AIRINC recently moderated a session with US Domestic Relocation program leaders to share insights and solicit feedback on their program focuses for 2023. Leaders noted that domestic relocation continues to increase, with one program’s volume up by 400% in 2022, so strategy is even more critical.
Here is what they shared:
Flexibility is Key:
Flexibility continues to play a key role in domestic relocation program foundations through innovative technologies and less “prescriptive” relocation benefits. Companies are looking to adapt their policies to allow for more employee flexibility, so employees can design a relocation experience to meet their needs without triggering an exception. To achieve this, the group agreed that access to the right technology and data is critical.
Data Enabled Decision Making:
The path to effectively managing a “flexible” domestic program requires access to data. What benefits are being selected? Who is selecting them and how often? Are there exceptions that continue for certain elements? Are there certain elements that are not being used at all?
Program leaders who were farther down the path to flexibility noted that implementing a Core/ Flex program was not something you could create and walk away from. To achieve the desired outcome, frequent reviews of what benefits are selected, and by whom, is critical to hone the policy over time. This will ensure that the support you are providing to employees meets their needs and delivers the desired relocation experience. Program leaders recommended reviewing this information on an annual basis, if not more frequently, to be able to adapt and deliver the desired experience.
Elevating the Employee Experience through the Operating Model:
Flexibility is one way to create a better employee experience, but program leaders also noted that support models play a critical role as well. The group discussed the different operating models. And the role RMC’s play to understand where there are opportunities to provide employees with better access to support & information for a successful relocation.
Cost Estimation for Business Guidance
While cost estimates are a typical step in many domestic relocations, program leaders shared new measures being taken to provide better data to the business earlier on in the process. Their goal is to enable better decision making and reduce “sticker shock”. With home values at an all-time high, relocation is more expensive than ever. Leaders discussed ways they have enhanced their cost estimate process and reporting, to give the business earlier insights & enable more informed decision making.
What is your domestic relocation strategy for 2023? Interested in sharing insights with industry leaders, contact us today to learn more about our Domestic Relocation Corporate Round Table.