In today's tight economy, companies are looking to reduce company relocation costs in any way possible. In some cases, this means simply scaling back your executive relocation opportunities or eliminating programs entirely.
In October 2010, a poll by the Society for Human Resource Management showed that 17 percent of companies eliminated company relocation programs, while 25 percent froze the programs, and 58 percent reduced the programs. But eliminating programs is certainly not the only, or the best, way to reduce your company relocation costs, especially if your company is growing, expanding or introducing new products.
Company Relocation Expenses: Necessary to Recruit Top Talent
In times of rapid growth or re-structuring, that's when your company needs a strong relocation package more than ever. You don't want to miss out on the best, most creative minds in your industry because you can't offer them a competitive relocation package.
Here at CapRelo, we've heard stories of talent who had the desire to move, but couldn't sell their home. Or they were offered a lump sum relocation package that wouldn't cover closing costs, never mind a loss-on-sale program. Sometimes, talent could be enticed to move with better relocation programs for homeowners, or even the right guided tours from representatives who know the area, but if your company doesn't take these important steps, you could lose potential employees to companies that do offer these benefits.
Company Relocation doesn't have to Break the Bank
By helping your HR staff manage your company relocation programs more wisely (or taking over all management ourselves for you), you can reduce costs while still offering all the benefits that will help you recruit the people you need to keep your organization thriving.