Mobility - July 2021 - 18

AROUND THE WORLDWIDE ERC ®
worldwideerc.org
Insights
Into Cost
Containment
One of the impacts of the events of 2020 has been to depress the global economy. So, we asked: As a
young professional, can you share any insights on practical measures for cost containment or other
strategies to improve the fi nancial outlook?
18
2020 was a very
difficult year for many
organizations worldwide,
and the relocation
industry took a
big hit as well. While
2021 has been a bit
better, we are still not
back to normal. Many
companies are looking
for cost containment, and one focus is mobility.
But before organizations can identify costsaving
opportunities, they will need to analyze
their historical relocation and assignment
spend. Relocation policies should be a moving
document and looked at every year.
Organizations should ask: Do our domestic
and international policies refl ect our current
and anticipated mobility needs and our budget
constraints? Sometimes dated benefi ts designed
to address obsolete concerns lurk in older
policies and are very expensive. Also, learning
more about the mobile employees' relocation
experience, through both survey data and conversations,
can help companies make informed
program decisions. Collecting this real-world
data can help organizations refi ne the mobility
program and reset the balance between " cost "
and " customer experience. "
Another consideration is how remote work
will aff ect an organization's relocation program
and budget and how it will fi t into the evolving
talent management plan. But to cut costs, the
most important consideration is to get a handle
on relocation exceptions. Companies want
relocating employees to have an outstanding
customer experience, but policy exceptions can
increase relocation costs immensely. Tracking
all approved exceptions and looking for patterns
will help with cost containment.
Eff ectively managing relocation program
costs requires a comprehensive approach.
Organizations must fi rst consider their culture
and talent management objectives. Th ese will
give companies a sense of the degree of cost
control that might be possible. Plans will likely
include a combination of smaller adjustments
and refi nements and larger policy shifts.
LEO CAPOTORTO, CRP, GMS-T
Director, Global Business Development
TRC Global Mobility
St. Louis
http://www.worldwideerc.org

Mobility - July 2021

Table of Contents for the Digital Edition of Mobility - July 2021

Mobility - July 2021 - Cover1
Mobility - July 2021 - Cover2
Mobility - July 2021 - 1
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Mobility - July 2021 - Cover3
Mobility - July 2021 - Cover4
https://www.nxtbook.com/ygsreprints/WERC/mobility-july-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-june-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-may-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-april-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-march-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility-february-2021
https://www.nxtbook.com/ygsreprints/WERC/mobility_122020
https://www.nxtbook.com/ygsreprints/WERC/mobility_112020
https://www.nxtbook.com/ygsreprints/WERC/mobility_102020
https://www.nxtbook.com/ygsreprints/WERC/mobility_092020
https://www.nxtbook.com/ygsreprints/WERC/mobility_082020
https://www.nxtbook.com/ygsreprints/WERC/mobility_072020
https://www.nxtbook.com/ygsreprints/WERC/mobility_062020
https://www.nxtbook.com/ygsreprints/WERC/mobility_052020
https://www.nxtbook.com/ygsreprints/WERC/mobility_042020
https://www.nxtbook.com/ygsreprints/WERC/mobility_032020
https://www.nxtbook.com/ygsreprints/WERC/mobility_022020
https://www.nxtbook.com/ygsreprints/WERC/mobility_012020
https://www.nxtbook.com/ygsreprints/WERC/mobility_122019
https://www.nxtbook.com/ygsreprints/WERC/mobility_112019
https://www.nxtbook.com/ygsreprints/WERC/mobility_102019
https://www.nxtbook.com/ygsreprints/WERC/mobility_092019
https://www.nxtbook.com/ygsreprints/WERC/mobility_082019
https://www.nxtbook.com/ygsreprints/WERC/mobility_072019
https://www.nxtbook.com/ygsreprints/WERC/mobility_062019
https://www.nxtbook.com/ygsreprints/WERC/mobility_052019
https://www.nxtbook.com/ygsreprints/WERC/mobility_042019
https://www.nxtbook.com/ygsreprints/WERC/mobility_032019
https://www.nxtbook.com/ygsreprints/WERC/mobility_022019
https://www.nxtbook.com/ygsreprints/WERC/mobility_012019
https://www.nxtbookmedia.com