We are always looking for ways to make informed decisions while also ensuring we get the best possible ROI on the resources we commit to our relocation programs. Data and the way we analyze it ultimately arm us with the necessary information to continue to improve our program over time.
But before we can gain any value out of our data, we need to make sure it’s not only accessible, but also evaluated and conveyed in a way that’s relevant and meaningful. In doing this, we can uncover metrics on how our program is performing and use the information to power forward-thinking decisions.
Here are the data points stakeholders want to see about relocation:
In order to identify trends, you need to have easy access to a cross section of data. For example, what’s your annual spend broken down by policy, cost center, location, and destination? Understanding the fee structure and line items—where and how you’re getting charged—gives you valuable insights into the cost of the employee’s relocation versus the cost of running the program. You should never have to lean on intuition when establishing how much money you are providing your relocating employees—data should be driving that decision.
Valuable Supplier Network Data
Are you leveraging vendor relationships in the most cost-effective ways? A comparison of the spend across different suppliers and different regions is a great jumping-off point—benchmarking data such as this allows you to compare apples to apples. Furthermore, you should be keeping track of your employees’ satisfaction with the suppliers. Seeing as they’re the ones working directly with them, their firsthand insights can be very valuable. In turn, you can use that data to make decisions about who remains in your supply chain moving forward.
Insights from Relocating Employees
Your relocating employees’ satisfaction with their move is tied directly to their performance at work. For that reason, you need to measure whether a relocation was successful and whether the investment was worthwhile. To better understand that, track retention and turnover rates. How long are your relocated employees staying with the company or on the assignment? Were they satisfied with the suppliers, technology, and service provided? What challenges did they have while moving? Not only will this information help you understand the potential changes that need to be implemented moving forward, but these insights can be shared with future transferees to help facilitate their transition.
Leveraging data dramatically improves the success of your employee relocation program. When implemented correctly, technology allows for cross-functional visibility by bringing your data into one place, thereby increasing efficiency and powering strategic decisions.