What does your mobility program really cost?
Ever wonder what the true cost of a mobility program is? Client Relations Manager Rachel Ostovich will give you all the facts.
Complete transcript: “Hi, I’m Rachel Ostovich, Client Relations Manager at Plus Relocation Services. One of the questions I frequently get asked is, ‘How much does my mobility program really cost?’ And in order to understand the cost of running a successful relocation program, you need to understand it is more than just moving someone from point A to point B. There are additional factors to consider.
The first of these is you will need to collect any and all relocation and assignment-related expenses associated with your program. This could include anything from an out of pocket employee reimbursement to a direct payment to a supplier like a household good vendor or a travel provider. This first step is made a lot easier if you are partnering with a relocation management company. That relocation management company can be your single point of data collection and report out on your mobility program spend.
The second point of consideration is around tax liability. We all know that relocation is taxable but what does your company’s tax assistance program look like? And what is the actual cost to the company and potentially to that relocating employee?
Finally, watch for hidden costs associated with your mobility program. How much time are your mobility professionals managing the program? How efficient is that program? And what is the quality of the experience for the relocating employee? To attract and retain key talent within your company you need to think about pairing a competitive mobility program with a quality relocating employee experience. The employee needs to focus on their job in the new location and not on the logistics of their relocation.
When you consider each of these elements you’ll know the true cost of the mobility program and hopefully you’ll have some happy employees.”