Indeed, if it ain't broken, don't fix it, as the old adage goes. Why go and create extra work if everything is working just fine and dandy?
Well, you may have read our earlier post about points you should consider for your relocation policy, and top of the list was, you guessed it, policy review. In a nutshell, if you don't review your policy, how the heck are you going to know if it is "broken" or not?
The market in which you operate can change at the drop of a hat and that could be a competitor stepping up a recruitment drive, or shedding staff, and both can have an influence on your relocation policy. Consider the principle of supply and demand - if your competitor is making employees redundant there will be a potential surplus in the market so your policy will not need to be so generous. Conversely, if a competitor is having a boom and everybody wants to work for them, your policy will need to be on the more generous side in order to still attract the best candidates.
Your relocation policy has to hit the right note, both for the company and the beneficiary of the relocation support. Offer too little in the way of support and the best candidates will shy away, especially if your competitors are offering a more generous package. Offer too much support and the business could find itself paying over the odds. Ultimately, you have to find the balance that is right for your business, taking into account company culture and recruitment needs at the time.
How do I fix it?
The easiest and most conclusive way to do this is to carry out a benchmarking exercise. This could be difficult and time-consuming for you to arrange in-house so it can often be helpful to outsource this task to a relocation provider who will have access to numerous other relocation policies against which to benchmark yours.
To ensure your organisation is pitching its policy at the right level in the current market, Celsium works closely with your HR team to gather the necessary information before conducting the benchmarking exercise.
To compile the benchmark we consider every single component of your policy and gather data from three similar organisations (anonymous) before presenting this in a clear, easy to read format so you can make an easy comparison to your existing policy. Where appropriate, our report provides comments and suggestions for change, taking into account company culture and any financial controls in place.
You may wish to review your policy as part of a cost reduction programme, to ensure you have a similar offering to your competitors, or even to enhance it to attract better candidates – whatever the reason, and whatever the policy, whether it be domestic, long-term assignment, local hire, or permanent international moves, Celsium’s experienced team is available to support you.
Image by Scott Akerman