From our home to yours and your transferees’, Quicken Loans® is with you.
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.
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.
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.
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
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