Mobility Benchmark Study at +1-800-523-3318 or contactus@whrg.com.
