Corporate Relocation - Move from Success to Significance!
I was recently honored to have my article featured in Magazine HR and want to share with you too. It applies to corporate relocation and how we can move beyond success when mobilizing talent. But you can apply this concept to any area in the workplace when you move beyond success to true significance – going above and beyond to serve the customer. I hope you enjoy and strive to be more like “Hem” in the story.
The CEO just shared with the CHRO and CTO that the organization plans to hire key executives to join the organization next month and some of the candidates may require relocation. Quick, call our relocation department. Oh wait, that’s us!
Over the years, we have seen many changes in relocation. Benefit options have expanded, mortgage and tax laws have changed, and companies have created technology platforms to help with data analytics. However, the one thing that hasn’t changed is the importance of the relocation experience for the candidate and family relocating. HR, Talent Acquisition, and Mobility professionals are tasked today with a myriad of challenges from reduce pricing to immigration support and environmental pressures. But mostly, to provide candidates with a successful relocation experience.
We all want success when it comes to relocating talent. A successful home sale, a successful household goods move, a successful house hunting trip, a successful program, a successful job… success! However, we also want significance in our careers and when we have this, our career feels different. You see, significance is about helping others and what a career that would be!
So where do we start?
Define what success looks like, then define what significance could be,
Discuss with your business partners and stakeholders for alignment,
Set the expectations and collaborate with relocation partners for execution.
The environment has changed since the arrival of COVID-19. In 2019, there were over 40 million families moving across the US with 25% being corporate relocations in US and aboard. Today, we have seen a significant drop. According to US Census Bureau, there were close to 27 million relocations in 2022 and 7.5 million being corporate relocations. That’s over 25% reduction in last 5 years and more if you take a deeper dive into the movement of household goods. Remote work has slowed down the need to relocate candidates which is a cost savings for organizations, however it also presents the challenges of team members not being able to work together on site. In 2023, we another demanding element was added to the environment with increased interest rates making reluctance to relocate a real challenge for any organization.
So, what options do we have to drive more significance for candidates relocating?
Offer a lump sum. This policy provides the candidate money for the relocation. The company can choose to or not to gross up since this is considered taxable income. It’s an easy option to administer and there are no variable costs, but the family suffers with no help in coordination. Success – Yes, Significance, Some.
Another Lump Sum Option could be to provide a “Managed Cap”. This policy provides the candidate money “up to” an amount (a cap) to spend on relocation expenses. However, the relocation is coordinated by a mobility consultant or by a self-serve technology “marketplace” portal that allows employees choice of services to order. This policy is trending up and will continue into the future. Success, Yes, Significance More.
Core-Flex or Traditional Relocation Services. This policy provides candidates most any relocation services needed depending on level. Technology will help with data analytics to help manage efficiently and cost effectively. Success, Yes, Significance, Yes.
So where is relocation going? It’s going where our talent is going. It’s going anywhere and everywhere.
I love the book “Who Moved My Cheese? by Spencer Johnson and this excerpt really says a lot about change ahead… “As Hem saw his friend getting into his running gear, he said “you’re not really going out into the maze again, are you? Why don’t you wait here with me until they put the cheese back? Because you just don’t get it, Hem said. “I didn’t want to see it either, but now I realize they’re never going to put yesterday’s cheese back. It’s time to find New Cheese.”
Change will continue to evolve as we move ahead into the future and so will the way we operate through technology apps, self-service portals, chatbots, and more. Technology helps us create data analytics to better serve our candidates relocating and create a better employee relocation experience. However, when we change our focus from success to significance, the journey will open our eyes to see more empathy, listen more about candidates needs, and our hearts will be open to serving them even more. This is the lane of significance. Come join me – it will elevate your career like no other.
Click Here to Read Article in Magazine HR
Quote of the day… “I didn’t want to see it either, but now I realize they’re never going to put yesterday’s cheese back. It’s time to find New Cheese.” -Hem
Call to Action – Share this article with others along with an encouraging note to stay in pursuit of what really matters to you. Stay in pursuit of significance.
This is “Move to Inspire” with Bruce Waller! For more information, call 972-389-5673, or email bwaller@goarmstrong.com or check out my social media Facebook and Twitter page. Also, check out www.BruceWaller.com to review my leadership books “Life in the Leadership Lane”, “Find Your Lane” or pick up a copy of my journal “Milemarkers” to start recording your everyday. Coming March 1 2024 ---- Drive With Purpose – Move Your Career from Success to Significance by Bruce W. Waller! All books are available on amazon. Be sure to subscribe to my YOUTUBE channel to watch the video podcasts and other messages to help you lead in the workplace! “Life in the Leadership Lane podcast is available on your favorite podcast platform including APPLE, GOOGLE, and SPOTIFY. Interested in a book club? Join our book club “CLIMB” on Facebook.