Article contributed by Weichert Relocation Services, Inc., September 2011
Weichert Corporate Relocation Survey Reveals Less Policy Change, More Focus on Talent Management and ROI.
With the recession behind them, corporations are making fewer changes to their relocation policies and placing more focus on talent management, according to a new survey from Weichert Relocation Resources Inc. (WRRI).
“A slowly recovering economy, slightly improved employment picture and steadier housing markets have brought some much-needed stability to corporate relocation,” said Ellie Sullivan, vice president of consulting with WRRI and architect of the survey. “As a result, our survey shows that companies are spending less time reacting to economic conditions and more time refining candidate selection and assessment approaches to meet long-term cost savings and talent management goals.”
Among those companies that did make changes, the most common concerned the marketing and sale of employee real estate, which constitutes one of the largest relocation cost drivers for most organizations:
- The number of companies enforcing a minimum marketing period before employees can accept a guaranteed offer jumped from 75 percent last year to 88 percent.
- Ten percent increased the time or amount of temporary living coverage for employees who have difficulty selling their homes.
- Stemming from significant declines in home values, 43 percent of companies allow current homeowners to become renters or otherwise delay home sale or purchase.
- Eleven percent added or tightened list price guidelines.
- More than half of the surveyed companies offer pre-decision services to give the candidate and the employer more insight into the financial impact of a move and better gauge the probability of success before the relocation is accepted.
- Eighty-two percent of companies enforce payback agreements that hold employees accountable for reimbursing the costs of their moves if they leave the company within a specific timeframe after being relocated.
- Thirty-nine percent of companies maintain tiered homesale policies that afford them flexibility to offer different benefits to specific employee demographics.
Copies of the complete survey results can be obtained by emailing firstname.lastname@example.org.