Your relocation policy will influence many factors within your organisation, especially your mobility and HR functions. If you do not have a policy or have not updated it recently, then you may risk losing personnel, wasting opportunities, overspending or falling behind your competitors. There are many great benefits to redesigning your relocation policy that can transform your organisation and give you a much needed boost within your current industry.
Adapt to Organisational Change
If your company has undergone any major changes subsequent to your relocation policy’s design, then a re-design should be one of your first priorities. If your organisational strategy has changed then your relocation policy should be changed with it and reflect the new strategy’s guiding principles. If not, you run the risk of wasting the opportunities that come with relocating employees.
When redesigning your relocation policy, consider what you goals are for the near and immediate future; what the current state of your organisation is; how the culture of your organisation has changed; and what your current priorities are. With these in mind, you can begin designing a relocation policy that is targeted to your organisations specific needs and one that seeks to help you attain your current short-term and long term-goals.
Stay Up To Date with the Needs of Your Industry and Workforce
The development of new technologies has brought with it new skills and positions within industries that need to be filled. Without these skills and tools, organisations run the risk of trailing behind their younger competitors who have built their strategies around these modern features. The acquisition of these valuable skills and tools is one of the main reasons why employees relocate today, however these assignments require more than a basic level of support.
By redesigning your relocation policy, you can make changes to adjust to the challenges of acquiring these new skills and fully support the employees you have assigned to the task. For example, skills that require employees to learn how to navigate and use a piece of technology can only be learned by having access to this technology, so employees may need to be provided with vital equipment as part of the policy, such as a high functioning laptop or a specific software.
Development and Talent Strategies
When you send employees abroad it should be with a specific purpose in mind and not to simply meet a quota. If you look over the results of past relocations do you see any clear benefits? Who are the types of employees that are being sent? If you are not seeing clear development and progress being made then you may need to review your talent management strategies in alignment with your policy. A winning talent strategy will be fully comprehensive, covering talent both in the organisation currently and those assigned abroad. By evaluating and remodelling these strategies you can begin to make decisions that will lead to better and more productive results for both employees travelling and for your organisation and the quality of talent within it.
Segmentation and Application
Many old relocation policies followed a ‘one size fits all’ principle, but that was before the industry became aware of the significance of adaptability and the value of tailored policy. By segmenting your relocation policy in your new design, you can implement a more effective mobility strategy and potentially save costs. For example, if you are applying the same assignment policy to skills-transfer full-length expatriate and a short-term international assignee, you may either overcompensate or undercompensate such employees according to their requirements. By segmenting your policy you can also make clear the benefits available to your employees according to their individual situation and relocation circumstances.
Many great opportunities arise when you send employees abroad and if you want to make the most of them, consider using our corporate services to make the most of your mobility budget.